BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Merchant get credit on T+2 working day for international transactions.
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It facilitates to receive payment online from debit/credit card (Visa, Master, and Rupay) & net banking (through aggregator).
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Merchants get credit on next working day for domestic transactions.
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Internet Payment Gateway having facility to allow foreign card transactions.
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Detailed explanation-1: -In simple terms, a payment gateway is a network through which your customers transfer funds to you. Payment gateways are very similar to the point-of-sale terminals used at most brick and mortar stores. When using a payment gateway, customers and businesses need to work together to make a transaction.
Detailed explanation-2: -Hosted payment gateways Using this payment gateway, when a customer clicks the ‘buy’ button on the merchant website, the system redirects the customer to the payment service provider’s website. Now, the customer needs to enter the relevant card or bank information.
Detailed explanation-3: -Payment gateway sends request to customer’s bank for authorisation. The payment gateway sends the encrypted transaction information to the payment processor used by your bank (the “acquiring bank”). The processor then forwards this to the customer’s card association, for example, MasterCard or Visa.
Detailed explanation-4: -Now, there are many reasons for the delay in credit for the amount not happening. It is very rare that a transaction would not be credited efficiently. However, there could be various reasons like incorrect details like IFSC codes etc. It could also be incorrect bank account details, like name of the beneficiary.