*The transaction
*The transaction processing
*The online aspect of transaction processing
In online transaction processing, the changes and results are immediately visible as opposed to batch processing.
The process of an online transaction is similar to that of a brick and mortar store transaction. Shopping in the real world invest the following: a customer chooses a product, the product is put in a shopping cart and a sales clerk process the payment transaction.
A credit card is usually swiped in a machine, approval is given, and a process takes the funds from the credit card company to the merchant’s credit card account. After a specific amount of time, the provider transfers the funds to the merchant’s credit card account.
With an online transaction, the shopper enters a credit card number on the merchant’s web site and confirms the order.
Because a physical credit card cannot be presented during an online transaction, online credit card orders are referred to as ‘card not present transactions’.
In online transaction there are two elements involved in processing:
*The internet merchant credit card account
*The payment gateway account (the online card processor)
Online transaction
