Payment Systems

Online Payment Systems Make the Business World Go Round

Electronic and online payment systems provided by payment service providers are bringing new levels of convenience to companies looking to accept electronic payments. When organizations can accept methods of payment such as credit and debit cards, it frees them to concentrate on their business. Typically, payment processing system providers use a software as a service (SaaS) model and form single payment gateways for their clients to multiple payment methods.

Payment Systems for Check Dominated Industries

For 15 years, YapStone has provided payment systems for companies big and small that operate in industries where the paper check is king. That’s why we’re so confident that we can provide you with customizable, scalable, and flexible solutions backed by matchless industry expertise. We make it simple to receive payments, and also make it easy for your customers. And that helps increase their loyalty to your business. In the process, we liberate you from the hassle and inconvenience of paper checks.

How Does Our Payment Processing System Work? *

There are a series of steps involved with processing electronic payments such as credit and debit cards:

Step 1: User Initiates Online Payment

The user goes online to pay rent, HOA dues, vacation home rental charges, inn charges or a church donation. After selecting to pay by credit or debit card, the user passes on information such as name, credit or debit card details, and billing address, and then submits payment.

Step 2: YapStone to Payment Processor

YapStone sends the transaction details to our payment processor using a dedicated link that’s monitored 24 x 7 x 365 to ensure that processing is not interrupted.

Step 3: Payment Processor to Card Networks to Card Issuing Bank

Payment details are validated by the payment processor by sending them through the credit or debit card networks (Visa, MasterCard, American Express, Discover), which forward them to the card-issuing bank to be authorized.

Step 4: Card Issuing Bank

The card-issuing bank approves/denies the transaction based on card status and whether the transaction is within the cardholder’s credit limit or not.

Step 5: Payment Processor to Card Networks to YapStone

If payment gets approved, the card issuer charges the user and forwards the funds to the card networks less any fees to cover costs such as credit risk and rewards. The card networks then relay the transaction-approved status back to the payment processor, who notifies YapStone and sends on the funds less applicable fees.

Step 6: YapStone to User

YapStone’s lets the user know if the transaction is approved or denied through the online payment interface. If payment is denied, YapStone’s payment gateway notifies the site or app and because the card-issuing bank did not authorize the transaction, the process comes to a halt.

Step 7: YapStone to Merchant

At this point, YapStone transfers funds from its bank account to the merchant’s account. Funds are usually received within 1-2 business days. A receipt is then emailed to the user and payment receipt notifications go to the merchant. Additionally, detailed YapStone merchant reports are updated in real-time, including the Transaction Activity Report, Batch Reconciliation Report and Transaction Summary Report.

*Not all online payment processing follows this same flow. YapStone offers several processing options, of which this is just one.

Payment Systems from YapStone

YapStone brings the convenience of easy payment to a range of large enterprises, small businesses, and startup companies. On top of our payment system expertise, we think of the companies we do business with as partners rather than customers. This is key to our vision of fostering business relationships that work well for all parties concerned, and is the catalyst that keeps us growing and innovating new payment systems for the future.

Contact us today to get set up with our payment processing system