Internet acquiring is a service that enables businesses to accept and make payments online. It's essential for various companies, including IT and e-commerce. It integrates payment systems with websites, mobile apps, and other online platforms.
How internet acquiring works:
- You choose items or services on the website or mobile app.
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To pay, enter your card details, including the number, expiration date, and CVV/CVC code. You can also enter your wallet details or use another payment method.
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The payment data then sends a request to your bank for transaction approval.
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Your bank reviews the transaction and confirms whether it is legitimate. Then, the acquiring fee is applied, and the money is deducted from your account.
Transaction process
When you sell a product or service and accept card payments, the bank will charge an acquiring fee or merchant discount rate. This fee is a small percentage of the sale and compensates the bank for processing the payment.
Local acquiring
When shopping online, local acquiring means that when you and the seller are in the same country, both parties can enjoy higher authorisation rates and reduced transaction costs. While local acquiring options are highly advantageous, they may not always be accessible.
Cross-border acquiring
It is considered a cross-border transaction when you purchase online from a seller in a different country. This can occur globally between individuals and businesses. While the process is similar to local transactions, companies may use global acquiring or a mix of local and international options.
Secure internet acquiring process
Implementing a secure internet-acquiring process is essential for safeguarding your business. Modern acquiring systems leverage cutting-edge encryption and data protection technologies, including:
- Encryption. Internet-acquiring systems utilise advanced SSL/TLS protocols to encrypt data transmitted between customers, merchants, and payment processors. This guarantees that sensitive information, such as card details, is effectively protected throughout the transaction.
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PCI DSS Compliance. The Payment Card Industry Data Security Standard (PCI DSS) establishes rigorous requirements for managing, processing, and storing cardholder data. Reputable acquiring services rigorously comply with these standards, significantly reducing risks associated with data breaches.
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3D Secure Authentication. Many acquiring systems support 3D Secure protocols—such as Visa Secure and Mastercard Identity Check, to provide an additional layer of verification during online transactions. This proactive measure helps combat fraud by requiring customers to authenticate their identities through SMS codes or app-based confirmations.
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Fraud Detection and Prevention. These systems are designed to detect and prevent fraudulent transactions effectively, using AI-powered fraud monitoring, transaction limits, geolocation checks, and alerts for unusual activity.
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Tokenisation. Sensitive data, such as card numbers, is replaced with tokens that become meaningless to hackers if intercepted. This method ensures that card data is neither stored nor transmitted unnecessarily, enhancing overall security.
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Regular security audits are integral to maintaining a robust defence against potential threats and ensuring your acquiring process remains secure and reliable.
Popular acquiring services in the UK
