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04.03.2023by adminPayment solutions

Online payment transaction what is it

An online payment transaction is a process of electronically transferring funds from one party to another over the internet. This can involve making payments for goods or services purchased online, transferring funds between bank accounts or sending money to other individuals.

The process of online payment transactions can vary depending on the payment method being used. Some common types of online payment methods include credit or debit card payments, bank transfers, e-wallets, and cryptocurrency payments.

Online payment transactions are typically secure and encrypted to protect sensitive information, such as credit card numbers or bank account details, from being intercepted or stolen by hackers. This is usually achieved through the use of secure payment gateways, encryption technology, and other security measures.

What is payment transaction number

A Payment Transaction Number (PTN) is a unique identifier assigned to a payment transaction to help track and identify it. PTNs are typically generated by the payment system or service being used and can be used to help reconcile payments, resolve disputes, or track the status of a payment transaction.

For example, when making an online purchase using a credit card, a PTN may be assigned to the transaction to help identify it in the merchant’s payment system. Similarly, when sending money to another person using a peer-to-peer payment service, a PTN may be assigned to the transaction to help track its progress.

PTNs may also be used in other contexts, such as for bill payments, loan repayments, or other types of financial transactions. They are often displayed on payment receipts or confirmation pages, and may also be accessible through online account statements or transaction histories.

How to get transaction id of online payment

The process of obtaining a transaction ID (also known as a payment reference number, confirmation number, or authorization code) for an online payment depends on the payment system or service being used. Here are some general steps to help you find the transaction ID for a few common online payment methods:

PayPal: you can find the transaction ID by logging into your PayPal account and going to the “Activity” section. Locate the transaction in question and click on it to view the transaction details, including the transaction ID.
Credit card: the transaction ID may be listed on your credit card statement. Look for a unique identifier associated with the payment, such as an authorization code or reference number.
Online banking: if you made a payment using online banking, the transaction ID may be listed in your transaction history. Log into your online banking account and locate the payment transaction in question to view the details, including the transaction ID.

In general, the transaction ID should be displayed on the payment confirmation page or receipt, as well as in any email confirmations or notifications you receive. If you are having trouble locating the transaction ID or need additional assistance, you can contact the payment system or service provider for further guidance.

Payment on a credit card transaction

When you make a payment on a credit card transaction, you are paying off the balance owed on your credit card account. When you receive your credit card statement, it will show the balance owed and the minimum payment due. You have the option to pay off the full balance, the minimum payment, or any amount in between.

If you choose to pay the minimum payment, you will only be required to pay a small portion of the balance owed, and the remaining balance will carry over to the next billing cycle. However, interest will be charged on the unpaid balance, which can add up quickly over time.

To avoid paying interest on your credit card balance, it is generally a good idea to pay off the full balance each month. This can help you avoid accumulating debt and keep your credit score in good standing.

Transaction date vs Payment date

Transaction date and payment date are two different dates that are associated with a financial transaction.

Transaction date refers to the date when a transaction was initiated or when it occurred. The transaction date is important because it helps to track when a financial event occurred, which can be useful for record keeping and accounting purposes.

Payment date, on the other hand, refers to the date when a payment is due or when a payment is made. For example, when you receive a bill for a service, the payment date is the date when the payment is due. If you make a payment on that bill, the payment date is the date when the payment was made.

It’s important to note that the transaction date and the payment date can be different. For example, if you make a purchase using a credit card, the transaction date will be the date when the purchase was made, but the payment date will be the date when you make the credit card payment to pay off the balance. In this case, there can be a delay of several weeks or even months between the transaction date and the payment date.

Can a customer payment be a recurring transaction in QuickBooks

Yes, in QuickBooks, a customer payment can be set up as a recurring transaction. This feature allows you to automatically generate and record the same payment on a regular basis, such as a weekly or monthly subscription fee.

Go to the Customers menu and select Create Invoices.
Create the invoice for the customer payment as you normally would, including the payment amount and due date.
In the invoice window, click on the Make Recurring button.
In the Make Recurring window, select the payment frequency (e.g. weekly, monthly, yearly) and the start and end dates for the recurring payment.
Set any other preferences for the recurring payment, such as the number of payments to be made, the payment method, and the reminder frequency.
Click on Save Template to save the recurring payment.

QuickBooks will automatically generate and record the customer payment on the specified frequency and dates. This can save you time and reduce the risk of missing a payment. If you need to make any changes or updates to the recurring payment, you can do so by going to the Customers menu and selecting the Manage Recurring Transactions option.

Can I stop payment on a credit card transaction

Yes, it is possible to stop payment on a credit card transaction, but it depends on the specific circumstances and timing of the transaction.

If you have made a payment on your credit card and later decide that you want to stop or reverse the payment, you may be able to do so if the payment has not yet been processed or posted to your account. This typically means that you need to contact your credit card issuer as soon as possible to request a stop payment on the transaction.

However, if the payment has already been processed or posted to your account, it may be more difficult to stop or reverse the payment. In this case, you may need to dispute the transaction with your credit card issuer and provide evidence to support your claim, such as proof of a fraudulent transaction or an error in billing.

It’s important to note that stopping payment on a credit card transaction should only be done in certain circumstances, such as if there was an error in billing or if the transaction was fraudulent. If you simply change your mind about a purchase or want to avoid paying for a legitimate transaction, stopping payment is not a recommended course of action and can have negative consequences for your credit score and financial standing.

How to stop an online payment transaction

The process of stopping an online payment transaction depends on the specific circumstances and the payment system or service being used. Here are some general steps that you can follow to try and stop an online payment transaction:

Contact the merchant: If you have made a payment to a merchant and want to stop the transaction, the first step is to contact the merchant directly and request that they cancel or reverse the payment. Be sure to provide any relevant transaction details, such as the payment amount and transaction ID, to help the merchant locate the payment.
Contact the payment system or service provider: If you are unable to reach the merchant or if the payment was made through a payment system or service (such as PayPal), you can contact the payment system or service provider directly to request that they stop the payment transaction. Depending on the payment system or service, this may involve submitting a request through their website, calling their customer service line, or sending an email to their support team.
Monitor your account: After you have requested that the payment be stopped, be sure to monitor your account or credit card statement to ensure that the payment has been canceled or reversed. If you see any unauthorized or suspicious transactions, report them immediately to your bank or credit card issuer to prevent further unauthorized transactions.

It’s important to note that stopping an online payment transaction may not always be possible, especially if the payment has already been processed or if the merchant has already received the funds. If you are unable to stop the payment, you may need to dispute the transaction with your bank or credit card issuer and provide evidence to support your claim.

Can I stop payment on a pending transaction

It may be possible to stop payment on a pending transaction, but it depends on the specific circumstances and timing of the transaction.

If the payment has not yet been processed or posted to your account, you may be able to request a stop payment with your bank or credit card issuer. You should contact your bank or credit card issuer as soon as possible to request the stop payment and provide them with any relevant transaction details, such as the payment amount and date, as well as any confirmation or authorization codes that were provided.

However, if the payment has already been processed or posted to your account, it may be more difficult to stop or reverse the payment. In this case, you may need to dispute the transaction with your bank or credit card issuer and provide evidence to support your claim, such as proof of a fraudulent transaction or an error in billing.

It’s important to note that stopping payment on a pending transaction should only be done in certain circumstances, such as if there was an error in billing or if the transaction was fraudulent. If you simply change your mind about a purchase or want to avoid paying for a legitimate transaction, stopping payment is not a recommended course of action and can have negative consequences for your credit score and financial standing.