If you look up transaction in a dictionary, the word covers a trade or business (Source: Ordnet.dk).
In E-commerce, the transaction in the classic purchase situation is broken into several parts: When your customer swipes their card through your
payment window from your payment gateway Freepay, your webshop receives a so-called authorization. It is a kind of guarantee that your business can later receive the money when you ship the order to the customer.
But you do not receive the money at the same moment the customer enters their details and clicks 'pay'. As a webshop, you may only charge the money at the moment you ship the order. Here you capture the authorization – this is also called a capture.
Only then does the money leave the customer's account. Technically, what happens is that your payment gateway Freepay sends the information that the money should be charged to the acquirer/bank. The money then moves from the customer to the acquirer/bank, which later pays them out to the webshop. A transaction is completed.
There are also other transactions in E-commerce: For example, you can refund the customer when they return an item – this is called a credit transaction. Just as you as a subscription business also have the option to make a transaction where no transfer of money takes place, but merely a check that the card works, so you can perform the agreed transactions in the future.
The number of transactions in Danish E-commerce
In 2019, more than 900 million transactions were made with Danish and foreign payment cards in Danish E-commerce. The transactions had a total value of approximately 417 billion DKK (Source: The National Bank's Statistics Database).
Make transactions whenever and wherever you want with Freepay
If you have a webshop where you pack many of your orders yourself and want to manually perform a capture, i.e. capture the authorization so the money is charged from the customer's account and instead goes into yours, this transaction solution is of course possible with your payment gateway from Freepay.
We have built an easy and user-friendly system where you can quickly overview all transactions waiting to be completed. Everything you need is available on both desktop and mobile. That way, you always have your business at your fingertips.
If you have individual needs, we would love to hear about them, because if they can be generalized to the market, we are open to having our skilled developers build them in. Write to us today.
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