Oracle iPayments module supports online collection of receivables from customers of the organization.
One of the major feature of Oracle Applications, particularly the Distribution and Receivables modules can be extended to include this feature of online payments.
Oracle iPayments supports new payment methods in the form of purchase/credit cards and bank account transfers. It supports different kinds of payment processing namely, Credit Card Payments, Bank Account Transfers, Cyber Cash and CheckFree.
Oracle iPayments ensures effective risk mitigation setups to facilitate the process of web-enabling payment functions by identifying all levels of risk among transactions. For example, the categories of risk can be user-defined in order to assess credit ratings of each customer and to manage risk of processing payments over the internet.
A brief look at the features offered by iPayments :
- Easy installation, administration and extension
- Risk management by identifying fraudulent transactions
- A separate iPayment administrative user (from the system administration)
- Supports several routing options, payment methods, processing moeles and security features
- Rule based payment processing
- Single API integration with any web based or client server applications
- Integration with iStore, Order Management and Receivables
- Manual authorizations of credit card payments
- Application of risk factors on parameters such as amount, frequency of payment, amount limits, payment history and bill-to/ship-to addresses
- Holds created on credit cards based on the risk assessment of the customer
- Encryption / masking of credit card details
The APIs defined for iPayment processing do so for various transaction types like authorization of credit card, bank transfer of funds, cancellation / modification of funds query generation, transaction wise risk information, payment history etc.
Fig 1, below shows ipayment technology Schematic with istore Options.
The risk evaluation and management of the iPayment process can be performed at the customer setup in Order Management, which is used to capture the transaction details of each customer that opts for the functionality, after receiving appropriate authorizations. This will also include definition of clear credit risk management structure within Order management for each of those customers where the iPayment functionality is enabled.
Integration and Interface
Oracle iPayment module tightly integrates with core Oracle modules such as:
- Order Management
- Accounts Receivables
- Accounts Payables
- Order Capture
- Oracle iStore
Oracle iPayment is a single open application programming interface (API) that can be integrated with any web-based or client-server
application. Oracle iPayment supports both single and multi-site installation of electronic commerce (EC) and client-server applications.
- Java Servlet-Based Data Communication
- On-line and Batch Mode of Processing
- Stand-Alone and Integrated with Apps
- Public API
Payment system Relationship Between Oracle
Ipayment, Payment Systems And Beps(Backend Payment Processors) Oracle has well-established relationships with Payment System Providers.
Names include VeriSign, Paymentech, Citibank, First Data (North) and Concord EFSnet.
These providers have compatible servlets, that are either seeded within Oracle Applications or can be easily installed.
The payment system interfaces with BEP’s on a real time basis. Few of the BEP service providers include Paymentech, AMEX and Merchant
eSolutions. There are few business entities (such as Paymentech), that provide both Payment System services as well as BEP services.
Quasi Integrated Vendors Verisign (Paypal) is also feasible options.