Understanding ePayment Transactions

PeopleSoft Student Financials enables your institution to receive payments for charges by eCheck or credit card through cashiering and over the web using self-service functionality. The rules that your institution defines for accepting, verifying, and authorizing transactions are established when you set up your Student Financials (SF) merchant and SF institution set.

After a credit card transaction takes place, the following steps occur during the completion of a transaction:

1. Through real time or batch authorization, your system transfers the credit card number and payment request to the payment provider.

2. The payment provider routes the transaction to the merchant bank and then to the credit card company.

3. The credit card provider routes the payment request to the bank that issued the card, if applicable.

4. The bank or credit card company authorizes or declines the transaction, transfers the result back to the credit card provider, then transfers the result back to you.

5. Your system generates a capture request in real time or in batch. It routes the capture request to the issuing bank and the bank approves the money to be routed to the merchant account.

When the student submits an electronic check payment:

1. The transaction is transmitted to the school's payment provider.

2. The payment provider forwards the bank account number and routing number to the corresponding payment processor.

3. The payment processor validates the transaction and transmits the result back to the payment provider.

4. The payment provider forwards the results back to the PeopleSoft system.

5. The results of the transaction are presented back to the student.

The check is subsequently submitted by the payment provider for settlement to the ACS System.

See Electronic Payment Integration Developer's Reference Guide on My Oracle Support.