ZynlePay is a platform that allow buyers of services/products to send money from their bank account into service or product provider bank account without physically going to bank.
This is made possible by the use of credit or debit card like VISA, Mastercard and American Express among others.
For service providers to receive funds using ZynlePay service, they need to signup with ZynlePay service as merchant and will use their email address as a merchant Id. People paying or sending funds to the merchant will need to know the merchant email to send monies to. Once monies are sent, they go to the merchant bank account which is associated with the email address on the ZynlePay service platform.
To send funds buyers of products or services will need to create an account on ZynlePay service and add their credit card information which is secured stored using world class encryption and security techniques.
Merchant Id will need to be specified to send funds to service/product providers. Senders will receive an email and SMS message of any transaction that occur on their account.
Below is the diagram showing the flow of transaction:
1. Customer registers and submit a payment request to merchant
2. Request is sent to ZynlePay payment gateway
3. ZynlePay confirm with VISA or Master to verify card holder information.
4. Customer bank is instructed to transfer funds from customer's account to ZynlePay account.
5. Customer and merchant are then notified of the transaction via email and SMS.
6. ZynlePay holds fund for merchant until customer confirms receipt of service or product.
7. Funds are then transfered to merchant account once customer acknowledges receipt of service or product.