[6] During the checkout process, the merchant redirects the consumer to their financial institution's online banking site where they login and authorize charges.
After charges are authorized, the financial institution redirects the consumer back to the merchant site.
Lastly, checking bank statements regularly is crucial in keeping up-to-date with transactions.
Costs associated with fraud, estimated at 1.2% of sales by online retailers in 2009,[8] are reported to be dramatically reduced with OBeP, because the issuer bank is responsible for the authentication of the credit transaction and provides guaranteed funds to the merchant.
[11] The idea of online payments and transactions has led numerous individuals, corporations and groups to be hesitant.