Category Archives: Online Banking Payment

Costs and/or Fees involved in Credit Card Processing.

The only thing constant in this world is change, and with the rapid technological changes happening and the requirement to go digital has become the need of the hour. You can be a novice or an old timer merchant in your industry, to sustain we have to adapt to the changes. 

This is the place where we Radiant Pay step in, we provide our clients with up to date services by keeping up with the new technological advancement. Before selecting any processing service provider you should know what you are getting into. Below are the different fees or charges which come into the pictures that a merchant should be aware of: 

  • Merchant Discount Rate

A merchant is charged to process debit or credit card payment transactions. One shouldn’t not consider this charge because you compulsorily have to comply with those and can affect the end profit margin. These rates typically range between 1% – 3%.

  • Interchange fees

This fee is paid to the card issuing bank by a merchant with every credit and debit card transaction.The rate at which fees are supposed to be paid is not fixed and revised at regular intervals of time. The rates are different for debit card and credit card and on every financial transaction it is charged respectively.

  • Assessment/Service Fee

It is charged depending upon the total number of monthly sale transactions.This fee is paid to the credit card networks. It usually is a small percentage but is affected by factors like your monthly sales volume or risk involved.

  • Mark up fee/processing fee

As the name suggests, it is the fee charged for covering the cost of processing by credit card processing companies. It changes depending upon the plan chosen.

  • Chargeback Fee

It is the fee charged by acquiring banks to cover the administrative expenses incurred when processing the chargeback. A credit card chargeback occurs when the cardholder disputes a previous credit card charge and wants to nullify the sales transaction. Essentially the customer asks the card issuing bank to return those funds to the customer’s bank account.

It is the charge which is pressed by acquiring banks to cover administrative expenses which were incurred while processing chargeback. 

It might seem chaotic but Radiant Pay has a wide range of solutions and services for seamless operation and will add value to your business 

What are the Commonly Used Online Payment Methods?

As we are almost departed from cash transactions, online payments are getting more frequent nowadays. Credit cards, debit cards, UPI, and bank transfers are just very prominent factors of the online business module.

Is the world moving towards a cashless economy?

This question is very interesting as every user is more comfortable using Digital currency than cash. Gone are the days when you have to carry a bagful of currency notes if you want to purchase for, let’s say your wedding or any event at your home.

Well, there was a very unusual threat of it being get stolen, duplicate note fraud, snatching, or misplacing. So online Payment would be a very easy exercise to get rid of this dilemma of carrying cash with you, for purchasing now and then.

There are many solutions to this problem of offline purchasing and its disadvantages. Of course, online purchasing is the solution. But do we know all the methods which can be practiced for a healthy and safe purchase from any e-commerce site or online service provider?  

What are the most used Online Methods for paying Online?

These methods are very useful for the customers and the vendors both, as they can pick the most suitable for their purchase and deal. Thanks to technology, there are various instant payment methods are available today.

It’s obvious to choose a payment method that is suitable for your online business considering its affecting factors, like customer interaction and their convenience.

The buyer is always superior, so any eCommerce site should be picking the payment methods tailored fit for the easy online purchase of the buyer. It would be of great help for your business if you can provide the option of more than one method. By enabling different payment modes you can grab the most opportunities of best conversion for the best outcome.

Below is the list of some online payment Methods for your Type of Ecommerce business

Payment by Credit/Debit Cards:  Payment through credit cards is the most widely used and is also the most popular method today. It’s proven in surveys and studies that online payment of multi-billion Dollars is done in India and internationally via Credit cards today. It is simpler and more secure to use, in which customers have to feed some details like card number, expiry date, and CVV which are engraved on the card by the issuing banks. These numbers also verify if the transaction is not a fraud and hence Credit cards are the most secure way of online payments.

Next in the line-up is the debit card transaction on the web page for purchase. This option is for the customers who want to use their amount already in their accounts, and are more of like a budget-oriented purchaser. Whereas Credit card users can purchase on credit given by banks and can pay the bill later. 

Well, you must add a credit card option for purchasing to your ecommerce site for high turnover and handsome sales.

Online Bank Transfer: This type of online payment is not that popular but some buyers use it now and then. When every other method fails, online customers consider it, as the last and safest method for pay, as it is approved by the buyer themselves.

E-Wallets: This payment method is gaining popularity with each passing day. In this format clients and merchants, need to sign up, after creating an eCommerce account and linking it with their bank account they can easily withdraw or deposit funds for online purchase. This e-wallet can be further integrated with mobile wallets using the NFC functionalities.

Cash: The major liquidity or the in-hand cash is like gold in hand. Without any doubt, cash is a massive method of transaction in a country like India. 

But how can one pay in cash online? 

A very important question, in online purchase it comes in the form of a Cash-on-Delivery option. One can also opt for cash payment at delivery terminals. Well this option is slightly worrisome for eCommerce as it does not guarantee an actual sale during the delivery, and maybe the user is not satisfied with the deal, hence can decline the deal at the last stage, causing loss.

Or in another scenario, its seen that the customer pay with cards, mobile payments, and other methods at the terminals as the delivery agents give them many options. 

Mobile Payment:  Mobile payment is the instant payment solution, it’s at the fingertips of the clients where they can purchase and pay simultaneously. It’s very easy to do mobile payments where you have to download software and link it with a credit card. As online searches, ads, deals, and online browsing get more space on mobile devices, it is more convenient to serve the potential buyers for mobile payments.

Radiant Pay, Guiding You to Provide Secure Online Payments  

Radiant pay is a well-established leader as a Digital Payment Solution provider in the UK for Ecommerce companies eyeing future growth. Radiant Pay is working in the most innovative way to provide the digital payment solution with services like best Payment Gateways, Banking solutions, offering Offshore Merchant accounts, high-risk online transaction clearances with trouble-shooters.

It is known to be the most trusted Payment Solution provider globally and is secure for customer and merchant data.

The golden advice for the eCommerce vendor, who desires to cater to the easiest, user-friendly, and latest digital payment solution then Radiant pay is all one solution. 

Payment Gateways, secure way to collect money online

Doing great online business, selling the stuff, and handling awesome services is not just enough, to survive in Online ecommerce business.

Collecting money, is of paramount importance?

How, and by what means, is a welcome question, it is worth a consideration. If you are running any online business setup, say online store, service provider or anything of certain value, the money should be collected in your Merchant account.

As all our setup and hard work can go vein, if our way of collection is not secure, efficient and low cost. This step to collect money online by customers is accomplished by the latest software called the Payment Gateways.

How can you use Payment Gateway?

There are many latest Payment Gateways, which need to be installed. But the thorough survey, is very important as these installations are not free, for the simple reason, you can check the fees (PayPal is at 2.9%+$0.30 per transaction, and apart from that you need to give $30 per month as rental).

 But no need to worry for all that arrangement as Radiant Pay is a payment solution company based in London, which can give these services at much negotiable rates, and give your Ecommerce proper guidance, as what gateway can suit your type of business online. 

If Your Online Transaction Fails or Decline, Don’t worry, Radiant Pay is in control

Can you get the money back if the online transaction fails somehow, and your amount is deducted?

Where can you go to claim that?

At many big showrooms, and megastores we used to see, something is written alongside some glass decor or any brittle object, “nice to see, good to hold, and if broken, considered Sold” because no business can bear loss. As simple as that.

But have you ever thought of the uneasy and restless condition of a customer, who feels helpless in no man’s land, after discovering that the amount from his or her debit or credit card is deducted during the transaction, without getting anything?

Or in other cases, the payment transaction gets declined when one needs that service or product drastically. 

The above mentioned two situations are worst to be in, for any client after looking to get that product.

 So what are the solutions?

In recent times, RBI in India came up with some customer-friendly advisory for all Banks operating in India. In the case of a failed transaction, the Banks will have to give fine to the clients. These guidelines are of course very customer-friendly. 

Because one can understand the dilemma of the customer, as to what to do? Where to approach and what should be the process that they should go through, all these incidents are annoying to be an inn, as when and how to get the money back into their account after that. 

RBI issued the guideline in a T+5 format, or the fund is deposited in the account back in 5 days otherwise Rs 100 should be the fine on the related Bank every day in the case of ATM failed transaction, and if UPI it is T+1, that is only one day, the fine should be given to the client at Rs 100 daily while online payment of PayPal, Google Pay, or any other. That sounds like something reliving.

What Is Radiant Pay’s role for smooth Transaction Online?

Radiant Pay is a leading Payment solutions provider in many countries like the UK, and many European countries, where the major transactions in many online businesses are taking place at every moment today. Radiant Pay is a London based online payment agency which is helping to give seamless and flawless payment solution to some of the leading offshore ecommerce companies.

Radiant pay is a trustworthy establishment and a step ahead of all its competitors, it is a fourth runner in acquiring the latest digital software or payment gateways to outperform many other solution providers.

Radiant Pay is involved in boosting your Ecommerce business day and night, rendering many exclusive and sharply shaped payment packages to multiply your type of business online.

We are more active at any juncture when the need arises, to clear a transaction if some issue related to its volatile and high-risk nature arrives. Our team of troubleshooters and qualified experts finds an instant solution and makes the payment possible into your merchant account, to reduce the chances of declined transactions, and loss in the precious business opportunity.

We, at Radiant Pay, are expertly facilitating our clients with high-value payment acceptance with our networks and known understanding at many offshore issuer Banks and establishments, to get the transaction cleared at any cost for a business deal.

Radiant Pay is a solution provider in your online business, as the online users are using many methods to pay you via Credit Cards, Debit cards, Online direct debit, payment via PayPal, Google Pay, or any type of online payment which you can think of.

The process ACH & Check Processing, High-Risk Processing, and providing the Merchant Accounts in many offshore banks are done with great ease and mastery at our, only the Radian Pay.  

So if you and your ecommerce business are finding any sort of issue related to the online payment within your beloved business, come to Radiant Pay, and get everything fixed at one stop. Your Online business should be sitting on a goldmine, rather than wandering in unwanted hustles related to the online payment process.