As graph of online shopping is continuously increasing without even a single fall so, every business is setting up online way to accept payments through the online banking system in order to capture more sales, to be successful and to attracts more consumers.
Businesses need to incorporate streamlined online payment processing as they can’t deny the fact of number of advantages online payment processing is proving. One of the major advantages is now no more customers need their cards to pay and some of the other advantages of online banking payment are:-
Quick payment – Accepting online payment provides instant notification of each and every transaction that assures customer about their transactions.
No geographical barriers – Having no geographical barrier helps to get more customer as it leads to anywhere everywhere which acts as the biggest advantage for companies.
More security – Customers will be in the comfort zone only when the transaction will be secure and online banking payments has a password, OTP options which automatically reduces the chance of fraud.
Automation process – Gateway automation process substitute complex task with the simple way by an innovative approach.
With online bank payment, European Union region is making it essential for every business to ensure online banking payment and it’s security in everyday transactions as it elevates customer satisfaction. Since it allows the customer to pay just with one click.
The card verification value enhances security both for the merchants and customers. The CVV are of two types called CVV1 and CVV2 respectively. The CVV1 is printed on the magnetic stripe for track 2 of card. The purpose of the first CVV is to verify the data stored in the card is valid and was given by the bank to the person for use. The CVV2 is printed on the back side of credit and debit cards. CVV2 is the three digit unique code which authenticates that the cardholder is genuine and reduce fraud for the business purpose. The American express card has four-digit code which is on the front side of the card. However the purpose of the CVV is to verify that the customer is the actual cardholder and these is considered an added security for the companies who sells their product online, generally used when card not present transaction take place on E-commerce website.
Merchants requiring CVV2 for the card not present transactions can dramatically reduce the fraud cases in the business. Using this extra layer of protection can stop breach or fraudulent cards for going through. Avoid retrievals and charge-back fees.
CVV2 is prominent for the customers when the buy the online products because you say who you are. Under visa regulations, a merchant cannot store customers CVV database.
Address verification system
Address verification system or AVS, was designed by the card issuer to aid in the detection of suspicious credit card transaction activity, and verify that the cardholder address is same which is registered with the bank on file. This is a part of credit card service which requires the authorization for mail order/ telephone order transactions or internet e-commerce transactions. A code is received with an authorization which results in the level of accuracy. This helps to secure the most interchange rates for the merchants.
Visa, MasterCard, Discover and American Express supports this service and when paired with the CVV confirmation result in a secure transaction. To verify a customer address the merchant require cardholder’s zip code billing and the house or apartment number of the billing address. The merchant not need to enter the street, city or the state of the cardholder. While AVS is not intended for use as absolute protection against suspicious transaction activity, it just helps in authorizing non face to face transactions. Radiant payment gateway solutions recommends to all the merchant that they secure all these type of orders both with CVV and AVS.
Considering credit cards it has been the most increased and convenient mode of payment in today’s world. If you have your own website or thinking to build a website and not yet had fixed the option for accepting debit and credit cards then you should, because you can’t think how much sales you will be losing not keeping this option as most of the customers pay online and think this is a secured mode of payment to pay for goods and services.
Why to do it?
In today’s world credit card has become the reliable and trust-able mode of payment to pay for goods and services. The development of technology has drafted changes in the minds of customers as well as the vendors, as discussed earlier by fixing the option of accepting debit and credit cards online you will not lose the current customers as well as the upcoming/future customers.
Just in terms of websites, debit and credit cards allow the vendor to take care of three type of customers.
1. The general customer: This is the average customer who wants to shop online goods and services from his desktop. After all, why to stand in a long queue in a retail or mortar store when there is option to pay online itself.
2. Impulse buyers: After stumbling on the website the visitor finally decided to buy the product which are in front of him/her. The plastic card seals the deal of the purchase he/she will make.
3. International customers: The internet has brought the world closer as well as your customers at doors, even if your customer is overseas. Initially differences in currency was the major issue in the past, but now why to wait for a check being cleared from your customer side when there is an option of paying it online on your website. This helps in not losing the customer just because he/she is residing in abroad.
Opening your business to debit and credit card payments
There are two ways of accepting plastic money on your website.
Using the merchant account: The merchant account helps you to accept payments from your customers via debit or credit card. Whether you create your own merchant account or enter into an agreement with a payment processor, who in turn operates merchant account, but you still need to have a business bank account. However, you need to have your merchant ID. Actually it will become the portal which will allow you to accept or decline your customer credit card payment. In essence it will become your virtual vendor terminal.
Using payment gateways: There are various independent companies who will accept credit and debit card payments from your customers on your behalf but take a percentage or charge a fees. They are also called third party merchants.
Which is the best method for you?
The methods of accepting credit card payments is entirely up to you, because both the methods has its own advantages and disadvantages. The cost of setting up a merchant account with a credit card processing is much higher. In fact, to use their services as an added incentive most of the third party merchants don’t have a setup fees at all.However, the transaction fees is much higher in third party merchant than merchant account.
If you are not sure how much money you will make on website, then the best method is to choose third-party merchant account. To just “test the water” third-party merchant accounts is the great way to go. However, this method involve the merchant also as it will be a time saver. The involvement of the merchant will be at the end of each transaction just receiving the payment. These merchants include PayPal, Digital Rivers and others.
A payment gateway is essential for any business owner that needs to accept online payments from customers. Without a gateway application, securely requesting online payments from purchasers and clients will become impossible. The gateway performs certain functions like verifying the billing information of the customer, verifies the funds of the payment method of the customer and most importantly ensures that the payment owed to you reaches you safely. While the payment gateway application is necessary, there are certain points that you need to check out before integrating.
Typically there are two categories of payment gateway options you can choose from. There is the modern payment gateway option and the classic payment gateway option. Depending on your use and personal requirements, you can analysis the various benefits of both and opt for the one that suits your needs.
Modern Payment Gateway In the recent past, in order for one to be able to accept credit card and debit card payments online, it was essential that he or she had a merchant bank account. Accepting payments without merchant bank accounts wasn’t possible. However, with the introduction of the modern payment gateway option, you no longer need to have a merchant bank account to accept payments. Credit card payments can be accepted with just a regular banking account. Further, modern payment gateways charge a payment fee that is larger in amount than the classic payment gateways. Customers will also be redirected to another page in order to make payments.
Classic Gateway Payment The classic gateway payment method is the old school method of online payment acceptance. In this method having a merchant bank account is essential. Without the merchant bank account you will not be able to accept any online payments through debit and credit cards.
In today’s busy schedules & tough life no one has enough time to travel long just to pay some bills. Everyone is looking for an alternative which simply saves their time & also help them to complete their tasks effortlessly. So, in that case, mobile payments and online digital payments services are helping everyone to save times. Mobile payment systems are being people’s future. The main important fact of mobile payment is that it is accessing by so many people all over the world. We can say that our country is becoming digitalized. In every sector, it took wider place in people’s life. Accepting mobile payment services making our life easy, safe and time-saving. In the situation of cashless pockets, this payment service helping us to pay our bills to the cashier. And helps us in ashamed situations. It also helps to pay the accurate amount of the bills. No need the change or chillers.
In Europe, so many people are using digital platforms to pay their shopping bills, electricity bills & other needed bills. They never need to go out to waste time for such small things and they can be safe from pollution and sun reflections. Especially ladies are now able to handle such kind of shopping of vegetables, fruits, home appliances and much more things at home without going anywhere through mobile shopping apps. Not only this but also if they are cashless or don’t have sufficient cash, she can pay the total amount of bill bye digital mobile payments without any embarrassment.
Nowadays mobile payments option is become a game of wait and watch for their customers. Businessmen and merchants are getting so many advantages of mobile payment options in their associations.
As we all know very well that today no one has time to go somewhere especially for transferring money. So, everyone tries to save their time and think to do work quicker and faster. That’s why today we are going to tell you all that how you can save your time due to pay your bills through online apps and how the apps help you to save your precious time.
Google Wallet is an option for online payment that helps you to send safe, simple, and fast money transfer from their browser, smartphone, or Gmail account. You even can get your credit cards, debit cards, loyalty cards, and even gift cards store to your account through Google Wallet.
Apple Pay is very easy and safe to pay any kind of transactions through you. It’s not only a safest but also the fastest money transfer to their merchants. Apple Pay also has a feature to uses touch confirmation through ID. Just like, you can use your fingerprints to take out their burgers and pizzas.
Most powerful and flexible tools for e-commerce build by Stripe. It designed APIs and unmatched functions, whether it’s users, an on-demand marketplace, an e-commerce store, creating a subscription service or a crowdfunding platform. Stripe is a very helpful processor of money transferring to create best products for users. Most innovative technology companies are getting their companies on peak through stripe.
Just like all money transfer apps, Paypal is also highly known digital global platform for their users to transfer money speedily, safely and securely. It is also a time saver conclusion for their users to send money from here to there quickly.
Through its innovative time-tracking and invoicing tools, Due get famous. These tools are very useful for small businessmen and freelancers. Recently, Due allowed getting secure online payments on 2.7% transaction rate for its users. It also deals with global payments, digital wallet and e-bank to send and receive money.
These are five safest, fastest and innovative applications which can help you as an users to send and receive money hassle free.
Keeping Payment card transactions secure is a common responsibility of all. Merchants, credit card processors, card-issuing banks and the real card brands all have an important role to play.
Visa gives the following suggestions to you can to make your processing safe and secure:
Make the change to EMV terminals.
EMV technology encrypts every transaction so the information can’t be stolen and copied on fake cards, successfully withdrawing fraud. EMV terminals authenticate your card utilizing the dynamic data contained in the embedded microchip. The cardholder approves that they are the owner of the card while the card is still in the EMV terminal, finishing the double verification process.
If you haven’t effectively done the change to EMV at your business, you’re not doing all that you can to protect yourself and your clients from card fraud. Work with TSYS to distinguish which EMV terminals best suit your requirements and budget.
Implement Point-to-Point Encryption (P2PE).
The p2pe technology eliminates account information and encrypts sensitive cardholder information until it achieves secure decoding. Like EMV, this procedure makes the information wasted to criminals.
Outsource the handling of e-commerce cardholder information to a PCI DSS approved service provider.
Making this step reduces risk disclosure and expenses related to securing your environment. It can also essentially decrease PCI DSS applicability for merchants who don’t store, process or transmit cardholder information. Visa’s Global Registry of Service Providers gives a list of PCI DSS approved and enlisted service provider, including TSYS.
Radiant Payment Gateway Solutions consolidates various security solutions for help shield your business from fraud as well as from the crippling expenses of an information burst. Ensure your income, your clients, and your reputation by taking a proactive position to protect payment processing safe and secure.
If you own a profitable company and ready to accept credit card payment, finding a reliable business credit card processing service to partner with is crucial. Indeed, accepting credit card payment from clients can make a huge difference in your marketing performance. In this article, we have discussed the major role of Card processing services in UK.
Processing for all major payment processing brands
You can decide what you want to offer – from debit to credit cards to pre-paid credit card and loyalty or gift cards. The more options you offer, the easier it will be for your clients to agree to your solutions or buy your products. And next occasion around, your clients will remember that dealing with your company was easily accomplished.
Real-time processing and fast authorizations
When you enter a credit card number, you want that payment prepared quickly – in real-time. With real-time processing, the input and output of information are continual. If the information is not prepared in real-time, it is prepared in batches – called batch processing. In this case, transactions are collected and organised over a period and then the transactions are prepared. What you do not want is to have your payments “held over a period.” You want your money in “real time.”
Full-time client support
If anything should happen to your equipment and your CC terminal goes down, you need to know there is someone to call. You need to know that you have 24/7 client support service that can get you returning online. After all, the earlier you have back online, the sooner you are back in business.
Comparing Business Credit Card Processors
When analysing various Card Processing services in UK consider the following factors:
Versatility. It is important to make sure that you will be able to agree to different kinds of the credit card used by consumers. Since there are several credit card providers available in the market- not to mention issuers of debit cards and electronic check providers, you want to make sure that you can give flexible payment options to your clients.
Making the decision to accept to CC can open the doors to entirely new lines of business. It may bring you, clients, you couldn’t envision, and it may benefit you in ways you have never considered.
People are progressively more comfortable paying online. Online payments are quicker than physical payments, since you don’t have to wait for the check to reach your destination or for it to clear. The whole procedure from submitting an online payment to updating your bank account can take a matter of seconds. Computerized payments also save you the difficulty of depositing the check and footage the payment yourself. There are numerous terms that are used almost interchangeably when describing online payments:
The payment gateway may be provided by a bank to its clientele. A payment gateway facilitates a payment business by the transfer of information between payment gateways.
While people are inclined to love PayPal for a mixture of reasons, technology has opened the door for a number of competitors to confront PayPal by offering cheaper free, more rapidly transactions, and improved security. Transactions are earlier and more secure, since Apple Pay uses touch ID verification.
Online banking payment has become an established norm of financial transactions for millions in India over the past decade. Online banking also provides a host of non transactional features which are quite handy to the customer. There is abundance of perks accessible by banks to customers who adopt internet banking over the traditional visit physically to the nearest branch office.
Many online payment processing and payment gateway companies provide merchant financial records. This financial statement can also be opened with some large banks that provide such services. There are a selection of payment gateways and payment processors out there. They vary in the monthly fees and operation costs. It is vital to choose the right company for your merchant account if you plan to run a money-making online business.
Making as easy to pay for your customers is the prior duty of every merchant to get the best trust and sound relation with your clients and also increase the sales volume at next extent. Making payment for the goods and services is the critical and final step while making a purchase. Your customer trust you and hand over their hard earned cash by submitting their credit card details.
Here are some prominent advice that can add more sales volume to business
Provide a range of payment options – yes, it sounds clear many merchants provide only one payment options that can bounce the customers. As they want more than one payment method to pay online. As different customer trust different online payment method which they find convenient and reliable.
Payment with Login Account – allow your user to pay without login account. This can enhance more convenient to the customer to pay easily. As complying people to log in just irritate and a major conversion killer for your website.
Assurance on Security and Privacy – while paying online personal information to get relieved and it is more important to set premium security measures to protect the data of the customers. According to a recent survey made by econsultancy customers drop payment page due to security concern.
Don’t go for too much information – filling the form with unusual information is only waisting time of customers. Adding less detailed information will make you stand out of others and can convert more conversation. Probably you are just losing your customers when you ask to fill too much information.
Making online payment transfer easy and fast can convert more leads other than traditional payment options. Giving innovative and advance online payment solutions is the only way you can give satisfy services to customers.