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:
- Payment service
- Payment gateway
- Payment supplier
- Payment mainframe
- Commercial account
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.
Almost every potential customers have credit and debit cards in their pockets and many who do not owns both. ACH and electronic check processing offers you varieties of payment options and gives you the ability to augment your credit card payments by offering the same convenience to this large and underserved market—for less than half the cost of credit card processing.
Some Effective Benefits of ACH Payments
Effectual than traditional checks – choosing the ACH payments is faster and secure than just to wait for a check to clear. Electronic check acceptance is higher security and priority than paper checks. Easy and fast clearing helps your cash flow.
Alternative Payment Options – E-Check processing offers varieties of payment options as best possible. Of course cards payments diversify the traditional payment acceptance but ACH Payments give customers without cards. It simply prefers to pay with bank debit card an alternative to cards.
Cost Effective – ACH payments are cheaper than normal card processing. Small and standard merchant’s flat rates can apply. For high-risk merchants, ACH payment processing rates are always less than cards.
High-Level Security – ACH Payment method is the most advanced and secure method of electronic fund transfer in the world. Millions of business, consumers, financial services, and government agencies use the ACH network to receive and send payments.
Payment acceptance gives many options to both merchants and consumers. Thus it gives diverse business opportunity to expand and grow business according to national and international market. Merchant specially enjoy the advance payment options that does not cost too much to process the transaction. There are many payment options to process easy and convenience transaction and one such best option is ACH Payments processing that does not cost much as other payment processing charges for per transactions.
One best thing about ACH Payments V/S Credit card processing the fees is less than credit card transaction fees. Almost 60% of UK Businesses merchants accept this type of payment that are low cost and highly secure according to NACHA, a total of $38.7 trillion was transferred via ACH in 2013, an increase of almost 5 percent from the previous year.
ACH Payment is best known for its advance system i.e. replaces paper checks and less chance of returning checks. It allows business to receive an electronic payment directly into bank account. Commonly known as e-check.
How ACH Payments are different from other cards
ACH Passes the card networks and therefore bypasses interchange and assessment fees. This generally makes ACH far less expensive than card payments.
Getting High-risk merchant account seems a process to undergo with hassle documentation. A merchant who needs a High-risk merchant account for the smooth working of business may fall in many empty promises by companies and merchant account provider like, low transaction fees, instant approval, free integration and use of payment gateway services.
5 Points need to watch when signing up High-risk Merchant Account
- Minimum Price – price is being the first concern when selecting the merchant account. Almost every merchant wants the best deals and reasonable price. Web sites with popping up advertising low rates, free transaction merchant account diverting minds of many merchants looking for merchant account services. But remember all this are warning sign, you may be misguided by paying low at first, but corrupt providers charge high-volume backend fees. Find a reliable merchant whose track record is good and giant’s approval on many factors such as the product/service, payment acceptance method, chargeback rate, and volume.2. Hidden Fees – Before signing up you deserves to know about all the processing fees to be charged and why you are been charging. Some common fees for a merchant account are transaction fees, chargeback and refund fee, discount rate and monthly statement fee from acquiring a bank. Be cautious of any other extra related fee which seems unwanted and gives you greedy earnings.
3. Extra Rewards – Many merchants provides cash back offers and unwanted deals or signing bonus, but these are only fake promises and later hit you with other fees and charges. Proceeding with reliable merchant account provider having a sound image will drop you in safe hand.
4. Free Services – it is good to offer free aftercare services and some extra perks, but merchants should be cautious that it is a catch.
5. Instant Approvals – it is not possible, instant approval for a high-risk merchant account. Such types of business need complex documentation to get approval for a merchant account from merchant acquiring a bank. Banks want to see a list of KYC documents before they grant an approval.
Almost every individual own a mobile phone to carry various tasks and daily activities like: paying bills, online tickets booking, credit cards and insurances policies through mobile devices. And this proved an incredible way to save customers lots of time and money, also it is fast, secure and easy way to make payments. And these process is simply efficient to all who make online payments. Online payments through mobile devices is growing concern to over-come with frauds and cyber-theft. This concepts sincerely made an effort to safeguard the interest of the consumers and a huge step to safeguard online payments.
Considered this useful tips while shop online
1. Check the url address bar – while making online payments for any purchase of goods and services or to make online bank payments, check the address of the url it should be start with HTTPs . these is the first security sign of safe online payment. This HTTPs gives safeguard that the data is safe and exclusively restricted between you and the system.
2. Regular Update your Device – say goodbye to your outdated version, regularly update is an effective method to block the potential loopholes. These security feature will guarantee you with adequate protection from malware softwares that can risk you with frauds and other cyber theft activities.
3. Keep public Wi-fi away – shopping outdoors with public wifi could be harmful while making online payments transfer If you use it, you are unwittingly exposing yourself to cyber-theft.
4. Don’t Save sensitive data in your device – many of us have a habit to save our login credential in our mobile phone, of course this is good habit, but sometime it could be dangerous if your mobile is stolen or your password is hacked by someone. Stop this habit, because it the easiest way to expose your sensitive data to others. If the app you are using for payment has “store and forward” feature, turn it off.
For making secure transaction smart cards are used which are credit cards, debit cards, key fobs, and many other electronic devices use making payments. Contactless payments is fast and secure way to pay small valuables transaction costing 30 pounds and under this. These types of payments are increasing commonly on many local devices. The contactless device uses an antenna which transfer purchase information to and from the terminal when touched against a contactless terminal.
Many contactless devices, accepts credit cards will not necessarily have contactless indicator on them and may require to activate them. All you need it do verify yourself on your device before you make contactless payment, if you have a smartphone you may be able to verify yourself through a passcode or your fingerprint on your payment app, and then make a purchase for over £30.
Business is off two types high and low risk, different size small, medium and large business entity. Businesses have different types of goods and services to offer or sell. Some goods and services are falls under special category which are known as high risk businesses. Any goods and services in which your business is trading whether it is fitness supplements online dating services, tobacco, money laundering, etc. is known as high risk businesses. These businesses face many issues with merchant payment processing system, because of chargebacks and risks. Companies with processing revenue lower than $1.2 million annually will find certain issues securing a high risk payment processor because most providers are focused exclusively on larger businesses.
Demonstrate Substantial Capitalization
One of the best ways to secure a payment processing provider, even for a high risk merchant, is being well-capitalized. With sizeable capital resources, underwriters and banks are more willing to provide payment processing services. For a business, substantial available capital signals to payment processors that your operations will be funded and any issues regarding fulfillment or payment can be addressed in a timely manner.
High risk businesses without money in the bank are at a particular disadvantage when seeking merchant payment processing services. Even with nearly six figures in monthly revenue, many banks and underwriters will refuse the business of many high risk industries, such as online gaming, credit rehabilitation services, and nutritional supplement providers. Without capital in the bank, underwriters and banks will worry that any issue, like a product recall or data breach, will result in significant financial losses.
The word Pay by selfie is hitting the commercial global markets. The FIDO Alliance and card issuer consortium EMVCo have decided to bring into line their efforts to produce a new mobile payment specification. Selfie pay is totally new and innovative method for customers and merchants to pay and accept payments by verifying the identity when making transaction online with no spamming and fraud.
This allows card holders to verify the identity by using biometrics through selfie scan and finger prints – at the end the user require taking selfie. The only aim to develop a way to use secure nature of password. The update will introduced in certain countries the UK, Germany, Spain, Belgium and Sweden, following a series of successful trials in the US, Netherlands and Canada.
Finextra reports that the trial in the Netherlands proved very popular with 750 ABN Amro secure credit card users taking part. Over three-quarters of those involved stated that they would continue using a fingerprint scan or a selfie to purchase items. While nine out of 10 said they would replace their password with this new technology.
According to Mastercard nine of out ten people it tested in its Dutch pilot said they would like to replace their password with biometric identification definitively, while 75% of users said they are convinced that biometric payments will decrease fraud.
Now- a-days Credit and Debit Cards Frauds are increased. It’s the threads that is growing and surfacing by every business persons. Although some years ago, many banks and credit unions were enforced to cancel and redistribute thousands of cards as a result of the TJX breach. A recent incident analyses that, banks located in Indiana saw accounts breached from ATM or debit card transactions. Indiana Law enforcement and the FBI are investigating breaches from at least 10 banks, after more than 100 customers reported money missing from bank accounts at the start of June 14. The foremost withdrawals of money from few hundred dollars to a few thousand dollars were dispatched in Nigeria, UK, Russia and Spain.
This year, there are more cases of larger losses of frauds: An Investigation by FBI cyber- crime agent Mr. Albert Murray shows 2 persons, who made hundreds of fraudulent withdrawals from New York City ATM’s, of this year of getting $ 750,000. Although the Industry has made great advances steps in lowering the Credit/ and Debit Cards Frauds. A data called, “Consumers Frauds and Identity Theft Complaint Data” analyses from 2007 shows the complaint database developed by the FTC acknowledged more than 800,000 consumers frauds and identity thefts complaints. Consumers complained loss more than $ 1.2 billion. A Credit Cards fraud, at 23%, was the most common form of reported identity theft. New schemes are emerging and calls for greater analysis and inspections for institutions and their customers.
Some, of the New Frauds are:
- Spear Phishing:
In this situation, people accumulate some amount of personal data from several related severs to concept a more direct individual communication that seems very reliable to the customers. Security vendors VeriSign recently shown a study stated that more than 15,000 individuals have been spear phished in this last 15 months.
- Counterfeit Frauds:
This is the most top frauds reported for both debit and credit cards. “Particularly skimmed counterfeit frauds.”