Tag Archives: credit card payment solutions

Crucial Criteria to Categorize Credit Card Service Processor

Merchant Account SolutionsThere are over 200 million online customers in Europe alone, so the number of people using credit cards for the transaction is really high and as they are comfortable with the usage of the card the proportion is continuously increasing. As a result, merchant often appoints a processor to handle transactions of credit cards for merchant acquiring the bank.

As business depends on credit card processor to handle all the detail related to credit card it becomes very difficult to categorize processor but, some of the criteria which help to define the quality of credit card processing are:-

 Speed of transaction As customers love to pay from their cards and even a short delay can create a big problem so, it is always suggested to the provider in order to make the customer happy they should always increase the speed of transaction.

Security of transaction – Speed is one of the important criteria but not the only criteria along with speed customer wants the security of the transaction and provider should try their best to make a customer feel secure about the transactions.

Strong uptime record – Credit card outage makes a business untrustworthy and inconvenient. However, credit card processing outages are rare, but all complicated interdependent system is vulnerable to downtime.

Transparent rate structure – Though rate and fees vary with the category applicable to business but processor must make sure they have quoted and charged appropriately without tricking the customers as it is unethical.

Customer support – In today’s era of online payment customers are king of the market and in order to stay for longer period in the market, the processor must try to win the heart of customer by providing best after service to the customer because happy customer makes a business happy.

Payment Gateway – Points To Checkout before Integrating

payment gateway integrationA 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.

The payment fees charged for classic gateway payments is much more than that charged for modern payment gateways.