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.
The payment fees charged for classic gateway payments is much more than that charged for modern payment gateways.
As the world is transforming into one connected planet and generations are becoming digital natives, the importance of paper money is gradually disappearing. People no longer wish to carry puffed wallets and fear thefts or an uncertain demonetization night. Hence as a retailer, it is essential for you to make plastic money transactions with your customers.
Credit and Debit cards have also moved into a more digital space. There are apps or phone accessories through which plastic money can be paid. A separate card for that is also not required.
How do you cater to the needs of every natively digital buyer that shall walk into your stores and retail centers? How do you provide free retail payment processing terminals, to suit your business’ unique needs?
Merchant Account Solutions, have got you covered!
Merchant account solutions, helps you accept dynamic forms of accepting plastic money transactions. From an Apple watch to any debit or credit card, you can accept payment in any form.
Here are a few reasons that shall motivate you to partner with Merchant Account Solutions:
- Have a conversation with customer service executives who have in-depth knowledge of the system functions and can assist you in any difficult situation.
- Protected pricing system so that you can keenly work upon the bottom line.
- Receive a contract free solution via this revolutionary program.
- Avail a setup program which is FREE of cost.
- Partner with Merchant Account solutions and get a payment device with efficient technology, for free.
- Receive your payments the very next day without any delay.
- Pay the least costs and purchase in wholesale rates.
- Process your invoices with easiest QuickBooks
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.
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.