Echeck And Merchant Services Providers

Fervent growth of financial technology has greatly improved the payment processing methods. Process of financial transaction i.e. transfer of funds from one account to another can be facilitated in several ways. Before discussing about the payment processing industry, the software and the associated technology, it is imperative to understand the fundamental concept of payment processing. What is Payment Processing? Any financial transaction involves a total of three parties or players. 1. Customer, the one who pays 2. Payment processor that provides the technology 3. Merchant,  the one who receives the payment Payment processing is the management of fund transfer between two players. Companies that provide this facility or the technology are called as payment processors. An important function of these companies is making the transactions secure to curb frauds. Now-a-days there are multiple ways of completing a payment, via credit/debit card, eCheck payment over an ACH network,...

Payment processing systems are an integral part of websites and applications. Any website that provides a product/service ex: an e-commerce website and business, has to provide a process to send/receive payments. There are different methods to achieve this and eCheck is one of these methods. E-checks have recently become popular as they are a novel payment processing concept gaining immense popularity and merchant recognition. E-checks are the digital counterparts of conventional checks and are safe, fast and secure; they perfectly fit the profile for online payment processing services. What is an eCheck Payment? An eCheck payment system facilitates financial transactions between two parties. As compared to conventional methods like credit/debit card payment and other modes of digital payments, eChecks come with a guarantee of high safety, low risk factor, free & instant set-up. They are convenient for both, the customer and the merchant, since fund transfer takes place d...

Growing eCommerce has greatly increased the number of digital transactions. It is projected that by 2021, a total of $5 Trillion worth transactions will be made on e-commerce websites worldwide. This industry is growing at a rate of 21% currently and continues to grow rapidly. Since, more and more of these e-commerce platforms are enabled to carry out financial transactions, a secure payment system for websites becomes a necessity. With a secure payment solution , reputation and credibility of a company grows resulting in an increased ROI (return on investment). Ensuring a robust and secure payment processing solution instills confidence in a customer. A sense of security and the feeling that ‘my money is secure’ builds confidence and brand value of your company in the marketplace. Without these security measures, merchants and customers both are vulnerable to cyber-attacks, data-theft and fraudulent activities. In the last 6 years almost $112 billion have been siphoned off by cy...