Echeck And Merchant Services Providers

A merchant is an integral part of the payment processing cycle. Merchant simply signifies the business owners who hire payment processing services to facilitate a method of processing monetary transactions. Merchant account services, like a bank etc. provide merchants with an account through which they can accept payments via credit/debit cards, e-wallets and a number of other modes of electronic payment. Merchant accounts are essential for a business to accept  online payments. These accounts are specifically used for conducting business related transactions and are provided by merchant acquiring banks to business owners. What are virtual merchant accounts? Virtual merchant accounts are those accounts which serve virtual merchants (online storefronts). These merchants can accept payments from anywhere. Virtual terminals, ecommerce websites, credit card terminals, point of sale (POS) terminals and mobile apps are all examples of virtual merchants. A single virtual merc...

The online business arena has eventually embraced payment processing solutions in a wholesome manner. Not because they had a choice in this as there is no alternative but rather because it is a necessity and an imperative requirement to thrive in today’s digital world. There are a number of players in this industry which and are called payment processing companies. What is payment processing? Payment processing is a service provided to businesses to furnish them with the capability to carry out monetary transactions with ease and efficiency. There is a need for a separate industry for this service because the payment process is complex and involves multiple players and technologies for security and other purposes. Payment processing ensures that transactions are carried out securely and confidential data of users is kept out of unwanted hands. The companies that offer payment processing services carry out financial transactions on behalf of the merchant at a minimal fee. These tra...

Every business needs a credit card processor. Plastic money is so much more convenient and offers a lot of flexibility and advantages to the customers. However, small or high-risk businesses that have more probability of shutting down find it hard to find a reliable credit card processing service. Different processing rates, terms of contract and variation in fees tends to bewilder the merchants in finding a suitable and cheap processing service. Small or new businesses need to save money and for this reason they look for cheap credit card processing companies . A business owner can either opt for a traditional merchant account or choose a payment service provider (PSP) to process payment. Let’s understand what these are: Merchant Account A merchant account is the traditional way of going about payment processing. As a merchant you are given a unique identification number. They are costly in the sense that you would have to keep paying a certain recurring fee apart from the other ...

As the trend of online businesses boomed, so did the various payment methods. It was a demand to bring in better fintech to ensure that businesses and customers could safely conduct online transactions without worrying. The reliability of any online payment method depends on its speed, authentication protocol and security. Electronic check is one such digital payment solution. Though eCheck is the modern digital version of centuries old conventional paper checks, it is undoubtedly an efficient payment method since it checks all the right boxes. eChecks are fast, secure, simple and user friendly. Their usefulness comes in when processing high risk transactions or larger amounts. They facilitate absolute mobility and provide users a way of paying anyone from anywhere without any hassle. They are fairly easy to operate since the user only has to fill in minor details and that’s all. They can be authorized over email or even on a recorded phone call. eChecks are also the go to payme...

What is a payment processing company? Why you need one? Do you know that there’s a thick line between payment processing companies and POS? No? Continue reading further to grow you knowledge, as it’s high time businesses must know everything about payment processing . Defining the term in simple words, a payment processing company refers to an entity that gives the businesses authority to accept credit card, debit card and other forms of online payments. Moreover, it plays an important role of managing everything related to the processes that goes in the background once customers share their card details to proceed towards transaction. When a customer provides their card details manually or share it by swiping the card, processes such as encrypting the details, routing them to the bank followed by back to the business’ bank are taken care by the payment processing companies. While looking for a reliable payment processor, certain things are meant to be given great importance. On t...

Payment processing is an integral part of any online business as it forms the backbone of sending and receiving online payments. Ecommerce businesses, services providers, online sales markets, food delivery businesses and bookings and ticketing, all these industries require payment solutions which in turn need merchant account services . There are several merchant account providers which offer a platter of different payment solutions ranging from debit/credit card payments to services like eCheck and electronic payments via mobile wallets and digital payments. What is a merchant account? A merchant account is your business transaction account. It is a special kind of commercial bank account that allows business owners to send and receive payments to their business from multiple payment methods. It facilitates these transactions by acting as a holding account for funds. They furnish businesses the capability of accepting cards and other kinds of electronic payments. They are an ess...

As the name says, eCommerce payment system eases the way online transactions take place through electronic payment mechanisms. Used by online businesses, e-payments are an advanced way to get over paper check transactions and do the transactions quickly and securely. Thanks to technology that’s evolving almost every day, electronic payments have taken over the world by storm. More and more businesses are switching to the modern way of accepting payments, which pleases customers as well, as customers are fascinated by online payments these days. If you own an online business, knowledge about eCommerce payment is something you must have. With a hope that benefits of this revolutionary payment system will make you curious about it, we have outlined some amazing benefits of eCommerce payment system in the section below. Benefits Of ePayments 1. Time saving: Time is a luxury and everyone in this modern lifestyle is trying their best to save it as much as they can. Electronic money can...