#2 merchant accounts in 1 credit card terminal

[enterprisewired]

The Evolution of Digital Wallets: A Comprehensive Guide to Secure and Convenient Transactions

Digital wallets have emerged as a transformative force, reshaping the way we manage and transact our money. As the world becomes increasingly digitized, the convenience, security, and efficiency offered by digital wallets have made them a popular choice for individuals and businesses alike.

The Genesis of Digital Wallets

The concept of digi-wallets traces its roots back to the late 20th century when the internet began to permeate various aspects of our lives. Early digi-wallets were primarily designed for online transactions, allowing users to store their payment information securely and make purchases with a few clicks. However, it wasn’t until the proliferation of smartphones and mobile applications that digi-wallets truly came into their own.

Key Features

1. Contactless Payments

One of the defining features of digi-wallets is their support for contactless payments. Near Field Communication (NFC) technology enables users to make transactions by simply tapping their smartphones or smartwatches on compatible payment terminals. This convenience has gained significant traction, especially in the context of retail transactions, where speed and efficiency are paramount.

2. Security Measures

Digi-wallets prioritize security to instill confidence in users entrusting them with sensitive financial information. Encryption techniques, biometric authentication (such as fingerprint or facial recognition), and secure tokenization play crucial roles in safeguarding user data. These security measures make digital wallets a reliable and secure option for conducting financial transactions.

3. Multi-Platform Integration

To enhance user convenience, digi-wallets are designed to integrate seamlessly across multiple platforms. Users can link their digital wallets to various accounts, including bank accounts, credit cards, and even loyalty programs. This integration streamlines the payment process and allows users to manage their finances comprehensively from a single application.

Popular Digi-Wallets in the Market

1. Apple Pay

Launched in 2014, Apple Pay quickly became a dominant player in the digital wallet arena. With its integration into Apple’s ecosystem of devices, users can make secure and convenient payments using their iPhones, Apple Watches, iPads, and Macs. The widespread adoption of Apple Pay is a testament to its user-friendly interface and robust security features.

2. Google Pay

Formerly known as Android Pay, Google Pay is another major player offering a seamless digital payment experience. Compatible with both Android and iOS devices, Google Pay supports in-app purchases, online transactions, and contactless payments in physical stores. Its widespread compatibility and integration with various platforms contribute to its popularity.

3. Samsung Pay

Samsung Pay distinguishes itself by incorporating Magnetic Secure Transmission (MST) technology, allowing users to make payments on traditional magnetic stripe card terminals. This unique feature expands the reach of Samsung Pay, making it compatible with a broader range of payment systems. Additionally, Samsung Pay supports NFC-based transactions for added versatility.

4. PayPal

As one of the pioneers in online payments, PayPal has successfully transitioned into the digital wallet space. It offers a comprehensive platform where users can link their bank accounts, credit cards, and even cryptocurrencies. PayPal’s widespread acceptance across online merchants and its peer-to-peer payment capabilities contribute to its enduring popularity.

Benefits of Using Digital Wallets

1. Convenience and Efficiency

The primary allure of digital wallets lies in the unparalleled convenience they offer. Users can store multiple payment methods in one place, eliminating the need to carry physical cards or cash. The streamlined payment process, whether online or in-store, enhances efficiency and reduces transaction times.

2. Enhanced Security

Digi-wallets prioritize security through advanced encryption, biometric authentication, and tokenization. These layers of protection make it extremely challenging for unauthorized individuals to access or misuse user information. In comparison to traditional payment methods, digi-wallets provide a more secure environment for financial transactions.

3. Real-time Transaction Tracking

Digital wallets empower users with real-time visibility into their financial transactions. Every payment made through the digital wallet is recorded, allowing users to track their spending patterns and manage their budgets more effectively. This transparency contributes to financial literacy and responsible spending habits.

4. Loyalty Programs and Rewards

Many digi-wallets integrate seamlessly with loyalty programs and offer users the opportunity to earn rewards or cashback for their transactions. This added incentive encourages users to stick to a particular digital wallet for their payments, fostering brand loyalty.

Challenges and Concerns

1. Limited Merchant Adoption

While digital wallets have gained widespread consumer acceptance, not all merchants have adopted the necessary technology to support contactless payments. This limitation can be a hindrance, especially in regions or industries where traditional payment methods still dominate.

2. Security Concerns

Despite robust security measures, digi-wallets are not immune to cyber threats. Phishing attempts, malware, and other cyber-attacks pose potential risks to user data. Staying vigilant and adopting best practices, such as enabling two-factor authentication, is crucial for mitigating these risks.

3. Standardization Issues

The digital wallet landscape is diverse, with different providers offering unique features and functionalities. This lack of standardization can lead to interoperability issues and may require users to manage multiple digital wallets to access specific features or services.

Future Trends

1. Integration of Cryptocurrencies

The rise of cryptocurrencies has prompted digi-wallets to explore ways to integrate these digital assets into their platforms. Some digi-wallets already support cryptocurrency transactions, allowing users to buy, sell, and store digital currencies within the same application.

2. Internet of Things (IoT) Integration

As IoT devices become increasingly prevalent, the integration of digi-wallets with smart devices is poised to redefine the payment landscape. Imagine making a purchase directly from your smart refrigerator or wearable device—digi-wallets are likely to play a central role in these futuristic transactions.

3. Biometric Advancements

Biometric authentication, such as fingerprint recognition and facial scanning, will continue to evolve. Future digital wallets may leverage more sophisticated biometric technologies to enhance security and user experience further.

4. Increased Collaboration and Partnerships

Digital wallet providers are likely to form strategic partnerships and collaborations with other fintech companies, traditional financial institutions, and even non-financial entities. These partnerships aim to create a more comprehensive ecosystem that addresses various aspects of users’ financial needs.

Conclusion

The evolution of digi-wallets has been a remarkable journey, transforming the way we handle financial transactions and manage our money. The convenience, security, and efficiency offered by digi-wallets have made them an integral part of the modern financial landscape. As technology continues to advance, digital wallets are poised to undergo further innovation, integrating with emerging technologies and shaping the future of finance. Embracing these changes, understanding the benefits and challenges, and staying informed about the latest trends will empower users to make the most of this digital revolution in the realm of personal finance.

[josnashak69]

Cashier interactive experience

"Why do you take so long to make one page?" In fact, this is a misunderstanding of the cashier. If you have used account opening, card binding and real-name authentication, you should know that opening the HE Tuber payment method at the cashier without real-name is still relatively complicated and cumbersome. It is only made simple by the support of a large number of real-name users on WeChat and Alipay.

In addition to the payment method packaging, the cashier's user process is basically a set of standard processes after going through market education on WeChat and Alipay. We can divide it into three stages: before payment, during payment, and after payment.

1) Before payment

This is the first payment page that users see, which is divided into two parts: order and payment method.

Order information: It displays simple payment information such as "product order", "transaction amount", and "merchant name" to users to confirm whether they want to make further payments.

Payment method: It provides users with the choice of which account to pay through. The payment methods here need to be as diverse as possible, because users have placed orders. It would be a pity to give up payment because there is no suitable payment method. Therefore, in addition to bank cards and accounts, there are also various payment methods such as monetary funds and credit lines for you to choose from. There is always one suitable for you to pay.

2) Paying

After the user selects the payment method and clicks Confirm, the payment page will be entered for the user to complete the payment. If the user chooses bank card or account payment, the cashier will jump to the local payment page; if it is an externally provided payment page such as WeChat, Alipay, bank APP, digital renminbi, etc., the cashier needs to jump to the cashier provided by the channel. Complete payment.

After the user pays successfully, he needs to jump back to continue the next operation. At this time, due to the lack of interaction between the two systems, it is carried out in four steps: page jump, payment callback, result query and user notification. This ensures that all parties including “page, accounting system, access merchants, and users” can synchronize the payment results.

3) After payment

After jumping back, the page displayed to the user is mainly divided into two parts: "Payment Results" and "Marketing Activities".

Payment result: It is the final result of the user's payment for this order. The normal display of the result page indicates that the channel and local have synchronized the results. If it cannot be displayed normally, the user needs to be prompted to actively query the order results.

Marketing campaigns: Marketing campaigns are optional and not required for every checkout. You can configure internal recommended products and activities, and you can also configure external marketing activities (such as WeChat Gold Plan), etc.

2. Cashier business structure

Since the cashier involves the entire process of user payment operations, its "front line" is also relatively long. It works closely with "terminals, gateways, cashier services, and payment services" to provide users with a good payment experience.

1. Introduction to business structure

Terminal: It is used to adapt to various payment scenarios. For example, the "h5 payment" page should provide customized guidance pages and post-payment activity pages. "APP payment" must provide an SDK that can be integrated into merchant APPs, and cash register equipment must provide "application APPs" in different device environments, etc. At the same time, the cashier terminal must also provide customers with security encryption mechanisms such as "security certificates and keys" to ensure the security of the interaction between the terminal and the gateway.

Gateway: The gateway provides various external service interfaces for merchant platforms and terminal devices to call, and is responsible for processing back-end calls based on requests. The gateways for receiving cashiers are mainly divided into two categories: "acquiring gateway" and "member gateway". The acquiring gateway is responsible for the processing of payment requests such as "collection and account sharing"; the "membership gateway" is responsible for the processing of account requests such as "top-up, payment, account opening, card binding, etc."

Cashier service: The cashier service is mainly responsible for "cashier access", "cashier display", and "transaction process processing". It provides the front-end interface for cashier services, cashier display and transaction processing processes, and calls to back-end payment services.

Payment services : He provides backend support services for the cashier, including "merchant system", "payment channel", "account system", "transaction system", "real-time risk control" and other systems.

2. Introduction to cashier use cases

1) Cashier business boundary

Gateway access: The cashier provides a "cashier service interface" to the outside world to receive payment requests from the acquiring gateway and member gateway.

Customer System: The cashier mainly accesses the "Customer System" to configure "Member Authentication" and "Merchant Products". Among them, "Member Authentication" is used to verify the information of the "bank card" and "account" corresponding to the user's payment method, and can also expand the "card binding/account opening" operation. The checkout itself is part of the merchant's contracted product, so the configuration of the checkout is obtained from the merchant's contracted product.

payment system

Transaction services : Provide collection, recharge, payment for the cashier, and separate transaction processing after successful collection.

Payment channel : If the channel also has a checkout counter similar to "mini program, APP, H5", access and processing such as "getting, pulling up and jumping back" need to be performed through the local checkout counter and channel.

Real-time risk control : Check cashier transactions based on real-time risk control rules such as transaction limits and times, and instantly intercept risks detected when users pay.

2) Cashier use case description

Cashier interface : The cashier provides external service interfaces, including "address acquisition, page acquisition, callback processing, result query", etc.;

Cashier service : The main control service of the cashier service controls the page display and transaction processing process by reading the merchant's cashier parameters.

Payment method : In the form of an interface or page, it provides information inquiry on payment methods at the cashier, as well as expansion of card binding and account opening operations at the cashier.

Payment page : Follow the three steps of before payment, during payment, and after payment to operate the corresponding payment page.

[vaishnavidevi]

Beyond Credit Cards: Exploring Alternative Payment Methods with Online Services

The world of finance and commerce is evolving rapidly, and so are the methods we use to make payments. While credit cards have been a primary means of making transactions for decades, the rise of online services and digital wallets has opened up a plethora of alternative payment methods. These alternatives are not only changing the way we pay for goods and services but are also shaping the future of finance. Also making payment with the best online payment gateway is advisable.

In this blog, we'll explore some of the most prominent alternative payment methods and how they are transforming the way we handle transactions.

1. Digital Wallets:

Digital wallets, or e-wallets, have gained immense popularity in recent years. These are apps or software that allow users to store their credit card, debit card, and bank account information securely, enabling easy and secure online and in-store transactions. Some of the most well-known digital wallets include Apple Pay, Google Pay, and Samsung Pay. They offer the convenience of contactless payments, making transactions a breeze with just a tap of your smartphone or smartwatch.

2. Peer-to-Peer Payment Apps:

Peer-to-peer (P2P) payment apps like Venmo, PayPal, and Cash App have revolutionized the way we send money to friends and family. These apps allow users to link their bank accounts or credit cards and send money to others with just a few clicks. Whether you're splitting a dinner bill or paying your share of the rent, P2P apps make it quick and easy to transfer funds.

3. Mobile Payment Apps:

Mobile payment apps offer a wide range of services, from making purchases at brick-and-mortar stores to ordering goods online. A notable example is Alipay in China, which has seamlessly integrated mobile payments into daily life. Alipay users can pay for groceries, taxi rides, and even utility bills, all through the app. It's an excellent illustration of how mobile payment apps are changing the way we handle our finances.

4. Cryptocurrencies:

Cryptocurrencies like Bitcoin and Ethereum have made headlines as alternative payment methods. While they are not yet universally accepted, many businesses and merchants now allow customers to pay with cryptocurrencies. Cryptocurrencies offer decentralization and security but also come with volatility and regulatory challenges.

5. Buy Now, Pay Later Services:

Buy now, pay later (BNPL) services, such as Afterpay and Klarna, have become popular, especially among younger consumers. These services enable shoppers to make a purchase and pay for it in installments, often with zero or low-interest charges. It's a flexible way to manage expenses while still enjoying the convenience of online shopping.

6. Contactless Cards:

Contactless cards, often equipped with radio-frequency identification (RFID) technology, allow for swift, tap-and-go payments. These cards have become standard in many regions, and they offer a secure and efficient way to make small and large transactions without the need for physical contact with a terminal. They're particularly popular for public transportation and retail purchases.

7. Voice-Activated Payments:

Voice-activated payments are increasingly gaining traction with the rise of smart speakers and virtual assistants like Amazon's Alexa and Apple's Siri. Users can link their accounts and make transactions through voice commands. This technology is shaping the future of in-home shopping and payment convenience.

8. In-App Payments:

Many apps and services now offer in-app payment options. This includes everything from ride-sharing apps that allow you to pay your fare to food delivery apps that facilitate payments without leaving the platform. In-app payments streamline the user experience and reduce the need to switch between multiple apps and platforms.

9. QR Code Payments:

QR code payments have become prevalent, especially in countries like China and India. Users scan a QR code provided by a merchant, which takes them to a payment gateway. This method is not only convenient but also enables small businesses and street vendors to accept digital payments.

10. Central Bank Digital Currencies (CBDCs):

Several countries are exploring the possibility of issuing their own central bank digital currencies. These digital versions of national currencies aim to enhance financial inclusion and offer a safe and efficient way to transact. China has already launched a digital version of the yuan, known as the Digital Currency Electronic Payment (DCEP).

11. Near-Field Communication (NFC) Payments:

NFC technology allows for contactless payments using mobile devices, smartwatches, or cards. It's widely adopted by major credit card companies and mobile payment providers. NFC payments provide a convenient, secure, and swift way to make transactions.

The Benefits of Alternative Payment Methods:

Security: Many alternative payment methods offer enhanced security features like tokenization, biometrics, and encryption, making them more secure than traditional payment methods.

Convenience: These methods often provide a more convenient and efficient way to make transactions, whether you're shopping online or paying in a physical store.

Financial Inclusion: Alternative payment methods are helping to bring the unbanked and underbanked populations into the financial system, promoting financial inclusion.

Global Reach: With the growth of alternative payment methods, cross-border transactions have become more accessible and cost-effective.

Flexibility: Many of these methods allow users to customize their payment experience, whether through installment plans, reward points, or other personalized features.

Challenges and Considerations:

While alternative payment methods offer numerous advantages, they also present some challenges and considerations:

Acceptance: The acceptance of these methods can vary by region and merchant. It's essential to check if your preferred method is widely accepted where you plan to use it.

Regulatory Environment: The use of cryptocurrencies and certain payment methods can be subject to complex and evolving regulations. Ensure that you understand the legal landscape in your area.

Security: Although alternative payment methods often provide enhanced security, users must remain vigilant against potential fraud or data breaches.

Privacy: Some digital payment methods collect user data, raising concerns about privacy. Be mindful of the data you share when using these services.

In conclusion, the world of payment methods is evolving rapidly, and alternative payment options are becoming more accessible and convenient than ever before. As these methods continue to shape the financial landscape, it's essential to stay informed, consider the pros and cons, and choose the options that best align with your financial needs and lifestyle. Whether you're looking for convenience, security, or financial inclusion, there's likely an alternative payment method that suits your preferences.

[thesecrettimes]

8 Best Credit Card Processing Companies of 2023

Our Top Picks for Best Credit Card Processing Companies Square: Best for small businesses Stax: Best for subscription-based pricing Helcim: Best for volume-based discounts CardX: Best for zero-cost processing Clover: Best for robust POS software PayPal: Best for range of accepted payment types National Processing: Best for low transaction fees Chase Merchant Services: Best for fast deposits Best Credit Card Processing Companies Reviews Pros No monthly fees Live phone support No chargeback fees Affordable card readers Cons Funds transfers can take up to two business days Why we chose it: Square credit card processing is easy to set up and offers a simple flat-rate pricing model that keeps costs low for small businesses. Plus, you’ll get free fraud and chargeback protection to keep your company secure. Square’s credit card processing service is affordable with no monthly or set-up fees and a flat 2.6% plus $0.10 per transaction rate for card-present transactions. All accounts come with free fraud protection that monitors for suspicious activity and chargeback protection so you won’t have to deal with your customers’ banks or pay fees for disputed claims. Funds are deposited to your bank account within one to two business days. Square offers a selection of card readers ranging from a free magstripe reader to an all-in-one terminal that accepts all card payments and prints receipts. You can contact Square customer support by phone, live chat, email and social media. HIGHLIGHTS Monthly Cost $0 Transaction Fees 2.6% + $0.10 Pricing Model Flat-rate Deposit Speed 1-2 business days Pros No markup on processing fees Ability to integrate with most POS systems 24/7 support Cons Monthly fee Up to three days for funds transfers Why we chose it: Stax offers small businesses a subscription-based plan starting at $99 per month. Stax doesn’t add any markup to the interchange fees charged by banks and credit card companies, so your transaction costs will be low. Stax’s subscription-based pricing model can benefit high-volume businesses by keeping transaction-based fees low. You’ll only pay what the credit card companies and banks charge Stax for processing payments. Monthly subscription fees start at $99 for companies with annual revenues up to $250,000. If your company makes between $250,000 and $500,000, you’ll pay $199 a month. Customized pricing is available for higher-revenue businesses. Stax credit card processing works with several different credit card readers, including the Clover Flex and the Dejavoo QD2. Payments are typically deposited within one to three days. If you need access to your funds faster, you can purchase an optional paid add-on that ensures your funds will be deposited the next day, including weekends and holidays. Customer support is available 24/7. HIGHLIGHTS Monthly Cost $99+ Transaction Fees Varies Pricing Model Subscription + Interchange fees Deposit Speed 1-3 days Pros No monthly fees Low transaction fees for high-volume businesses Waived chargeback fees if business wins the dispute Cons Up to two business days for funds transfers Phone support during scheduled hours only Why we chose it: Helcim’s interchange plus pricing model automatically adjusts the margin you pay per transaction based on your company’s volume of credit card sales. The more you do in credit card sales each month, the less you pay for processing. Helcim utilizes an interchange plus pricing model that charges you what the banks and credit card companies charge, plus a margin that varies based on your monthly credit card sales volume. As your sales increase, Helcim automatically decreases the transaction fees you pay and always lets you know the margin you’re being charged. There are five volume-based transaction rates with companies, on average, paying 1.94% plus $0.08 per card-present transaction. You’ll never pay monthly fees. Helcim offers a basic card reader as well as an all-in-one terminal that includes a built-in receipt printer. Helcim charges $15 for chargebacks but waives the fee if you win the dispute. You also won’t be charged a fee when providing returns to customers. Live phone support is available 10 hours a day on weekdays and eight hours a day on weekends. HIGHLIGHTS Monthly Cost $0 Transaction Fees 1.94% plus $0.08 (average) Pricing Model Interchange Plus Deposit Speed Within 2 business days Pros No credit card processing fees for merchants Fee-free option for customers Cons Not available in Connecticut or Massachusetts Limited hardware options Customers may balk at paying fees Why we chose it: CardX passes the full cost of credit card transactions to your customers, so you’ll keep more of your profits. You’ll only pay for debit card processing. CardX is a zero-cost credit card processor, meaning that it passes 100% of the credit card processing fee to the customer. When your customer checks out with a credit card, whether in person or online, they’ll receive a notification that they’re being charged an extra 3% to cover the cost of processing. If they pay by credit, you’ll receive 100% of the transaction amount. If the customer doesn’t want to pay the fee, they can choose to pay by debit. CardX will charge you 2.91% to cover debit card processing fees. There are no monthly fees for using CardX processing, but you’ll have to pay $29 a month to use the web-based virtual terminal if you’ll be manually entering payments taken by phone or mail. If you plan to accept in-person payments, you can choose from two card readers: the Dejavoo QD2 mobile wireless or the Dejavoo QD4 countertop device. Funds will be transfered into your bank account in one business day. At this time, CardX zero-cost processing is not available in Connecticut or Massachusetts. HIGHLIGHTS Monthly Cost $0 Transaction Fees 0% for debit; 2.91% for credit Pricing Model Zero-cost Deposit Speed 1 business day Pros Fast deposits Wide selection of card readers 24/7 live phone support Industry-specific POS software Cons Monthly fees for all POS packages Hard to compare options online Why we chose it: Clover offers four POS software options to fit a wide range of business needs. You can take in-person orders and manage pickups and deliveries with its Table Service Restaurant software and manage returns and exchanges with its Register software — among other capabilities. Clover lets you mix and match software and hardware to find the solution that best suits your business needs. There are four software packages to choose from. Essentials is Clover’s basic plan that integrates with your online store, tracks sales in real time and more. All Clover POS software comes with payment acceptance, inventory tracking, bookkeeping integrations and more. With Essentials, you’ll pay 2.6% plus $0.10 per transaction. Table Service Restaurant and Counter Service Restaurant are specifically designed for food service businesses with a processing rate of 2.3% plus $0.10. With Register POS software, you’ll pay 2.3% plus $0.10 per transaction. The software integrates with scales for weighted purchases, tracks cost by item and manages customer returns. Clover sells five card reader systems that work with its credit card processing service. Hardware costs range from $49 to $1,799. You can pay for your device upfront or break the cost down into monthly payments. It can be difficult to compare options on Clover’s website because hardware and software are shown as bundles. Funds are usually deposited into your bank account the next day. Clover’s customer support is available by phone 24/7. HIGHLIGHTS Monthly Cost $14.95 - $114.85 Transaction Fees 2.3% plus $0.10 or 2.6% plus $0.10 Pricing Model Flat-rate Deposit Speed One day for most deposits Pros Funds transfer to your PayPal account within minutes No monthly fees Ability to integrate with most e-commerce platforms Ability to accept over 20 different currencies Cons Phone support during scheduled hours only Only two credit card readers available Why we chose it: PayPal credit card processing lets your customers pay any way they want, whether they’re purchasing something online or in person. With PayPal, your customers can use credit cards, debit cards or digital wallets. They can also make a payment using PayPal or Venmo or choose to pay in installments through PayPal Pay Later. For online sales, customers can pay through PayPal or Venmo without having to enter credit card information. In-person customers can scan a QR code to pay directly through their PayPal or Venmo account. PayPal also supports over 20 different currencies. Among its many services, PayPal offers credit card processing with no monthly fees and a flat rate of 2.29% plus $0.09 per card-present transaction. You can process sales by phone or mail using PayPal’s web-based virtual terminal or in-person using PayPal’s card reader or terminal. PayPal credit card processing also integrates with several e-commerce platforms. If you have a PayPal Business account, you’ll receive deposits to your account within minutes of making a sale and can then transfer the money to your bank account or use it straight from your PayPal account. HIGHLIGHTS Monthly Cost $0 Transaction Fees 2.29% plus $0.09 Pricing Model Flat-rate Deposit Speed Within minutes to PayPal account Pros Low transaction fees Free card reader Wide selection of plans to choose from Cons Monthly fees with all plans Up to three business days for funds transfers Two- to three-year contracts Why we chose it: National Processing uses an interchange plus pricing model to deliver low transaction fees, starting at 0% plus $0.05. If your company processes at least $10,000 in monthly sales, National Processing guarantees it will beat your current rates and will pay you $500 if it can’t. National Processing offers seven different plans for different industries and with various price points. Plans for restaurants, in-person retail stores, e-commerce shops and nonprofits cost $9.95 per month and have transaction fees ranging from 0.12% plus $0.06 for nonprofits to 0.29% plus $0.15 for e-commerce businesses. National Processing also offers an Automated Clearing House Plan (ACH) and two subscription-based plans. Funds are usually transferred to your bank account in one to three business days. National Processing plans require two- to three-year contracts, and there’s an early termination fee of $495 or $595 unless your business closes or National Processing can’t meet a competitor’s price. All plans come with a free card reader and free reprogramming of your existing equipment to integrate with National Processing’s service. HIGHLIGHTS Monthly Cost $9.95+ Transaction Fees 0.12% plus $0.06 - 0.29% plus $0.15 Pricing Model Interchange Plus and Subscription Deposit Speed 1-3 business days Pros No monthly fees Fast deposits 24/7 live customer support Cons Limited hardware options Why we chose it: Sales made by 8 p.m. EST will be deposited to your bank account that night, Sunday through Friday, including holidays. Sales made on Saturdays will be deposited the next morning. Chase utilizes a flat-rate pricing model with no monthly fees. You’ll pay 2.6% plus $0.10 per card-present transaction. Chase offers two card reader options. The basic card reader accepts taps, swipes, dips and keyed-in cards and costs $49.99. It can be used with the Chase mobile app. The Smart Terminal costs $399 and comes with POS software. It allows you to search transactions, issue refunds and more. Chase credit card processing integrates with most e-commerce platforms. You can also use your computer as a virtual terminal to accept payments by phone and mail. When you use Chase Merchant Services, you’ll gain access to real-time analytics through Chase Customer Insights. Live customer support is available 24/7. HIGHLIGHTS Monthly Cost $0 Transaction Fees 2.6% plus $0.10 Pricing Model Flat-rate Deposit Speed Same day Other credit card processing companies we considered The companies listed above are not your only options for credit card processing. Here are two additional companies you might consider for your card-processing needs. Merchant One Pros 98% approval rate 24/7 phone and email support Free credit card reader Cons No live chat support Limited pricing information on website Merchant One provides customized credit card processing packages. It approves 98% of business owners who apply, even those with less-than-perfect credit. We didn’t select Merchant One as one of the best credit card processing companies because it requires contracts and charges early termination fees. You’ll also need to call to get a quote because there’s no live chat support and detailed pricing information isn’t available on the website. QuickBooks Payments Pros Fast deposits Automatic syncing with QuickBooks accounting software Free mobile POS app Cons Limited customer support hours Must have a QuickBooks Online or Desktop account QuickBooks Payments is a credit card processor for QuickBooks users that accepts most payment types, including credit cards, debit cards and Apple Pay. Funds transfer the next day and sales automatically sync with your QuickBooks accounting software. Monthly fees vary depending on which type of QuickBooks account you have. While this credit card processor has useful features, it didn’t make the cut for our top list because you need to be a paying QuickBooks customer to use the service and the processing fees are on the higher side, starting at 2.9% plus $0.25. Credit Card Processing Companies Guide Credit card companies and banks charge per transaction and this cost gets passed on to credit card processing companies. This is known as the interchange fee. Processing companies then pass this cost to you along with an extra fee, called a margin, so they make a profit. They can do this using several different pricing models, including: Subscription-based: Subscription-based plans typically charge you a set monthly fee and then you pay a low processing rate per transaction, usually the same amount that the credit card companies charge the processor. Flat-rate: Companies that use flat-rate pricing charge every merchant the same fee regardless of what the transaction actually costs the processor. The flat rate is usually made up of a percentage of the sale plus a set amount. Interchange plus: With interchange plus pricing, the processor charges you the interchange rate plus a margin fee, meaning that the rate varies and you often end up paying less than you would with flat-rate pricing because it better reflects the actual cost-of-sale. Of course, a company’s pricing model and fees shouldn’t be your only consideration. Look for a company that offers live customer support. And if you’ll need quick access to your funds, take deposit speed into consideration as well. You’ll also want to look for a company that offers the best POS system and software to meet your company’s needs and the right credit card reader if you take payments in person. For guidance in choosing the right device, check out the best credit card readers for small businesses. What is the average credit card processing fee? Average credit card processing fees vary greatly depending on the pricing structure and the amount of credit card sales your business processes. Subscription-based plans have the lowest processing fees. Average card-present transaction fees for flat-rate and interchange pricing models are about 2.3% plus $0.10. Rates increase for keyed-in and online transactions. How to set up credit card processing for your business Each credit card processing company handles setup a little differently. You’ll have to apply online or by phone and get approved before you can get started, and then set up an account with the processing company. For in-person sales, order a credit card reader — often available for sale or lease through the credit card processing company. The credit card reader will connect to an app or POS software provided by the company. If you plan to do a lot of in-person sales, look for one of the best tablet POS systems for a streamlined checkout process. For payments made by mail or phone, set up a virtual terminal so your computer can accept credit cards through a website. For online sales, you’ll need a payment gateway, which is offered by most credit card processing companies. If you already have an online store or website, you can integrate the payment gateway with your existing site. If you don’t, many credit card processing companies give you the option of building an online store. How does credit card processing work? Credit card processing requires quite a few steps, most of which take place behind the scenes. The customer swipes, dips or taps their card, or you or the customer enter the card information. The credit card and transaction information goes to the credit card processor, which sends the information to the appropriate credit card network, like Visa or American Express. The credit card network determines which bank issued the card and passes along the credit card and transaction information to that bank. The bank determines if there are sufficient funds to cover the transaction and how likely the transaction is to be fraudulent. The issuing bank lets the credit card network know whether to approve or deny the transaction. The approval code is communicated to the processor and the processor sends it to the credit card terminal. The funds are transferred from the issuing bank to the credit card processor and then to your account. Why is credit card processing important? Credit card processing is important because many customers like to pay by credit card for convenience and to access rewards from the best credit cards. Processing a credit card sale requires secure communication between banks, credit card networks and terminals in just seconds. Credit card processors facilitate this communication while protecting your customers’ sensitive financial information. Credit Card Processing Companies FAQ Is it secure to use credit card processing companies? Using credit card processing companies is secure because these service providers must follow strict security standards. Are credit card processing companies better than traditional banks? There are some benefits to using credit card processing companies over traditional banks. Credit card processing companies often utilize the latest available technology, allowing them to accept a wide range of payment types and integrate with other software used by your business. How long is the average waiting period for credit card payment processing? The average waiting period for credit card payment processing is one to three business days. Some credit card processing companies give you direct access to your funds for an extra fee. What do I need to use credit card processing? If you're using credit card processing for your e-commerce site, you'll need to make sure the processing software integrates with the selling platform you use. To process payments by phone or mail, you'll need a computer or other mobile device that you can use as a web-based virtual terminal. Many credit card processing companies offer virtual terminal programs. Before deciding on a credit card processor, find out if it includes a virtual terminal and if using it will cost you extra. To accept credit cards in person, you'll need a credit card reader. Many credit card processing companies sell card readers that work with their processing services. Some will even give you a basic card reader for free if you use their processing services. If you already have a card reader that you'd like to keep, look for a credit card processing company that integrates with your device or will reconfigure it for free. How Read the full article

[payment-process-services]

Unraveling the World of Payment Gateways: Simplifying Online Transactions for Businesses

Introduction

In this fast-moving digital world, online shopping (e-commerce) has become an integral part of our lives. But have you ever wondered how those seamless transactions take place? The payment transaction proceeds through several steps in the journey, from customers' bank accounts to merchants' accounts. The main player of this transaction game is payment gateways. In this blog post, we will uncover the world of payment gateways, explore their working mechanism and types, and understand why businesses need them.

What is a Payment Gateway?

A payment gateway is a secure virtual point-of-sale terminal that facilitates transactions between online merchants and customers. It acts as a bridge, ensuring that payment information, such as credit card details, is encrypted and transmitted safely between the customer, merchant, and payment processor.

How Does a Payment Gateway Work?

An internatioal payment gateway involves several steps in completing the transactions safely. Let's understand them step-by-step:

A customer proceeds to checkout and submit their card details on the checkout page.

The payment gateway securely collects the payment information.

It encrypts sensitive detail and tokenizes them to ensure the safety of information.

After securing the details, it sends them to the payment processor.

The payment processor then forwards this data to the customer's bank for authorization.

Once the bank confirms the payment's legitimacy, the processor sends the approval back to the gateway.

The payment gateway notifies the completion of the transaction.

Why Do Businesses Need a Payment Gateway?

Security: High-risk payment gateway offer robust encryption, tokenization, and anti-fraud measures, ensuring that sensitive customer data remains protected.

Convenience: With payment gateways, businesses can accept payments from various channels, such as credit cards, debit cards, digital wallets, and digital currencies.

Global Reach: Payment gateways enable businesses to reach new markets, expanding their customer base and sales potential.

Trustworthiness: Having a reliable payment gateway instils confidence in customers, encouraging repeat purchases and brand loyalty.

Types of Payment Gateways

..1.         Hosted Payment Gateway

The Hosted payment gateway operates by redirecting customers to a secure payment page hosted by the gateway itself. During the checkout process, the customer is temporarily transferred to the gateway's server to enter their payment information. The customer is led back to the merchant's website once the transaction is finished.

This type of gateway is simple to integrate and highly secure, as the payment information is processed on the gateway's server. However, it can also lead to a slightly disjointed user experience due to the redirection.

..2.         Self-hosted Payment Gateway

In contrast to the Hosted gateway, the Self-hosted payment gateway allows customers to enter their payment details directly on the merchant's website. The payment information is securely transmitted to the payment gateway for processing, maintaining a seamless user experience.

Self-hosted gateways provide more control to the merchant over the checkout process, but it requires additional security measures to ensure the protection of customer data.

..3.         API-hosted Payment Gateway

The API-hosted payment gateway seamlessly integrates with the merchant's website through an Application Programming Interface (API). Customers enter their payment information on the merchant's checkout page, which is then transmitted securely to the payment gateway through the API.

API-hosted gateways offer a completely branded checkout experience for the customer, enhancing the merchant's brand presence. It also provides flexibility and customization options for the merchant but requires technical expertise for integration.

..4.         Local Bank Integration Gateway

The Local bank integration gateway directly connects to the merchant's bank for payment processing, eliminating the need for third-party involvement. This type of gateway is commonly used in regions where local banks have their payment processing systems.

Local bank integration gateways can provide faster settlement of funds to the merchant's account. However, they might have limited support for international transactions.

Which Type of Payment Gateway You Required?

Different types of customers may have different requirements and preferences when it comes to payment gateways. Here are some suggestions on which type of customer should use which type of payment gateway:

..5.         Hosted Payment Gateway:

Small or new businesses: Hosted gateways are easy to set up and require minimal technical expertise. This makes them suitable for small businesses that are starting their online presence.

Businesses with limited resources: Because hosted gateways itself handle security and compliance aspects, businesses with limited IT resources can benefit from their simplicity and ease of use.

..6.         Self-hosted Payment Gateway:

Medium to large businesses: Self-hosted gateways offer more control to merchants over the checkout process. This makes them a good fit for established businesses with specific branding and customization needs.

Businesses with in-house technical expertise: Self-hosted gateways may require more technical knowledge for integration and maintenance, making them suitable for companies with in-house IT capabilities.

..7.         API-hosted Payment Gateway:

Established e-commerce businesses: API-hosted gateways provide a seamless, fully branded checkout experience, which is ideal for businesses looking to maintain a consistent brand image.

Tech-savvy businesses: API integration requires more technical knowledge than others. That makes it a suitable option for businesses comfortable with advanced IT setups.

..8.         Local Bank Integration Gateway:

Businesses targeting local customers: Local bank integration gateways are advantageous for businesses primarily serving customers within a specific country or region.

Businesses dealing with local currencies: If a company operates in a country with its local currency, a local bank integration gateway can offer better currency handling and settlement options.

Ultimately, the choice of payment gateway should be based on a customer's specific requirements, transaction volume, budget, and technical capabilities. It's essential for businesses to carefully assess their needs and consider factors like security, customization, and geographical reach when selecting the right global payment gateway for their operations.

Conclusion

Payment gateways have revolutionized the way businesses conduct online transactions. They provide a secure and efficient way to accept payments from customers worldwide. With different types of payment gateways available, businesses can choose the one that best suits their requirements and offers a seamless checkout experience to their customers. As digital marketplaces continue to evolve, payment gateways will undoubtedly play an increasingly crucial role in shaping the future of online commerce.

Frequently Asked Questions (FAQs) About Payment Gateways:

Q1: What should I consider when choosing a payment gateway for my business?

A1: When selecting a payment gateway, consider the following factors:

Top-notch Security

Supported Payment Methods

Supported Currencies

Transparent Fees Structure

Easy Integration

International Coverage

24*7 Customer Support

Support For Your Industry

Q2: How long does it take for a payment gateway to process a transaction?

A2: The processing time can vary depending on several factors, including the payment gateway's infrastructure, the customer's bank, and the payment method used. In most cases, payment gateways process transactions in real-time, and the funds are usually transferred to the merchant's account within a few business days.

Q3: Can I use multiple payment gateways on my website?

A3: Yes, it's possible to integrate multiple payment gateways into your website. This approach can be beneficial as it allows you to offer customers various payment options. It can also serve as a backup if one gateway experiences technical issues.

Q4: What is a payment gateway API?

A4: A payment gateway API (Application Programming Interface) is a set of protocols and tools. It allows developers to integrate the payment gateway's functionality directly into their websites or applications. Moreover, It enables businesses to customize the payment process and create a seamless checkout experience for their customers.

[samiksha96]

Merchant Services Vs POS Systems: What's The Difference?

Merchant services and POS systems are essential for small business operations but serve different purposes. Understanding the differences between them is important for running your business effectively. This article will explain the key differences and explore the pros and cons of mobile POS system solutions.

Merchant Services vs POS Systems: Definition

Merchant services are a type of payment processing solution that allows businesses to accept cards (debit/credit), net banking, UPI, and digital wallets. A merchant service provider (MSP) partners with a business to provide the necessary equipment and software to process payments. They also handle the authorization, settlement, and reporting of transactions.

POS systems, or Point-of-Sale systems, are software and hardware solutions that businesses use to manage and process sales transactions. They typically include a computer or device, a POS terminal or software, and a printer. POS systems can also include additional features such as inventory management, customer management, and reporting.

Merchant Services vs POS Systems: Types

Types of Merchant Services

1. Credit/Debit Cards Processing: This type of merchant service allows businesses to accept credit/debit card payments from customers.

2. Online Payment Processing: This type of merchant service allows businesses to accept online payments through a website or mobile application.

3. QR code and Mobile Payments: This type of merchant service allows businesses to link a unique QR code with the merchant account to accept payments. Customers can simply scan through a mobile device, such as a smartphone or tablet and make payments.

Types of POS Systems

1. Traditional POS Systems: These are typically found in brick-and-mortar stores and include a computer or device, a POS terminal or software, and a printer.

2. Mobile POS Systems (mPOS): These are portable POS systems that can be used on a smartphone or tablet.

3. Cloud-based POS Systems: These systems are accessed and managed through a web browser, and the data is stored on remote servers.

4. SoftPOS: This is a payment acceptance solution that converts a smartphone into a contactless payment acceptance device. It eliminates the need for a merchant to invest in a traditional POS terminal and allows them to accept payments via Tap-on-Phone.

Merchant Services vs POS Systems: Functionality

Merchant service providers typically provide POS machines with contactless payment solutions. A transaction is processed when a customer swipes or inserts a credit/debit card or scans a QR code to make payment which is then sent to the provider for authorization. Once authorized, the funds are transferred to the business' account.

POS systems work by capturing customer, item, and payment information during a sales transaction. This information is then processed and used to track inventory, manage customer data, and generate reports. POS systems can also be integrated with other business software, such as accounting or inventory management systems, to streamline operations.

Conclusion

POS systems typically integrate with merchant services to process payments from customers. Merchant services are often used to authorize and process credit card transactions, while POS systems are used to manage sales and inventory. To accept payments, businesses usually need both merchant services and a POS system.

Are you trying to find the perfect POS system or merchant services or both for your business? Get in touch with Worldline and find the best payment solution to grow your business!

[localbizlift]

Best Merchant Services

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.

Merchant services exist to help businesses process credit card payments. You might know them by the name “credit card processors.” 

Regardless of what you call them, it’s important to choose the right merchant service for your specific business if you want to take payments from customers.

I’ve reviewed the top six merchant services available today. These are all proven, popular products with reasonable fees.

They all do things a little differently, however, and serve particular types of businesses better than others.

Keep reading to find the one that’s going to fit with your situation. I’ll take an in-depth look at each of the six best merchant services, and conclude by walking you through the major criteria you need to consider as you evaluate your options.

#1. Stax Review — The Best for Accepting Any Type of Payment

Pros:

Allows you to accept any type of payment, including ACH

No markup on direct-cost interchange

Deep analytics and reporting

Cons:

Invoicing features only on higher plans

No transparency in pricing for large business package

Stax offers a versatile solution with individual packages for SMBs and businesses processing over $5 million annually.

On either track, you can accept any form of payment your customers and clients prefer. In-person, mobile, ecommerce, and ACH payments are all easily handled by Stax on every pricing plan.

And their packages remove any markup on interchange, so you’re not getting gouged there by unforeseen processing fees.

Small businesses can opt for one of three plans. The Growth plan comes with all the payment processing capability, some reporting dashboards and analytics, and a free terminal or mobile reader for in-person payments.

As you scale up in plans, you unlock really useful features. The mid-tier Pro plan includes the ability to send custom invoices (and include a payment link when you send it), payment information storing, enhanced analytics, and the ability to use the Stax API to customize your ecommerce experience.

The Ultimate plan boosts your reporting, insights, and client management. Get deeper analytics, more capability to handle recurring or scheduled payments, and more. Plus, you’ll get a Stax rep dedicated to your account for any assistance you’ll need.

Businesses that process over $5 million annually get their own bespoke plan. That custom-priced offering soups up all the tools and features that small and midsized businesses get from Stax and adds more integrative capability.

So, no matter your entity size or how many payments you process, Stax delivers a robust solution that can offer you much more than payment processing flexibility. Plus, with its scaling packages and dedicated track for large business, you can grow without outgrowing your merchant services provider.

Get started with Stax and request your quote today.

#2. Square Review — The Best for Transparent Pricing/Fees

Pros:

No monthly fee

Transparent processing

Free card reader

Great added features

Cons:

No ACH payment processing

Higher fees than desired

Square is popular for its credit card processing and POS systems, but it offers much more. It hosts features such as the “Card on File” feature, allowing users to store customer card information that works great for repeat customers trying to accumulate loyalty points and rewards of that nature. 

The processor also doesn’t have a monthly fee, and while Square’s features might not be as advanced as some of the other payment processors we’re talking about, for a POS without a monthly fee, you can’t beat the value. 

You can accept payments online and in-person, though the transaction costs vary. For in-person sales, expect to pay 2.6% and $0.10 per transaction. For online transactions, it’ll cost you 2.9% and $0.30 per transaction. There are other instances, such as:

Virtual terminal transactions

Card-on-file transactions

And card-not-present transactions

These will cost 3.5% and $0.15 per transaction. 

If you have thousands of transactions every month, you can definitely find something cheaper than square.

But for a small business, the lack of monthly fees and price transparency makes it easier to budget than some of the other merchant services. Learn more.

#3. Payment Depot Review — The Best for Established Businesses

Pros:

No contract processing

Competitive rates

Easy to integrate online

Cons:

Best for high-volume business

Application process

Payment Depot uses a membership pricing model, which can save established businesses a lot of money.

New businesses that aren’t doing so much volume won’t see the benefit (and may actually wind up with higher charges than they would with other services), but if you are already handling a lot of transactions, Payment Depot can be a good choice.

Unlike other companies, the processing fees with Payment Depot’s membership pricing remain consistent and predictable no matter how much business you do.

Because Payment Depot isn’t of passing off credit card fees to the customer at an increased markup, you can wind up saving a ton of money. The more transactions you process, the more you save with the membership pricing.

Payment Depot accepts all major cards and contactless Apple Pay and Google Pay as well. You get next-day funding and integration with top POS systems as well as ecommerce platforms such as: 

Shopify

Revel

QuickBooks

PrestaShop

BigComemrce

WooCommerce

I don’t think this is one of the best merchant services for small businesses because of how they structure their pricing. The transaction fees go down as you pay a higher monthly fee, and they seemingly force you to increase your plan because of strict processing limits. 

Here’s a breakdown of their pricing: 

Basic Plan

Fee: $49

Transaction Fee: $0.15

Monthly Limit: $25,000

Popular Plan

Fee: $79

Transaction Fee: $0.10

Monthly Limit: $75,000

Premier

Fee: $99

Transaction Fee: $0.07

Monthly Limit: $150,000

Unlimited

Fee: $199

Transaction Fee: $0.05

Monthly Limit: Unlimited 

So, as you can see – if you’re doing high volume, it would make the most sense to upgrade to the most expensive plan for the lowest transaction fees. 

#4. Helcim Review — The Best for Small Business 

Pros:

Limited fees

Fees based on volume

Free online store software

Cons:

Limited integrations

$199 for the card reader

If you’re a small business owner, Helcim might appeal to you. With this service, you’re able to process credit and debit cards online and in person. You can also do some of the following: Set up recurring payments and send invoices.

With a Helcim card reader, you can accept all major cards, including Amex plus Google Pay, Apple Pay, and JCB. 

Helcim does not have any contracts or cancellation fees, and they charge $0 in monthly fees. 

Overall, Helcim is affordable but much more for in-person payments than they are online. Here’s a quick breakdown of their pricing structure, which is based on how much business you do each month: 

Monthly Volume: $0 – $25,000

In-Person: 0.3% + 8 cents (+ interchange)

Online: 0.5% + 25 cents (+ interchange)

Monthly Volume: $25,001 – $50,000

In-Person: 0.25% + 7 cents (+ interchange)

Online: 0.45% + 20 cents (+ interchange)

Monthly Volume: $50,001 – $100,000

In-Person: 0.2% + 7 cents (+ interchange)

Online: 0.4% + 20 cents (+ interchange)

Monthly Volume: $100,001 – $250,000

In-Person: 0.18% + 6 cents (+ interchange)

Online: 0.35% + 15 cents (+ interchange) 

Helcim offers nice features for those of you looking to integrate this payment gateway into your online store. You can add a checkout to your site for invoicing and customer registration while also accepting recurring subscriptions. 

#5. Flagship Merchant Services Review — The Best for Great Customer Service

Pros:

Dedicated account manager

Free account setup

Free card terminal (with fees)

Cons:

Confusing ownership

Little information regarding price

Flagship Merchant Services cut the tape in 2001 and was acquired by iPayment in 2012. Now, they primarily resell iPayment, so keep that in mind. 

This company was one of the first to offer free account setup without any application or fees and real month-to-month contracts. They operate tens of thousands of merchants, and they have a strong reputation. 

Since they’re not a direct processor, most of their merchant accounts are set up through iPayment. iPayment uses First Data as their processor, and it can get confusing trying to figure out who is processing what through what service.

For retailers, Flagship does offer a free credit card terminal, but you’re responsible for paying account fees and insurance on that terminal to keep it up and running. 

For ecommerce, they offer either Authorize.net for processing and integration of an online cart onto your site. 

One thing that was a little frustrating about Flagship is trying to find information on their rates. If you go to their website, you’ll see that you need to fill out a form to get any info about what they charge. 

I’d like to see more transparency, but you may end up with a more catered package deal with this strategy. 

My favorite feature is that you get a single line of contact with the company when you purchase a gateway; they act as account managers. If you ever have a problem, you contact that specific person, and this isn’t a feature I’ve ever seen with any other merchant service.

#6. Stripe Review — The Best for Online Payment Processing 

Pros:

Extremely customizable

Reasonable pricing

Great solution for online businesses

Cons:

Complicated setup

May require developers

If your business runs entirely online, Stripe is your best choice. It’s made specifically for ecommerce and internet business, and tons of startups and Fortune 500 companies trust Stripe.

The company offers sophisticated software and APIs that allow online store owners to customize their checkout experience. You can use the pre-built integrations to connect a Stripe checkout right away and then customize it as you go along. 

That’s one of the main reasons why I love Stripe; it’s a payment processor that grows with you and allows you to change it as your business needs change. 

With all of these features and moving parts comes complications. It���s not the easiest to set up, and if you plan on utilizing the many benefits of Stripe, you’ll likely need a developer to handle it for you. 

Stripe offers a “pay as you go” strategy–there’s no monthly fee and transaction fees are transparent across the board. 

Online: 2.9% and $0.30

In-Person: 2.7% and $0.05

International: Add 1% per transaction

ACH Direct: 0.8% maxed at $5.00 per transaction

ACH Credit: $1.00 per transaction

You can use all major credit and debit cards plus ACH, WeChat Pay, Apple Pay, Google Pay, and much more. Expect to wait two business days for deposits or pay a one percent fee to get instant deposits. 

Stripe integrates with WordPress, Magento, Squarespace, 3DCart, Zoho, Big Cartel, and more.

How to Choose The Best Merchant Services For You 

Before we get into the reviews, let’s talk about how to determine what makes a good merchant service.

I’ve broken this down into three major areas:

Processing rates/monthly fees

Services

Type of merchant services account

Let’s go through each of these criteria, one by one.

Processing Rates/Monthly Fees

It’s all about the money, and credit card processing is not as simple as you think. You have to weigh the pros and cons with each service; otherwise, you can end up paying way more than you planned. 

We need to look at the processing rates first. With every merchant service, you pay a small fee each time a transaction is processed. It’s usually between 1 to 3%.

You’ll also pay monthly fees, which vary depending on the service you choose.

To get a lower processing rate, you usually have to pay a higher monthly fee.

So, if you’re processing a ton of payments, a merchant service with a high monthly fee and low processing rates can be a good option.

On the other side, if you’re not processing a lot of payments, having higher process rates won’t hurt you as much as a high monthly fee would. 

There are also the rates that different credit cards like Visa and Mastercard charge. Merchant services like Toast let you choose between flat-rate and interchange processing rates.

With flat-rate, you pay a fixed amount for processing each month. With interchange, you pay whatever Visa or Mastercard charges plus a small fee to Toast.

Flat-rate processing is a predictable solution that works well for businesses that want to avoid big changes in their rates. That said, interchange pricing is generally more affordable. 

Services 

You want to look at what the payment processor offers in addition to credit card processing. Do they offer free POS systems, hardware

[merchantservices444]

Merchant Purchase Terminal

[digitalewalletcrypto]

Benefits of modern payments systems

What is a modern payment system? A payment system is any system used to settle financial transactions through the transfer of monetary worth. It provides the channels through which funds are transferred among banks and other institutions. For every online growing business, a proper payment solution platform is very important. Our payment solutions company in UK & Estonia has got it all you need to deal with your payment gateway in one place.

Benefits of modern payment system

 1. Payment Flexibility

In today’s fast-paced retail environment, the necessity to satisfy and exceed customer expectations is vital to staying relatable amongst your customer base. Having the ability to simply accept all forms and methods of payment are often the difference between a purchase and a walk-out. Luckily, a contemporary payment system ensures your business’ ability to simply accept all major credit cards, PIN debit, EMV chip, and contactless transactions like credit/debit tap, Apple Pay, and Samsung Pay. Universal payment acceptance will keep your customers happy, returning, and demonstrate your business’ drive to remain on top of payment trends.

 2. Revolutionary Appraise

 Contrary to most, modern payment systems don't compete on processing rates. Instead, they’re focused on passing through best pricing to ensure their clients low-cost transaction rates on the market. This banking software are a vessel of emerging financial sector of the 21st century. https://digitalewalletcrypto.com/ is one of the best banking solution companies in USA, UK & Estonia. We provide the advantage of secure digital banking without loosing focus on user experience

 3. Get swift & speedy payment

Working hard to earn money? So why not get paid even faster? Modern payment systems run on electronic transactions which are much quicker to accommodate, batch, and collect upon over cash-based systems. Updated system technology and swift internet connections make electronic transactions even faster. In addition, latest payment systems allow merchants to add-on a next day funding option. Merchants can increase their income by getting paid within 24 hours after batching.

 4. Secure payments

Customers mainly choose e-Wallets as safe and secure mode of payment. There is no need to keep a huge amount of cash money with oneself. https://digitalewalletcrypto.com/ is a custom e-Wallet solution company in UK & Estonia, we offer the possibility to perform online payments without having a bank account. It is fast and secure since there is no need to provide personal information.

 5. Link-attached Terminal

Modern payment systems offer splendid terminal management software that helps merchants manage all aspects of their payment devices from the comfort of their own office. With a real-time list of terminal inventories available online, Merchants can ensure and monitor device transactions across all retail locations. It allows merchants to detect and report payment device issues early for max uptime of their fleet, while security automation features block unknown terminals from entering your network as an additional fraud prevention measure.

 6. Lower Operational Costs

Our latest payment systems are always seeking ways to reduce your operational costs. Another benefit to integrated payments and latest terminal management is that the system’s ability to work seamlessly with multiple payment devices and work stations directly. Shared payment device management allows the cashier to push a transaction from any workstation to a shared payment device. By sharing devices across multiple workstations, merchants can effectively save many dollars on the value of buying new terminals.

 7. Access to premium payment services

You can’t talk about premium payment services without cryptocurrency solution. Unlike central bank money, cryptocurrencies are exclusively digital. Payments are processed electronically from point to point. Digitalewalletcrypto provides potential benefits to its users such as:

·         User autonomy

·         Discretion

·         Elimination of banking fees

·         Mobile payments

·         Accessibility etc.

We are the best crypto solution company in UK, Estonia. Looking to know more about the benefit of our exciting services? Drop us an email at: info@digitalewalletcrypto.com

[josnashak69]

A long text of 10,000 words, four-stage cashier design

Every day we complete various transactions through various checkout counters. A smooth experience may make you feel that payment is just a checkout counter. I want to design a checkout counter with a HE Tuber good experience in different scenarios. Let’s take a look at the introduction of this article together.

Every day we complete various transactions through various checkout counters. A smooth experience may make you feel that payment is just a checkout counter. However, good products are all the same, bad products are all weird, and many checkout counters with poor experience will make you think "Why can't even a page be done well?" Today I will introduce to you a standard version of the checkout counter product. By understanding the standard form, you can draw inferences and design a checkout counter with a good experience in different scenarios.

[Old rule, if you find it simple or long-winded, just turn to the end to read the summary]

1. Introduction to payment cashier

1. Cashier terminal

The purpose of the payment terminal is to provide users with a good operating experience through scene adaptation, and to ensure user payment security.

1) Scene adaptation

Nowadays, there are many transaction scenarios such as mobile phones, counters, self-service equipment, and websites, so it is necessary to provide cashiers that adapt to various scenarios for customers to use.

2) Operation experience

The original payment methods are interfaces that require technical development, so various terminal pages are needed to ensure a smooth user experience, so as to bring better payment conversion rates to merchants.

3) Payment security

Payment security mainly includes two aspects. On the one hand, it ensures the security of user payment by adding "password, face brush, fingerprint, security certificate" and other methods. On the other hand, through the binding of "terminals and channels", the opportunities for routing arbitrage by intermediaries and service providers are reduced .

2. Cashier payment method

Behind a simple and easy-to-use cashier is the "payment method", and behind the payment method is the packaging of the payment products provided by the payment channel. On the one hand, the function of the payment method is to show the user what payment channels he can use, and on the other hand, it improves the user's payment efficiency and experience through packaging such as wallets, QR codes, and facial recognition.

The payment method has gone through a relatively long development process from cash to QR code. All payment methods have developed from the early over-the-counter cash transactions such as cards, discounts, wire transfers, and letter transfers. The ones that can carry out online and mobile payments are mainly divided into three categories: "card base, account base, and barcode".

1. Card-based payment

Card-based payment refers to the form of payment using bank cards as the medium. This is also the most basic payment method. As long as you have a debit card or credit card, you can pay.

1) POS card swiping

This is the earliest electronic payment method and an offline payment method. POS machines allow you to pay with cards in offline stores and supermarkets. Later, products such as hand swiping and smart POS payment evolved.

2) Quick payment

This is the earliest mobile payment method. Online payment and consumption can be carried out by binding the card online. It is also the most popular payment product for mobile payment, because it can get rid of the shackles of physical cards and pay conveniently through mobile phones.

3) Online banking payment

In the early days of online banking payment, you needed to jump to the bank's online banking through a PC to make large payments. Now online banking payment has gradually begun to develop in a mobile direction. Traditional PC-based online banking is more commonly used in large-amount payments and corporate payments.

Although card-based payment played a role in promoting early mobile payments, it is not very convenient to use. For POS card payment, you need to bring your bank card with you. For quick payment, you need to bind the card to different platforms. For online banking payment, you need to install it. Encryption plug-in or carry U-shield. Therefore, account-based payment came into being.

2. Account base payment

The account-based payment method is mainly a wallet account packaged in a bank account, a payment account, and a digital currency account. This payment method relies on a large number of real-name authentication user systems on the Internet payment platform. Through the account system they provide, users do not need to undergo cumbersome real-name authentication after merchants access it, and can directly make purchases.

For example, e-commerce platforms generally have access to payment products such as WeChat, Alipay, and Cloud QuickPass. Since users have completed their real names, the transaction conversion rate is very high.

This mainly refers to the integrated payment method for online order codes, offline machines, code plates, etc. for various QR codes. Of course, it is essentially a deep aggregate packaging of bank cards and accounts. The QR code here is divided into three forms according to the "merchant" and "user" dimensions.

Merchant static code : This is a QR code generated from the merchant number of the payee. It is mainly used to make static code plates, cloud speakers and other forms. The user scans the code and enters the amount for payment. This QR code is suitable for making aggregate codes and supports many APP to pay.

Merchant order code : This is a QR code generated based on the product order received by the merchant. The user can pay directly according to the order without entering the amount. This type is mainly used on self-service equipment and websites for users to pay.

User payment code : It is a payment code generated based on the user's payment account. The merchant uses a code scanner or box to scan the payment code displayed on the user's APP to complete the payment.

[merchantservices55-blog]

Choosing The Right Merchant Services Provider

So you are ready to start accepting credit cards as a form of payment for your business or you are just looking to get a rate evaluation to make sure you are being competitively priced from your current provider. No matter the reason that you are looking for a merchant services provider you will be faced with a number of challenges.

Choosing the right merchant service provider can make all the difference in the world to your business. There are literally hundreds of companies advertising everything from super low rates to "the best" customer service. How do you know which one will be best for you? Here are some important points to consider.

1. Pricing and/or Rates

Pricing makes the top of the list of things to consider when working with a new merchant services provider for obvious reasons. It can be extremely difficult to assess whether or not you are competitively priced because pricing can change dramatically for merchants depending on business type, card present vs card not present, E-Commerce vs Retail, Etc. The only way to be sure that you are getting good pricing is to ask multiple providers and then pick the one that is offering the best rates.

2. Service

Another vital issue is customer service and support. If you have a problem running a credit card and a customer is standing right in front of you will you be able to get somebody on the phone in a timely manner to assist? What if you have an issue late at night? Does the provider offer 24/7 support? Is the support outsourced or in house? Customer service in many cases is the number one reason a customer will choose a provider that is even more expensive than their competition. If customer service is very important to you, make sure you get every detail. 

3. Funding Options

Some providers will deposit your funds in 24 hours, some take 48 hours, and American Express takes three days. If you need next day funding make sure you find out if the provider offers it before signing a contract. If you need the funds deposited into one account and the fees taken out from another it is also important to make sure you know if the provider is capable of doing that. Some can and some can't. Be sure to find out everything when it comes to when and where you can expect your money. find more info auto shop point of sale

4. Equipment

Does the service provider offer free equipment? If so, make sure you ask about the first issue, Pricing! A lot of providers will offer free equipment but give you higher pricing to compensate for it. If they do not offer free equipment keep in mind that the average credit card terminal will cost around $200-$250. Another issue concerning equipment is compatibility. Does the provider offer services that will allow you to accept credit cards on your smart phone? Is the equipment PCI (Payment Card Industry) compliant? Is the equipment under warranty? Again, the more information you have the better you will be equipped to make the right decision.

5. Contracts

The industry standard is usually a one year contract. Be sure to find out exactly how long you will be locked in to a contract and what would be the costs associated with breaking the contract. Early cancellation fees can range from $0 to literally staggering numbers. Read your contract thoroughly! Again, some providers will offer no term contracts with no cancellation fees. Keep in mind that they may be jacking up your rates to compensate for all the work that goes in to underwriting and accepting the risk of processing cards for your business.

6. Point of Sale System Support

If you are using a Point of Sale system it is very important to find out if the merchant services provider offers support for it. Some POS systems are only supported by specific processors and some charge huge fees for switching the processor that you have on record (Especially if the POS system is provided by the processor itself). Make sure you know exactly what the cost would be with switching your software and find out who is going to pay for it. You may be able to negotiate the fees with the provider depending on how badly they want your business!

7. Reputation

Make sure that whoever you decide to do business with is a reputable company. More importantly make sure that there are no complaints posted all over the internet about the company. You will find that when a customer has a bad experience they will post about it in multiple places so if there is a complaint about the company you should be able to find it rather easily. Keep in mind that the size of a company is not as important as the service it provides and the cost of the service. Sometimes a smaller company is a better option to do business with because they are more eager to have your business and will offer better pricing because of low overhead.

These are the most important factors to consider when setting up a new merchant account. Whether you are shopping for better rates or setting up for the first time obtain every piece of information that you possibly can. The more information you have about a company and its services the more educated of a decision you will be able to make.

[jameslwilliams-blog1]

Finding the Best Merchant Account

Finding the perfect merchant account can be quite frustrating for active business people in today's busy marketplace. Business owners get overwhelmed with attempting to locate a merchant bank account provider who can provide them a low rate. These reduced rate provides could be a smoke screen to conceal various other charges that off set some savings and also cost a merchant much more within the long haul. Business owners must take a look at the entire proposal, to create a sound decision. Understanding key components of the merchant account contract will provide the company owner a greater benefit when negotiating with merchant bank account suppliers and also seal a terrific offer for there business.

Today, we'll breakdown the Crucial components of a merchant account contract.

Blended Rates: - Blended rates incorporate both "Credit Card" as well as "Signature Debit Cards", right into an individual "Qualified Rate". The business standard is between 1.69 % along with 1.84 %. Beware of teaser prices exactly where you're quoted a rate, subsequently next month they raise the rate of yours being nearer to the market norms.This fee system will be the standard for many merchant accounts.

Split Rate Options: - This's exactly where the merchant has got the option of splitting the "Credit Card Rate" as well as the "Debit Card Rate" into 2 entirely separate rate tiers, 1 speed for recognition and also an additional fee for debit. This option would reduce debit card expenses, but improve credit card costs. An industry standard will be 1.39 Debit as well as 1.94 Credit. Make use of caution here as this alternative might increase the overall cost of yours.

Mid-Qualified Rate: - Generally this's a surcharge on specific card types , like "Rewards Cards". Regular price is 0.40 % to 0.75 %. Beware, this's usually overlooked by almost all merchants.

Non-Qualified Rate: - Another overlooked surcharge processing different card types , like "Business Cards", "International Cards", "Corporate Cards", or maybe "Procurement Cards". Also within this class is keying card numbers which has a swiped account and also failing to try AVS + CVV2 fraud settings on a keyed bank account. Business standards are 2.75 % to 4.33 %. Merchant beware.

Termination Fees - Every merchant bank account contract has a "Contract Term" within the agreement. Connected with this expression, is a "Early Termination Fee". This fees off set potential losses every time a merchant closes their account prior to the agreement term has expired. The regular charge averages around $295 - $395. Again, merchant beware.

Free Equipment Program's: - Free tools plans are really loaner programs, which demand the equipment be returned to the processor, if the merchant bank account is shut. Equipment has to be returned within thirty days, in great working condition, or maybe the company owner will likely be charged a penalty. Generally between $495 - $895, based on the understanding.

Well we provided you important things to think about just before registering for merchant services. These facts should provide you with plenty of negotiating points and some essential facts to think about when searching for the ideal merchant account.

For More Information: Website

[josephleine]

Business Term Loan with No Security

Singapore Business loans are sums of money borrowed by a corporation to be used for business-related activities. The corporation receives the funds, and the loan will be returned with interest over time. Banks and other financial institutions frequently issue business bank loans.

There are many distinct kinds of bank loans, including unsecured bank loans, loans for working capital, microloans, equipment and machinery, and numerous other asset-backed loans. Different SME loans with various interest rates and requirements are offered by various banks and financial institutions.

Small- and medium-sized business (SME) owners in Singapore will almost certainly need business funding at some stage in their venture. Singapore Business loans can be used to finance inventory purchases, business expansion, working capital shortfalls, and the leasing or acquisition of commercial real estate.

1. Working Capital Loan & Temporary Bridging Loan Programmed)

2. Business Term Loan with No Security

3. Cash Advance (Merchant)

4. Billing Finance (Account Receivable Purchase, Receivable Financing, Factoring)

5. Commercial Overdraft

6. Enterprise First Loan

7. Enterprise Debt Financing

1.     Working Capital Loan & Temporary Bridging Loan Programmed)

In order to assist Singaporean businesses, the government implemented government-assisted business lending program in 2020, at the height of the COVID-19 pandemic.

Because they involve a government risk-share of up to 70%, these loans, which are managed by Enterprise Singapore (ESG) and their partner financial institutions (PFIs), are appealing to SMEs.

ESG presently provides three primary credit options:

Loan for SME Working Capital under the Enterprise Financing Program (EFS - WCL)

Maximum loan amount: S$500,000

- A 50–70% government risk-share.

- Exclusively available to SMEs

Trade Loan under the Enterprise Financing Scheme (EFS - TL)

- A maximum loan amount of $5 million S.

- A 70% government risk-share

Program for Temporary Bridging Loans (TBLP)

Maximum loan amount of S$1 million; 70% government risk share

2.     Business Term Loan with No Security

Unsecured business term loans are those that are not backed by tangible assets like real estate or machinery but rather by the personal assurances of the company's directors.

SMEs like these loans because of their flexibility. They can be employed to pay for daily operating expenses like salaries and inventory purchases or to support business expansion goals like renting a new retail location.

3.     Cash Advance (Merchant)

Retail and food and beverage establishments that use credit card terminals can only use the specialized financing product known as a "Merchant Cash Advance" (MCA).

4.     Billing Finance (Account Receivable Purchase, Receivable Financing, Factoring)

In Singapore, lending arrangements that use invoices as collateral are referred to as invoice financing.

5.     Commercial Overdraft

For SMEs in need of short-term working capital, an unsecured overdraft (OD) facility is often recommended as an alternative to company term loans.

6.     Enterprise First Loan

This facility, an unsecured term loan, is intended for start-up businesses that have been registered and operating in Singapore for between six months and two years.

It is one of the few business loans that OCBC Bank provides to young start-ups.

7.Enterprise Debt Financing

Startups with venture capital backing can apply for a specific sort of unsecured company term loan known as venture debt funding. DBS and OCBC both offer this service.

Banks typically are unable to offer loan financing to underperforming businesses. However, in recent years, entrepreneurs have been successful in securing millions (or billions) of dollars in venture capital even when they are still losing money.

To fill the financing gap for these businesses, the venture debt financing program was established.

[merchantindustry]

Crypto-Back: What It Is & Why It’s Popular - Merchant Industry

Many credit card issuers are now offering crypto-back as an incentive, and merchants that are partnered with Merchant Industry can benefit from this trend.

Is Crypto-Back Becoming the New Cash-Back?

Cryptocurrencies have been around since 2009, and the two largest cryptos are Bitcoin and Ethereum. Investing in these highly speculative financial instruments entails a lot of risks, but now even risk-averse individuals can participate in the crypto craze, and without ever investing a dollar.

So how is this done? With credit cards that offer crypto as a reward in place of traditional rewards like cash-back, points, and travel miles. But are crypto-back credit cards for everyone? Let’s discuss the pros and cons below.

Pros and Cons of Crypto-Back

Pro: Crypto-Back Is a Lot Like Cash-Back

If you’re a credit card holder who’s familiar with how the cash-back incentive works, then you pretty much know already how crypto-back works. When you make a purchase, instead of getting a certain percentage back in cash, you’ll get 1-3 percent back in the cryptocurrency of your choice.

Card issuers that offer this reward have partnered with leading crypto exchanges. Therefore, when a cardholder gets crypto back on a purchase, their preferred crypto will be sent to a digital wallet of their choosing. And since more and more places are accepting cryptocurrency as a form of payment, you can use your stored crypto to purchase anything from a service online to a cup of coffee.

Pro: Low-Risk Introduction to Crypto

With crypto-back, individuals who wouldn’t invest their own money in cryptocurrencies can instead use their credit card issuer’s money to dabble in crypto. Getting crypto-back as a reward is, in a way, gambling with house money. And if you can tolerate a rewards balance that sometimes fluctuates widely, you may be able to tolerate the fluctuations when investing your own money in some cryptocurrencies.

Con: Volatility

The most notable downside of crypto-back is that your total reward balance fluctuates 24 hours a day. A cash-back reward balance, on the other hand, is much more steady, as the US dollar’s value doesn’t fluctuate extremely like the value of Bitcoin or Ethereum.

For example, if you put a $500 purchase on a card that has a base cash-back rate of 2 percent, you’ll get $10 back—and it’ll stay $10 until you use it or until more cash-back is gained. But with crypto-back, you could get $10 worth of crypto-back and then have it only be worth $8 the next day. This is because crypto coins are highly volatile assets. Therefore, one could see their rewards balance cut in half in mere days if it’s in crypto.

How Merchants Can Take Advantage of the Crypto-Back Trend

Merchants that want to take advantage of the crypto credit card trend need to incorporate modern payment processing hardware. Merchant Industry, a leading merchant service, offers the best credit card machines and point-of-sale terminals on the market today. When you open a merchant account with Merchant Industry, all your card processing needs are taken care of, and you can seamlessly accept all kinds of credit and debit cards, even those that are tied to crypto.

About Merchant Industry

In 2007 Merchant Industry was founded by CEO Leo Vartanov on the principle that businesses should be able to purchase credit card machines and merchant accounts at an affordable price while also backed by great service. It was a normal goal at the time, but it helped to change the entire industry. Through Leo Vartanov’s leadership, Merchant Industry pioneered a call center structure to the credit card processing industry Now, 15 years later with well over 20,000+ merchants processing over $5.5 billion per year, Merchant Industry sets the standard for price, customer service, ethics, and integrity.

[josnashak69]

Cashier interactive experience

"Why do you take so long to make one page?" In fact, this is a misunderstanding of the cashier. If you have used account opening, card binding and real-name authentication, you should know that opening the HE Tuber payment method at the cashier without real-name is still relatively complicated and cumbersome. It is only made simple by the support of a large number of real-name users on WeChat and Alipay.

In addition to the payment method packaging, the cashier's user process is basically a set of standard processes after going through market education on WeChat and Alipay. We can divide it into three stages: before payment, during payment, and after payment.

1) Before payment

This is the first payment page that users see, which is divided into two parts: order and payment method.

Order information: It displays simple payment information such as "product order", "transaction amount", and "merchant name" to users to confirm whether they want to make further payments.

Payment method: It provides users with the choice of which account to pay through. The payment methods here need to be as diverse as possible, because users have placed orders. It would be a pity to give up payment because there is no suitable payment method. Therefore, in addition to bank cards and accounts, there are also various payment methods such as monetary funds and credit lines for you to choose from. There is always one suitable for you to pay.

2) Paying

After the user selects the payment method and clicks Confirm, the payment page will be entered for the user to complete the payment. If the user chooses bank card or account payment, the cashier will jump to the local payment page; if it is an externally provided payment page such as WeChat, Alipay, bank APP, digital renminbi, etc., the cashier needs to jump to the cashier provided by the channel. Complete payment.

After the user pays successfully, he needs to jump back to continue the next operation. At this time, due to the lack of interaction between the two systems, it is carried out in four steps: page jump, payment callback, result query and user notification. This ensures that all parties including “page, accounting system, access merchants, and users” can synchronize the payment results.

3) After payment

After jumping back, the page displayed to the user is mainly divided into two parts: "Payment Results" and "Marketing Activities".

Payment result: It is the final result of the user's payment for this order. The normal display of the result page indicates that the channel and local have synchronized the results. If it cannot be displayed normally, the user needs to be prompted to actively query the order results.

Marketing campaigns: Marketing campaigns are optional and not required for every checkout. You can configure internal recommended products and activities, and you can also configure external marketing activities (such as WeChat Gold Plan), etc.

2. Cashier business structure

Since the cashier involves the entire process of user payment operations, its "front line" is also relatively long. It works closely with "terminals, gateways, cashier services, and payment services" to provide users with a good payment experience.

1. Introduction to business structure

Terminal: It is used to adapt to various payment scenarios. For example, the "h5 payment" page should provide customized guidance pages and post-payment activity pages. "APP payment" must provide an SDK that can be integrated into merchant APPs, and cash register equipment must provide "application APPs" in different device environments, etc. At the same time, the cashier terminal must also provide customers with security encryption mechanisms such as "security certificates and keys" to ensure the security of the interaction between the terminal and the gateway.

Gateway: The gateway provides various external service interfaces for merchant platforms and terminal devices to call, and is responsible for processing back-end calls based on requests. The gateways for receiving cashiers are mainly divided into two categories: "acquiring gateway" and "member gateway". The acquiring gateway is responsible for the processing of payment requests such as "collection and account sharing"; the "membership gateway" is responsible for the processing of account requests such as "top-up, payment, account opening, card binding, etc."

Cashier service: The cashier service is mainly responsible for "cashier access", "cashier display", and "transaction process processing". It provides the front-end interface for cashier services, cashier display and transaction processing processes, and calls to back-end payment services.

Payment services : He provides backend support services for the cashier, including "merchant system", "payment channel", "account system", "transaction system", "real-time risk control" and other systems.

2. Introduction to cashier use cases

1) Cashier business boundary

Gateway access: The cashier provides a "cashier service interface" to the outside world to receive payment requests from the acquiring gateway and member gateway.

Customer System: The cashier mainly accesses the "Customer System" to configure "Member Authentication" and "Merchant Products". Among them, "Member Authentication" is used to verify the information of the "bank card" and "account" corresponding to the user's payment method, and can also expand the "card binding/account opening" operation. The checkout itself is part of the merchant's contracted product, so the configuration of the checkout is obtained from the merchant's contracted product.

payment system

Transaction services : Provide collection, recharge, payment for the cashier, and separate transaction processing after successful collection.

Payment channel : If the channel also has a checkout counter similar to "mini program, APP, H5", access and processing such as "getting, pulling up and jumping back" need to be performed through the local checkout counter and channel.

Real-time risk control : Check cashier transactions based on real-time risk control rules such as transaction limits and times, and instantly intercept risks detected when users pay.

2) Cashier use case description

Cashier interface : The cashier provides external service interfaces, including "address acquisition, page acquisition, callback processing, result query", etc.;

Cashier service : The main control service of the cashier service controls the page display and transaction processing process by reading the merchant's cashier parameters.

Payment method : In the form of an interface or page, it provides information inquiry on payment methods at the cashier, as well as expansion of card binding and account opening operations at the cashier.

Payment page : Follow the three steps of before payment, during payment, and after payment to operate the corresponding payment page.