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MEANS OF PAYMENT SOLUTIONS
Internet is used as the main tool for
merchant account. It is a very easy and
convenient way of doing business. By
using the internet services, a merchant
can make a variety of services available
to the customers. This is a latest way
of making deals and it also increases
the sales. By offering various ways to
make payments, people or the final
customers enjoy making choices for the
convenient, comfortable and easy way to
pay the merchants.
There are various means of payment
solutions in the modern world. They are:
Processing of ATM or debit card
Interactive Voice Response Terminals
PayPal
E-checks
E-wallet (micro payments)
E-cash (digital cash)
Check guarantee and many more.
Let us see how the above stated payment
methods work. There is very little cost
involved in processing of the debit
cards. It can be accessed from any of
the terminals that accept merchandise
accounts. Money is received instantly
and the funds are also guaranteed. A
bank account is needed in the background
for making such transactions. It
functions in the same manner as the
credit cards do. After the withdrawal,
that particular amount is deducted from
the customer’s bank account. To make any
purchase or any kind of transaction, the
PIN code has to be entered to complete
the transaction. Debit cards differ from
check cards. PIN code is not required in
check cards but debit cards do. Debit
cards act as a check in some other way.
The logos on the debit cards like VISA
or MASTERCARD, etc. signify that the
debit card is also a check card.
An ATM or a Debit card is not provided
with credit facilities like the credit
cards are. A merchant should verify the
debit card while accepting it for any
negative and false database of bad check
bearers. A verification service is
available to the merchant account to
check for errors.
A very new way of processing credit
cards, check cards and checks through
any touch-tone phones is called IVR
(Interactive voice response) terminal.
Businesses like retail merchandise,
internet marketing, etc. are suggested
for this kind of service. Technology has
helped the bank and the account holders
to make transactions easy with the IVR
systems. The most common example can be
taken as Touch-Pay Advanced Account. It
is simple to access. A merchant needs a
Touch-Pay account which allows him/her
to access the user, manage the payment
gateways, reports and details generated
from the touch-pay system, etc. A
merchant should also have the idea to
use such techniques to maintain a smooth
running business.
PayPal is the most convenient way to
make payments online. Thousands of users
have been using PayPal for various
purchases and transactions. In the
current scenario, it has been noted that
8 million users have registered to use
PayPal and its services. It was first
started from the United States but now
the PayPal services are available for
non-U.S. based businesses also. Personal
PayPal accounts are made free of
registration fees but for various other
commercial means and businesses, they
include discount rates and transaction
fees for each transaction that is made.
These are the latest and fast growing
means of payment solutions. |
