|
MEDIUMS TO ACCEPT PAYMENTS
There are various mediums and options to
accept payments in merchant accounts.
And the customer also has various
different mediums to make payments for
purchasing. The banks issue merchant
account for the applicants and they also
provide online banking facilities to the
customers. Bill payments can easily be
done through the payment gateway systems
which are the most reliable, convenient
as well as the fastest mediums of making
payments and accept payments. When a
customer makes bill payments through the
electronic checks, firstly, he has to
log in to the bank’s webpage or website
on the internet. The payee should click
on the “Click to Pay” option to make
payment through the electronic online
check payment system. The system will
ask for the online check number and the
printed code. The online checks have
transaction code and IFS code, which the
bank provides at the time of issuing the
merchant account. The first six digits
bear the bank location or area code so
as to identify the particular bank. In
this way, the customer can make bill
payments through the online check
payment gateway systems.
This user-id and password which is
provided to the customer is unique as
each person’s user-id is different than
the other person’s. The customer has to
log in to the bank’s website to use the
online payment gateway with his account.
A team of technical experts or the
customer care is available 24 hours a
day who help the customers who are
facing problems regarding the use of the
online banking services. The user-id and
password is also needed for logging and
accessing the user’s online bank
account. The user should select the Bill
Pay option from the menu. The customer
has to sign in as a biller while making
this choice. The customer can also make
bill payments in the future using the
online banking services. The other
medium to accept payments is by the
Auto-Debit system. The payments are
accepted on a basis of monthly
instalments. The amount is automatically
debited to the bank account of the
customer. The customer has to pay back
the debited amount to the bank at the
end of the month.
A customer can easily make bill payments
directly to the bank account of the
merchant through the mobile banking
service. The bill payment, using the
mobile banking services, has to have a
GPRS service or internet compatible. The
customer can make a phone call to the
bank manager and make request for fund
transfer directly to the merchant. In
the past, the same type of transaction
took 3 working days to be cleared and
paid but in the modern banking era, due
to the online banking services, the bill
payment as well as acceptance is quick.
Therefore, it is considered as the most
convenient, reliable and fastest medium
to accept payments. The other medium to
accept payments is through the credit
cards. Customers can choose from
varieties of products from the online
businesses. A merchant account holder
can also accept payments through the
online payment gateway systems.
|
