HOW DO REPLICA MERCHANT ACCOUNTS ACCEPT PAYMENT?
There are many ways to accept payments
in merchant account. Basically, internet
is used as a main channel of accepting
payment through the online services. The
customers also have a large option for
making payment for their purchases.
Online banking facility is easily
available in the modern banking system.
Through the internet, the merchants
offer various services and facilities to
the customers regarding payments. Credit
card is the main key for all payments of
any transactions. The merchants,
commonly, accept payment through the
credit card. In the retail businesses of
the merchants, the credit card is swiped
against a credit card terminal for
processing and billing.
Today, due to the rapid development in
the economic sector, things have changed
a lot. The online services have created
a huge impact on the entire banking
system. A customer can make payments
easily through various mediums to make
payments. Some of them are listed below.
E-Checks (electronic checks), debit card
processing, PayPal, Interactive Voice
response Terminals, E-cash, check
guarantee and e-wallet. The customers
can choose an option form the given mode
of payment systems to make payment. 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. 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. 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 customer has to log in to the bank’s
website to use the online payment
gateway with his account.
The customer should select the Bill Pay
option from the menu. The customer has
to sign in as a biller while making this
choice. 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.
Technology has helped the bank and the
account holders to make transaction 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.
Contact one of our helpful account
representatives to assist you in the
setup of a
high risk merchant account or
offshore merchant account for a
high risk merchant.