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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.