A merchant account, at its core, is one that allows businesses
to accept payment via credit card, debit card, or e-wallet. These payments are deposited into your merchant account before being transferred
to you. A merchant account is essentially a holding pen for your online transactions while checks are run to ensure the payment is legitimate.
- The customer enters their credit card information, gives you their phone number, or uses their e-wallet.
- The card number and transaction information are sent to your merchant account.
- The merchant bank sends the information to the appropriate card issuer (Visa, Maestro, etc.)
- The issuer sends this information to the customer's bank to ensure that the funds are available.
- If the funds are available, the bank responds via the issuer, approving the transaction.
- The customer is informed that the transaction has been completed.
- You've been paid.
Isn't it simple? But, as complicated as it may sound, the majority
of these steps will take place behind the scenes, and all you'll need to do is set up a merchant account and an online payment system -
the rest will be handled by the experts.
If a transaction is completed successfully, the funds will
be transferred to your business account within a few days. If it is declined, you will be notified, but there is nothing you can do.
People were still hesitant to give their credit card information
online just ten years ago, but not anymore. Online payments, like many new technologies, have been rapidly adopted by the general public,
implying that they are now in high demand.
Yes, consumers have done a complete 180 and now expect online
options and regard businesses that do not provide them as out of touch. What makes them so popular? Here are just a few examples:
It saves time - Not only are the transactions quick, but they
eliminate the need for shoppers to go out and travel to a store, engage in the hustle and bustle, and wait in line.
Breaks down barriers - Previously, a consumer from Edinburgh
would have struggled to obtain goods from a London-based store. Geographical barriers have vanished as a result of online shopping and
Extremely convenient - Consumers no longer need to have their
card details on hand to complete a transaction. A purchase can be completed in just a few clicks thanks to mobile and e-wallets. Even
if card information is entered, the process is quick, easy, and accessible from anywhere.
It’s free - In addition to being quick, simple, and convenient,
they are also free to consumers, making them a value-added convenience.
We'll forgive you if you think you need a dedicated merchant
account on your website to accept payments online; granted, that's one way to do it, but we're happy to tell you that's not the case.
Let's take a quick look at each of the two methods for accepting online payments.
Quick gateway to accept payments
The most well-known method of accepting online payments is
through your website and the use of a payment gateway. Customers fill their online shopping baskets, proceed to the checkout page hosted
by your payment provider, and enter their information. That's all there is to it.
Pay with a link
Not all businesses require their own online store, but they
may want to include online payments in their toolkit. For example, a venue that accepts bookings may meet with customers to discuss
requirements before sending an invoice at a later date, which is where pay by link comes in.
To begin, accepting payments for your IPTV business isn't
free, but it's a very cost-effective method because the extra income inevitably brings outweighs the small pay out. We're sure you're
already aware of the fees charged when accepting card payments (including chargeback and interchange fees), and the same is true for
online card payments. It's also important to remember that if you want to accept card payments from any source, you must be PCI compliant.
Set up your online payments with a provider that doesn't
tie you down to a long contract, doesn't charge you sign-up or exit fees, and offers individualized pricing and packages, and you'll
squeeze every last bit of profit out of your online sales.
Why you should choose Online Payment Gateway Finland?
Online payments are very secure for you and your customers,
protecting both your and their details when purchasing items online.
The security systems used will differ between methods and
providers, but here is an overview of our measures to give you an idea:
With PayCly payment gateway solutions, we use 3D secure technology,
which requires the customer to enter their security password before a payment can be authorized.
Our payment gateways are secure and offer checks such as
Address Verification System (AVS) and Card Verification Value (CV2 or CVV).
Our payment gateway is SSL certified, which protects both
parties' information during a transaction.
We don't want to show off, but take payment solutions are
all of the above plus a cherry on top, and our online payment systems - includes SSL encryption, 3D secure, PCI compliant, Multiple
currency benefits and other essential features.
Furthermore, if you require assistance in setting up your
merchant account or superior developer support, we have you covered.