Apple Pay - Explore The Paramount By Electronic Payment Gateways - 4 years ago
Digitization of payments has revolutionized the trade and contributors like Apple Pay play a major role in it. In fact, it is overwhelming for a startup business to determine which one plays the trick midst a plethora of Credit Card Processing Services. However, electronic payment processing these days is simple on the outbreak of numerous choices and options for availability of merchant account services. In addition, the flexibility offered in making electronic payments using a mobile phone helps in broadening the scope of operations. Credit Card Processing Services - What You Ought To know Processing credit cards is imperative for a startup business. Typically, small or medium-sized startups, Enterprises, B2B or B2G service provider require this facility. Good payment processing company offers numerous customized solutions to meet business specific needs and wants. However, you need a merchant account to accept credit card payments online or at a POS terminal. Certain advantages are • Substantial revenue boost • Unified payment processing • Security • Flexibility of operations However, integration of innovative payment processing technology like Apple Pay adds the cutting edge leverage to the business. The scope of various merchant services offered by the business can expand exponentially upon such successful integration. How Things Work - Why You Need To Know? The paradigm of credit card processing revolves around verticals like merchant, merchant's acquiring bank, cardholder, cardholder's issuing bank, and association of the card. Payment processing gateways like Apple Pay eliminate many verticals from this association due to innovation. On the other hand, a typical Credit Card Processor mechanism requires the engagement of all these verticals. Accepting credit cards is common these days. The steps involved in such credit/debit card authorization transaction are • Cardholder pays the merchant • Merchant's acquirer bank sends the payment information to card network • Card network sends the information to cardholder's issuer bank • Cardholder's issuer bank sends approval • Card network returns to merchant's acquirer bank with payment approval Merchant Account Processing through this gateway is lightening fast and payment processing requires merely a second or two. Merchant Services And Their Indispensible Role - Is A Replacement Possible? Financial service providers or banks that provide card payment acceptance and processing facility to a merchant are termed as merchant services. However, small business merchant services mandate acquiring a merchant account to begin accepting the payments. In addition, merchant services govern the merchant account rate. Therefore, the entire scope of entering into a minimum processing fee account solely depends upon finding the right Merchant Processing Account. Processors like Apple Pay or other third party payment processors eliminate the need for merchant services or processing account by operating on a parallel channel.