ONLINE PAYMENTAccepting Online Payments
Payment service providers are offering new levels of convenience to companies and their customers by enabling them to accept payments online. Receiving online payments is easier than ever via a range of payment methods including credit card, debit card, and electronic check, also known as ACH. To allow companies to receive payments online, service providers connect to multiple acquiring banks, credit cards, and payment networks. They then manage these technical connections and relationships with external networks and bank accounts. The result is a reduction in merchant dependence on financial institutions.
The 3 Primary Methods of Accepting Payments Online
Credit cards are payment cards customers can use as a method of payment and that merchants can use to accept payments. Cardholders can pay for goods and services based on their commitment to pay in the future. To accept payment via credit cards, merchants use the services of credit card processing providers.
Debit cards, also known as check cards, are a convenient method of payment for consumers looking for an easy way to pay for products and services. Rather than use cash, debit cardholders can make payments to merchants that accept payment via debit cards. In order to receive payments from consumers using debit cards, merchants work with debit card processing providers.
Net Banking, are a convenient method of payment for consumers looking for an easy way to pay for products and services. Rather than use cash, net banking holders can make payments to merchants that accept payment via their bank account directly. In order to receive payments from consumers using net banking, merchants work with bank processing providers.