Payment System for Sending Payments Online
Sending money online is now more rewarding than ever. Whether you are a merchant looking to sell your services or a customer looking to buy, payment systems have simplified the process dramatically.
Until recently, online transactions had to go through a complicated Payment Authorization and Payment Settlement process. The customer input credit card details to a merchant's website, which sent the details to a payment processing service that then routed the details to a financial institution. The issuing bank then authorized or declined the transaction to the processor who sent the result to the merchant which then needed to be accepted or declined. That was just part one. For a merchant to receive the funds, it contacted the payment processing service which verified transaction information from the customer's issuing bank and finally sent funds to the merchant's account.
All-in-one payment solutions for merchants that make it simple to manage customer transactions. Customers have the benefits of sending money privately from the convenience of their own home. Payment gateways also reduce the number of fraudulent transactions and make them easier to resolve. Say goodbye to fake transactions, identity theft, and chargeback disputes. By cutting out the middle-man, online transactions are not only more secure, but faster too.
More and more transactions are moving online. Not only are people buying goods shipped to their door, but companies are starting to pay for contract work, such as freelancers. Individuals have become the merchants who need a trusted payment system to rely on. Without an all-in-one payment system, getting remuneration could take days to process with large flat fees or charges up to 5% or more!
There are many payoffs of choosing the right payment system
Some common Payment Methods are PayPal, Skrill Moneybookers, and Western Union. However, many payment service providers continue to enter the market. Choose a payment solution that is both convenient for you and your customers.