In the current situation, electronic payment processing has become a necessary means to save many businesses around the world. Thanks to payment processing, many companies have been able to continue to exist and not close down.
The pandemic of online shopping has reached its peak. Companies that have made quick website shopping possible have increased their capital and opened up a new way to attract customers by shopping online. This has been made possible by the introduction of online payments on their websites.
So what is e-payment processing? How can it be used in e-commerce, and what kinds of services are available? We will cover it in detail in our article. Detailed information will reveal all the pitfalls and point out a number of advantages of modern payment processing methods.
The internet is used by both large companies and private entrepreneurs to sell their products. The popularity of promoting their services through the internet is increasing day by day. A modern online shop is much easier to open and promote. There is no need to rent specialized premises to attract customers from the street. It will be enough for you to have your own website and good marketing. But for the puzzle to fully come together, you need to take care of the security of your customers' money.
That's what quality processing is all about. In order for a buyer to make a purchase from you, a number of money transfer and processing operations need to take place. Payment processing is a modern technology that allows you to organize the process of transferring funds from a buyer to a seller. Only the capacities of modern banks are able to provide qualitative functioning of payment processing systems. The transfer of funds through payment systems requires many checks and balances.
Even when you buy products in a shop using a payment card, your transactions are subject to processing. Once you have made a payment by card, the bank processing center does all the necessary checks and then transfers the money to the shop.
The main operations are handled by the processing center. Every second it processes thousands of payment transactions. It can process bank cards or payment processing. But in order for the processing center to work successfully and for the payment system to function properly, it needs intermediaries.
The participants in the transaction are:
Payment system processing center
If it is clear with a buyer and a seller - one wants to buy, the other to sell. Most of us do not know about the other parts of the card. The issuing bank is the bank that makes the card for the buyer. The client pays the bill by it and receives the goods. The acquiring bank is the final point in the currency transaction process. It accepts money into the merchant's account; if necessary, it can even convert the money into the currency of the current account.
Processing centers process bank cards, monitor the security of the transfer, and are a critical link between the merchant and the recipient of the service. Visa, American Express, and MasterCard can process plastic cards.
Internet acquisition has become popular nowadays. When you use it, you enter your card data into a special form. After entering the validity period, number, and password, the data gets to the processing center's server and undergoes verification, and then the process of debiting funds takes place.
The process is used by almost everyone, but they have no idea how many processes take place when you make a purchase with the card.
The main difference between Internet acquiring and other payment processes with bank cards is that with this payment system, there are no physical carriers. You do not necessarily need a physical card to purchase the product you want. Making such payments has made it possible for online shops to exist. Now you don't need a terminal to receive funds from the issuing bank, and all transactions take place virtually.
In order to make such purchases and use online acquiring, you will still need your card details. But you don't need a physical card; you can create a virtual one in your bank's app. Such a card can easily be used to pay with your money on most modern platforms.
Modern acquiring has given new life to plastic cards. Accepting virtual payments is becoming an integral part of the business. And while in the past, a merchant might not have thought about how to accept payments, and for legal entities, online acquiring was simply a new technology, now those who miss out on the opportunity to accept online payments lose out significantly to their competitors.
A payment gateway and a processing center are synonyms that are involved in data processing and verification. Then what is a processing gateway, and why is it so important to a merchant?
Let's find out what their main differences are and how payments are passed through the companies once the payment is made. Processing centers are, first and foremost, providers of payment organizations. They enable the processing of online payments. They are a kind of bridge between the buyer and the seller, which encrypts and transmits all the data required for a successful transfer.
A payment gateway is a specialized software that already performs verification, encryption, and subsequent transfer of data to the processing center. That is, it is a tool for making a transaction, and the processing center is the legal entity that conducts and is responsible for the monetary transaction.
Now we understand why acquiring is necessary, why processing services are needed and what the difference is between the gateway and a processing center. The question arises as to which companies one should turn to for a high-quality service. It will be very important for every modern merchant to decide whether or not to connect an acquiring service and use payment processing on their website.
Most modern acquiring banks provide payment processing. After all, it would make the most sense to apply to your bank for such a service. But this is not the bank's main service, so its quality may be much lower than that of professionals who only deal with payment processing.
What to look for when choosing a processing service:
Choice of currencies and payment systems
Online payment expands the possibilities for any modern business. But problems come with it: the possibility of hacking, freezing of funds, and the lack of a currency in the center's package. All these nuances can become a serious problem and a threat to your budget.
Below we will tell you which center you need to contact to ensure that your funds are always safe and the transfer of funds is as fast as possible.
MEEG is a reliable processing service that provides a full range of services in processing and accepting payments in cryptocurrency online. We cooperate with a lot of the most known companies on the market, which proves the quality and safety of our services. The main advantage of our service is the provision of cryptocurrency payment services.
Our processing service guarantees security and quality for every client. If your business needs quality cryptocurrency payment processing, you should definitely turn to MEEG.