Benefits of Online Payment Services Providers

In the last 7 years, eCommerce has been growing at an unstoppable pace. Statista predicts that by 2021, global eCommerce retail sales will exceed $5 trillion USD. The boom is due to consumers becoming more comfortable ordering products and services online. Businesses can reap the benefits of setting up online shops. This step is critical for retailers and companies as it allows them to reach a wider audience and gives their customers the ability to shop however they like. irctc ka agent kaise bane in hindi

Get faster payments

As faster options become more popular, manual payments will soon be a thing of the pass. The process of a check can take several days and comes with the risk of not having enough funds. Online payments offer a better alternative because they can be made instantly, and merchants can confirm transactions right away. Some PSPs can even be integrated with ERPs so transactions can be linked to accounting records in real time.

An ERP platform is a system that integrates different functional areas within your business such as sales, accounting and purchasing, inventory, customer service, HR and payroll.

You need to put in less effort

The merchants and their employees can save a lot of time by digitizing the payment processing. To deposit checks, you need to go to the bank and record each payment. These things are automated with online payment processing so that you can make more of your time.

Unconditional growth

Assistance with opening merchant accounts

Merchants must apply for an account at an acquiring bank in order to accept credit and debit cards payments. The bank will review the application and approve it. This can take a while. Merchants can have their applications submitted by a PSP, which saves them time. PSPs can even give access to unified merchant account - which is part of the PSP's existing account at the acquiring bank. This option can be used by merchants to launch payment services quickly for their business.

Additionally, certain PSPs (such as DPO) may provide merchants with their own cards (which are very similar to debit cards).

Multiple payment methods