Merchants and businesses who need to receive payments from customers can use an online Payment Service Provider (PSP). A PSP allows businesses to accept credit and debit cards online. PSPs provide valuable support such as fraud protection, risk management and reconciliation.
It can be overwhelming to choose a PSP. There are many choices and services available from each PSP. The right PSP will be an integral part your business. It's therefore important to make the right choice. You should consider pricing and features to ensure you are fully informed about what you are getting and that it is right for you. This list will help you make an informed decision and reduce the stress of researching. irctc ka agent kaise bane in hindi
PSP Features
These are some basic features that you should include in your shortlist for PSPs:
Acceptance of various payment types and cards as well as modern payment options such as e-wallets, and other currencies
Security measures and fraud protection to keep you ahead of any potential risks
Technical support that is reliable and readily available irctc ka agent kaise bane in hindi
Transaction reporting
Benefits of online payment service providers:
Now that you are familiar with PSPs, let's dive into the benefits they provide merchants.
Meet Consumer Expectations
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
Merchants should offer many options for customers to choose from, with so many digital payment options available today - including credit or debit cards and mobile money. Merchants can accept multiple payment methods via an online PSP. The PSP facilitates merchants setting up multiple payment methods.
Fiserv recently conducted a survey and found that 43% of customers prefer shopping online at stores that accept multiple payment options. PSPs allow online businesses and retailers to meet this demand. PSPs can also manage, review and track all online transactions via their web-based payments platform.
Accept mobile money and cross-border mobile payments
Mobile payments are a fast and efficient alternative to cash and cards. Mobile payments are easy and quick for consumers to use on their mobile devices to pay. Mobile money and cross-border payments should be accepted by your PSP. This will make it easier for both you and your customers. Mobile payments offer many benefits, including:
Even those without a bank account can access financial services
Simplicity and ease
Merchants can accept payment at any location
Transactions are protected with enhanced security measures
Multi-currency and cross-border transactions are possible, which means that you can make international payments without any restrictions and have a larger customer base.
mobile payment
Multicurrency Support
You can dramatically expand your customer base by opening an online company. You don't have to limit your customer base only to your country or currency. With the internet, you can transact with customers all over the world.Â
A PSP that supports multiple currencies is essential to create an online business. PSPs will already have established partnerships with banks to facilitate the processing of specific currencies. A quality PSP will offer a unified payment system, eliminating the need for opening an account for each currency.
