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How can merchants take credit card payments across the internet?

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تم إضافة السؤال من قبل Nisreen Ahmad , dfgdhj , twst
تاريخ النشر: 2015/07/08
Garry Olbrait
من قبل Garry Olbrait , Valet De Chambre , Samba Financial Group

Hello! By offering rental options to those with less than perfect credit, acima fills a critical gap in the market for those who have difficulty obtaining traditional financing. Such inclusion can benefit low-income people, allowing them to access basic necessities and improve their overall quality of life. It is worth noting that Acima's leasing program is built on a simple and transparent payment structure, allowing consumers to easily understand and manage their financial obligations.

Amer Qavi
من قبل Amer Qavi , CEO , SwipeZoom

Since your question does not specifically ask for the 'Easiest' way for merchants to take payments across the internet, here's a little background as to how it all works.....

 

An online payment is made up of a complex web of multiple service providers (Acquirer, Processor, Gateway, Card Scheme, Issuer) that are all interconnected (integrated) with one another. As a merchant, you will need to set up separate commercial agreements with some, and integrate the gateway with your website.

 

This not always cost-effective, especially in the Middle East, and would depend on the size or your business.

 

Should you wish to go down that route, the cost of processing a payment would depend on:

  • The type of card (Visa, MC, AMEX, debit, credit, corporate, personal, etc)
  • Where the card was issued (eg costs more to process a card from the US, if the merchant is in MENA, local cards are cheaper to process, etc)
  • The nature of the product or service you are selling
  • Your negotiation skills with the acquiring bank (based on volume, profile, etc)
  • Any fraud filters you sign up for
  • The payment gateway will typically charge a fixed fee (per swipe), regardless of transaction value. They may also charge a setup fee and a monthly fee. All of these are negotiable.
  • You will also be asked for a deposit by the acquiring bank, to guard them against chargeback claims from your customers

 

There are other easier options available. Companies like SwipeZoom and PayPal provide a complete end-to-end payment capability - you don't need to negotiate, sign up and manage several different providers to process payments on your website. One relationship does it all. You will receive funds into your 'normal' bank account after a certain number of days.

 

However, make sure you find out and are comfortable with their terms. You need to look out for:

  • How many days will it take for me to receive proceeds from a transaction?
  • What currency will I get paid in?
  • What currencies will my customers be able to pay in?
  • What payment methods can my customers pay me with? Remember: Not everyone has a Visa, MasterCard or American Express card!
  • Who is responsible in the event of a fraudulent transaction?
  • Per-transaction fees
  • Setup fees
  • Minimums

Remember: The primary decision driver should be the size and type of your business. 

 

I hope this helps. Good luck!

 

 

 

 

Yasir Mehmood
من قبل Yasir Mehmood , Senior Web Programmer , theFlowershop.ae

Merchants have to tie up with banks and credit card processors. Merchants must have account with some bank which are connected with Payment Processors3rd parties like Paypal, Innovate, Authorize.net etc. These3rd parties provide an API which Merchants have to integrate with their web portals to get credit card payments from customers and request sent to Payment Processors and then these Payment Processors after authorization from credit card banks transfers funds to Merchants accounts.

Mohamed Mahmoud Gamal El-Din
من قبل Mohamed Mahmoud Gamal El-Din , CEO , Middle East Web Projects

The most famous companies in the merchant services

 

http://www.stripe.com

 

http://www.braintreepayments.com

 

http://www.paypal.com (pro account charge monthly fee)

 

http://www.paylane.com

 

 

http://www.chasepaymentech.com

 

http://payments.amazon.com

 

 

 

http://www.skrill.com (3rd party payment)

 

* Please keep in your mind that you need to open merchant accountTax id number, US company, SSN, physical us address, US phone number.

 

Regards,Mohamed

 

 

karim kamal
من قبل karim kamal , team leader , jumia

 -Trust - Need -greed-defines the customer's need ,and work on it to get what you want . hunger ,and anger and loneliness are the most effective needs that you can work on it 

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