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Which Payment Solution Will Work Best for You?

• Posted by iVeri RSA November 23, 2022 Filed in Business 28 views
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  When you are operating a small start-up, local card and online payment solutions are ideal, especially since there has been improved and simplified variations of how a client can pay you. The days of businesses heading over to banks and using expensive card machines are long gone. You can now find start-ups that operate using apps, software, hardware, and gateways at fairly competitive costs. Having a payment process is highly critical for businesses to implement, the problem is choosing the right one for your online platform.

  An online payment process should be efficient, secure, and user-friendly. For you to be able to accept payments from debit cards, credit cards and digital wallet payments, you will need to have a third-party payment processor which will communicate between the parties involved in the transaction. The main purpose of having a payment processor is to increase profits and customer satisfaction while reducing administrative burdens. As a small business, for you to meet these goals you would need to evaluate transaction fees, pricing structures, ease of use, and much more.

  If you are not looking to consider a third-party payment processor, then consider something along the lines of email payment solutions. This typically involves an email money transfer which is a service that allows individuals to transfer funds between personal accounts, using an email and one’s online banking service. This email payment solution is considered to be very secure when transferring money as you will receive a notification of the transfer once the payment has cleared through the email. The transaction of it all is settled through existing fund transfer networks, which banks have utilised for years.

  Email payment solutions simplify the email money transfer between accounts and their online banking service. Since the transaction is completed via email, there are minimal cybersecurity concerns as money is not usually transferred through email. If you are considering implementing email payment solutions for your business’s choice of payment, then you may need to find out more information regarding the process of it all. Allow the below to be a summary of how email money transfers work.

  The email money transfer is initiated when the sender opens up their online banking app, whether it be on the computer or on a mobile application. The sender will then select the amount to be sent and the specific account where the funds will be withdrawn. They will then choose the recipient of these funds, and once the payment is confirmed – the funds will be instantly debited. The email will contain an answer to a specific security question which is sent to the recipient of the funds. There are also instructions provided that are sent to the recipient regarding the actual retrieval of the funds through a secure website. In order to access the funds, the recipient must correctly answer the security question. After a set number of incorrect attempts, the funds will be returned to the sender. If the recipient successfully passes the security blockage, the funds will be deposited immediately at no extra cost, depending on the online banking institute, then the payment may type 3-5 business days to be deposited.