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A Catalyst For Alternative Payment Methods.

The UK e-commerce market is Europe’s largest and is set to reach £90 bn before 2020 (up from £60 bn in 2015). But while e-commerce grows, the preferred consumer payment mechanisms are changing.

The Payment Services Directive 2 (PSD2) will come into force in the UK (and the wider EU) within two years and will have a profound effect on retail and commercial banking. While new payment categories like PISP (Payment Initiation Service Provider) and AISP (Account Information Service Provider) will transform how consumers interact with their banks and third parties, they also hold the potential to transform e-commerce.

A catalyst for alternative payment methods

Today, credit and debit cards in particular are the preferred consumer payment method in the UK, with card spending comprising 63% of all e-commerce payments.

However, according to WorldPay, alternative payment methods will see their overall share of transactions grow from 37% to 50% by 2019. The implementation of PSD2 will act as a catal…

Requirement & Process Of Merchant Account.

Merchants often get stuck in the lengthy requirement and process of merchant account application submission and approval. Merchant account is a service that enables any private entity, corporate business or non-profit organization to receive payments through credit cards or any other electronic payment mode. What makes this process of establishing a merchant account a bit lengthy for the first time applicants that are owner of the existing business is the lack of knowledge about the exact requirement of documentations while submitting the application to get approval.

Before specifying the requirements of a merchant account, let’s have look at how merchant account get the funding from the proof of transaction: The merchant’s bank, where the merchant have the account for acceptance of the electronic transactions, gives merchant an extended line that is virtual terminal/authorize gateway to accept card or wire transactions. Now, whenever the merchant accepts an electronic transaction th…

Merchant Account In UK & Europe.

Collecting payments through cards has grown as one of the essential part of the business. As today people prefer to pay through their cards that are, purchasing product or services through their account directly.
For this the businesses who are practicing the traditional way of business are rapidly changing their working or the start-up businesses who want to have a credit card payment accepting merchant account, needs to deal with a lot of paper work for the approval of a merchant account that is specially dedicated to collect payments through cards.

Here we are going to discuss about the merchant account requirements in UK, Ireland and other 26 European countries. For a merchant account to be initiated for collecting card payments the businesses needs to have the following documents to file applications:

Proof of Citizen Ship: A copy of passport or EU card, as the proof that the applicant is a resident of European country.
Physical presence of business: Proof that the business or ap…