Skip to main content

SAFEST OPTION FOR CARD PAYMENT PROCESSING



Principal members of card brands are the banks or financial institution that are authorized to acts as “issuing bank” that is they can provide credit cards and can act as “acquirers”, means the financial institution that provide transaction processing services. The principal members are responsible to contact directly to the card brands that is VISA, MasterCard or others and settle the funds of those transactions.

Banks might ignore to work directly with them or ask for guarantee from any third party, if any high-risk businesses, like gaming, e-Cigarette, pharmacy, firearms, adult products, media productions, start-up and more. That’s where, these principal member “financial institutions” play a pivotal role by just cross checking the business documents and existence. If they find the business eligible for association, these institutions just ask for fulfillment of the minimum legal requirement that is generally required for establishment of merchant accounts.

These principal members have the capability to enable any business to process cards for any online business for which they can assist the merchant to get the access of virtual terminal to collect and authorize the payment. Many of such financial institutions have authority of accepting and exchanging the currency and have option for acquiring remote payments. These financial institutions are certified by Payment Card industry Data Security Standard Council (PCI DSS). This proves that they have secured data management systems deployed for their data management of card information.



The reason behind the merchants or corporate prefer to contact such financial institutions over the traditional banks to get access of a merchant account and virtual terminal is unlike banks, these financial institutions provide ample support to merchants, regarding any issue that merchant can face during authorization or funding of the transaction of money. Plus, these institutions have some of the technologically advanced products that help merchants to analyze their business process, improve their working strategy and grow their business.

The other transaction related services that these financial institutions provide to merchants is notification about every transaction that is to be transferred to merchant account for product or services that is ordered by the buyer. They also help merchants to cross check the validity of the transactions which will ensure that the merchant have the safe environment while dealing the customers. The most crucial support that these financial institutions provide to merchant or account owner is the notification about the cases of transactional disputes; that are also known as Chargeback. Also help to mitigate those transactional disputes in a correct so the merchant should not lose the potential profits of their business due to incorrect or lack of knowledge.

As these financial institutions are dedicated for issuing card or processing transaction. Most of their working is dedicated for card processing they have other business products that are specifically dedicated to providing services to merchants, business or corporate who look for keeping or transferring the payment (that is salary, business, gift, prepaid or any other such type of wallet cards)or accepting card payments. Many of these institutions have their own developed card authorization virtual gateway/terminal. All these financial institutions accept any type of card payment issued under the card brand VISA and MasterCard.




Comments

Popular posts from this blog

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…

BeeKash Payment Service Provider

BeeOOP ™ Closed Loop System





The e-money sector is growing exponentially day by day, and every business is trying to retain customers, through advance contracts, memberships and wallet systems. We at Beekash have much experience in implementing highly profitable financial network systems for our enterprise client, be it global payment processing, cross border transactions, e-money and wallet systems, while maintaining the highest standards of financial network security, adhering to various security standards set by PCI & ISO.     Our understanding of customized solutions, and our capability to deliver end to end turnkey solutions enables us to deliver, more robust, reliable and cost effective solutions. our in-house, solution architects, hardware integration designers, software development teams, security auditors and 24x7x365 monitoring and support workforce enables us to deliver with confidence. after studying the existing business networks & model, workflow, bottlenecks and 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…