Beekash Payment Systems

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 ...

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...

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 princ...

AMEX & Curve Curve has been forced to drop Amex from its list of supported payment cards that can integrate into its own prepaid card and connected mobile app. Curve told the publication that it has offered a full refund to all of its customers because of the sudden change. Reports said one of Curve’s biggest selling points for its small business and entrepreneur users was that its clients could make purchases on the MasterCard -branded tool using their American Express cards loaded on the solution. That meant merchants that weren’t accepting American Express cards at their POS could accept the MasterCard Curve card, while payers could rack up rewards like air miles via their American Express card programs. Curve also reportedly allowed users to gain rewards points when they withdrew money from an ATM via their American Express card using the Curve card. According to the company, it lost money when purchases were made using an American Express card because it would be...