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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
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Mobile Point-of-Sale (POS) System.

Mobile point-of-sale is transforming the retail industry in a way few technologies have done before. For small merchants , the benefits of installing mPOS technology include not just low-cost card acceptance on smartphones and tablets but also access to the value-added retail management software offered by traditional POS systems , but at a lower price. For large retailers, mPOS provides a way to improve customer service and to respond to showrooming. This guide covers the basics, including: Security PCI Cloud-based systems Ancillary services Bulky cash registers are a thing of the past for small and medium-sizes businesses ( SMB s), as smartphone- and tablet-based systems with attached card readers become more prevalent. Another benefit of these mPOS devices is that they can be used for line busting during peak store hours. While micro-merchants may find it sufficient to attach an mPOS card reader or dongle to a smartpho

Digital & Mobile Wallet System.

The current outlook for adoption of mobile wallets solutions may be a muted one, but there is hope on the horizon – if hardware manufacturers provide truly open and robust access to storing credentials and to interacting with the physical point of sale. One spur to more widespread adoption comes with the continued growth of the cloud as it enables access to all types of transactions across all devices across all venues. The mobile wallet is “more than just a payment method,” according to the white paper, which means that the stakes are high for both financial institutions and retailers, as they need to include mobile shopping in their basket of shopping and banking technology and payment options. The choice is a simple one: to innovate or be disintermediated. The quickest path is to link up in interoperable partnerships that will in turn lead to success at the point of sale. The in-store experience can be enhanced whether mobile wallets are used as part of a standalone pay

Payment Method With Buyer Protection

Use a payment method with buyer protection Although debit cards ensure you are using your own cash to make a purchase, many do not offer the same robust buyer protection as other options if something does go wrong. A credit card or a virtual wallet option give you more flexibility when it comes to requesting a chargeback. A chargeback is when a transaction is reversed and a refund is given to you as the buyer. It can either be initiated by your bank on detection of fraudulent activity, or you can initiate a chargeback depending on the situation. Check with your bank for details. Another option that you might consider using to add another layer of protection is a single-use credit card number. These are tied to your regular credit card but provide a unique number to be used for one transaction so your actual credit card number is not compromised. This is particularly useful if there is a breach somewhere along the chain that might reveal your credit card details. Aga

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

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 tran