Digitization and the ongoing pandemic caused shifts that have changed individuals’ financial behaviour. This behavior change played a significant role in transforming the financial transactions landscape. Individuals are now comfortable with electronic or digital payments. As new payment solutions emerge, businesses must alter their payment methods to stay competitive.
The pace of digital innovation modes has resulted in reduced costs and projected a high CAGR (Compound Annual Growth Rate).
- FinTechs in Bulgaria, involved in real-time transactions, made a record 20% increase in income compared to 2019. In addition, the digital payments section was the most significant contributor to the overall performance in the South-East European nation.
- In India, a report shows that individuals and businesses are expected to shift 66.6 billion transactions worth $270.7 billion from cash to digital payments by 2023.
Digital payment innovations include internet banking, mobile banking, mobile accounts, UPI (Unified Payments Interface) service, USSD (Unstructured Supplementary Service Data), prepaid cards, mobile wallets, etc.
Merchant Service Providers
If you are a business person looking to accept online payments through credit cards, debit cards, and other e- payment methods, you must have heard of this term merchant services.
The term merchant services refer to online payment platforms and solutions. They take care of all the aspects businesses need to process electronic payments. Merchant service providers are authorised entities, also named payment processors.
The most common Merchant Services Providers are:
– Payment Services Providers
– Payment Gateway Providers
Merchant Online Payment Services Providers (PSPs)
In simple terms, a Merchant Online Payment Service Provider verifies a transaction between the merchant, acquiring banks, and the card network or other digital payment mode.
- Merchant Online Payment Service Providers, also known as Payment Solution Providers, are authorised third-party financial entities.
- A PSP can be a distributor, collector, or aggregator.
- The purpose of PSPs is to help merchants receive payments from multiple methods and in different currencies using a single interface.
- It can be a financial institution, bank, card association, and any other payment service provider.
- In India, they are regulated by the apex bank RBI (Reserve Bank of India).
It is a quick and cost-effective way to process online payments without opening your merchant accounts in each country.
Top 5 merchant online payment service providers
Wibmo Inc
Wibmo’s merchant solutions are designed to process payments from multiple sources, including cards, net banking, in-app mobile payments, in-store payments, e-billing, QR code payments with BharatQR, transportation payment mode at a minimum operational cost. It enables banks to proceed with faster and smoother merchant payments. Wibmo’s merchant payment services are supported by highly recommended authentication methods in the industry – the 3D Secure Merchant Plug-In.
Besides Visa, Mastercard as critical card networks support, it includes RuPay also. As a merchant, if you want to focus on better products and services, you need to reduce complexity while accepting B2B payments. You can explore merchant payment solutions and services at Wibmo.co, helping merchants as an aggregator to retain customers through a seamless end-to-end experience.
FSS Technologies:
FSS Technologies is a collaborative model that provides comprehensive merchant payment services to banks to navigate a complex landscape. FSS ensures secure payment acceptance through Two-factor authentication, 3D Secure, and end-to-end encryption. In addition, it ensures faster onboarding and integration and faster checkout through API. It eases the integration with any shopping cart.
Adyen:
Adyen enables merchants to easily add any payment method to the checkout with a complete set of tools. It offers quick and easy integration for secure checkout. You can create an account with it to explore all the tools for your business. Its list of popular payment methods includes Visa, Mastercard, American Express, iDEAL, Sofort, Alipay. It helps you accept online and in-app payments, accept card payments, e-wallets, and others on any digital channel, optimised and geared for more conversions.
Stripe:
Stripe is a payment processor that enables merchants to accept payments from credit and debit cards, digital wallets, in-retail stores and buy now, pay later services. Stripe supports payment acceptance in different currencies globally. It is certified to the highest compliance standards, providing flexible integration options for simplified PCI compliance.
ACI Worldwide:
ACI Enterprise is another solution in the challenging landscape of modern payments. It delivers payment processing solutions with agility to respond to shifting trends, regulatory mandates across all lines of payment types.
These all PSPs enable the ease of online payments in your business. They differ in fees and contract terms.
In summary, each merchant online Payment Service Providers has its USP with unique products and services. They help increase the conversion rate of paid customers and reduce integration and processing costs. A company needs to analyse the essential features it needs to streamline the payment process in the business.
Also Read: Best Mobile Website Builder in India.