What are merchant payment services?

What are merchant payment services?

Electronic payment systems pdf

When entering new markets, it is important to be aware of locally accepted payment methods. To the best of your ability, try not to discriminate on the basis of location and offer the payment options that customers are most accustomed to.

PSPs are governed by a specific set of rules and regulations. They must be registered in their home Member State and with the European Banking Authority (EBA). In the national registries you can check the validity of the PSP you choose to work with.

As with the general setup of your website, when setting up the payment gateway for your online store you can opt for a page hosted by your PSP or for an integrated payment solution:

Using a PSP also ensures you have measures in place to ensure safety and security in payments, such as strict customer authentication for payments, as well as measures to prevent payment fraud.

All PSPs charge a transaction fee. The transaction fee can be a flat fee per transaction or a percentage of the value of the transaction volume. You may not charge this transaction fee to your customer without explicitly informing them during the payment process or charging them more than the cost to you.

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Through Elavon, we offer specialized payment acceptance solutions for a wide range of industries, including the restaurant, retail, healthcare, professional services and trades, and hospitality industries.

Merchant Services pricing includes a variety of card acceptance and processing fees that can be charged periodically, per item or on a percentage of transaction basis. For credit and debit card processing, these costs can be broken down into three different types: discount fees, processor fees and interchange fees.

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All equipment and software, whether you own it or need to purchase and/or lease it, must comply with the Payment Card Industry Data Security Standard to protect cardholder information. PCI DSS compliance validation information can be found at pcisecuritystandards.org.

Payment methods examples

An electronic payment system or also called an online payment system (for your electronic device), also known as EPS, is a payment system that facilitates the acceptance of payments for online transactions over the Internet.

EPS, or electronic payment systems, transfer money between buyers and sellers in an electronic buying and selling action through a financial institution authorized by both. It is, therefore, a fundamental piece in the process of buying and selling in electronic commerce.

Examples of electronic payment systems include payment gateways or virtual POS for card payments, electronic purse systems and systems that connect directly with the user’s electronic banking system.

There are two types of institutions for the implementation of this system: banks and websites specialized in electronic payments that operate as a virtual financial entity. In card payment, the payment mechanism validates the card and organizes the transfer of money from the buyer’s account to the seller’s account.

Spotify payment service provider

Online commerce is becoming increasingly popular and more and more consumers are now using the Internet for all their purchases. In this regard, transaction security is one of the major concerns of online shoppers.

These payment initiation systems offer the seller the assurance that the payment has been made, which allows the seller to initiate the delivery of the good or provide the service without delay, at the time the order is given. And to the consumer, they offer the guarantee of not having to provide their bank details each time they make a purchase.  These services, therefore, offer a solution to both merchants and users, guaranteeing the possibility of making online purchases even if they do not have credit cards.

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Account information systems provide consumers with comprehensive information on the various bank and payment accounts they have with their banks, enabling them to have immediate and accurate information on their financial situation at all times.