• Business

    How digital payment works?

    The need to understand backend working of digital payments is necessary as these make you believe that the process is very rigid and secure in its actions. The digital payment system has become more of a necessity than just need for several business firms to participate in a better and faster profit making. This system facilitates working upon Electronic Data Interchange (EDI), and has gained more popularity because of the vast use for shopping and transaction purposes. The digital payment could include variety of ways for proceeding with your transactions. It could be the credit card banking, net banking, or banking through digital wallets on payment gateway applications.

    • Have a read upon a few security measures that are taken up by digital payment companies or gateways who give the service of being an intermediate platform for the successful digital transaction-
    • For the digital payment of services, when using a credit card, it gives security in form of Card Verification Number (CVN) that detect any fraud activity within the transaction process by comparing the verification number at back of the card with that of the customer’s file in Bank.

    digital payment

    • The merchants that enable these digital payments, also have to take care of all the security protocols involved.
    • Some leading companies that provide these online financial transactions, make use of strong and smart tools to take care of not risking user’s bank account data.
    • The life cycle of digital payment goes in the following form-
    • Client requests the merchant to authorize and initiate the payment process through a gateway that user is working on.
    • The merchant checks details to confirm if the transaction can take place with the details that have been provided or not.
    • The card expiry date, pin code, and user details are matched and presented to the customer.
    • Once the authorization process gets completed, payment gateway will receive a settlement request from merchant regarding the action of adding, transferring or removing balance from the original account.
    • This request could get completed just after authorization, or may take time to get performed.
    • The digital payment through net banking and cards is almost similar as it involves redirecting the user to the merchant for the completion of payment.
    • If the digital payment is a transfer of money through e-wallets, then, there is a direct connection among the receiver and sender, and the electronic form of money gets exchanged within seconds with no boundaries of distance.

    The transfer through digital wallets sometimes put the users in danger when carelessly wrong contact number of the receiver is entered, and amount gets transacted to somebody else.

    Digital payment system also takes into consideration, the transfer of money from a bank account to the digital wallet. These wallets use online transaction processing systems to read and update user’s data of maintaining a wallet with right security measures for each possible case. The encrypted from of data carries information related to bank details, so that it is invisible to thefts or malware attacks who could attempt to steal it.

    The working of digital payment gateways is simple, yet strongly configured. Some best payment gateway companies hold paramount results in customer participation, and continuously grow because of the services that they provide.

  • Business

    Merchant Account is a Hassle Free Way to Accept Money

    If you are a businessman or planning to be one, you must be quite aware of today’s trend of payment via online or debit card or credit card. It means you cannot think of growing higher without accepting payment cards. So to be a successful businessman you would need to know how it works in a secure way. Today when every small shop has to accept money via a reliable payment platform, it is must to have a merchant account.

    What does Merchant Account mean?

    Merchant account is a bank account that allows businessmen to accept payment through debit cards or credit cards. When a customer makes payment, it directly goes to the merchant account via payment gateway and then in the stipulated time eventually to business bank account. When a customer buys a product or services, at times it is very likely for the amount to be refunded by the merchant, at that time to avoid hustle bustle or in order to save time, the money is deducted from the merchant account. In the time period of a day or week the funds are transferred to business bank account.

    Internet Merchant Account

    If you are ready to accept credit cards and debit cards online too, then you need to have an Internet merchant account. Just as even if you have a bank account you have to activate internet banking.

    How does it work?

    First of all it is the job of the acquiring bank to get authorization for customer transactions from issuing banks.      Steps are as follows:

    • At the end of the day, the merchant processor tallies up the approved transaction amounts from each issuing bank and requests that the funds to be paid.
    • Then the funds are distributed to your merchant account.
    • From there it goes to your business bank account.

    Getting merchant account in a reliable payment platform

    After the digitization of India it is seen that more or less every shopkeeper has a merchant account of a trusted payment platform. The reason is that to accept payments via a reputed payment platform is quite easier than any other way.

    Steps to accept money from a payment platform are:

    • Choose whether you want to apply for our online payment solutions, or start accepting a trusted payment platform in your retail store.
    • To accept and use a payment platform in your shop, click on “Get your payment platform QR code” and sign up for your free payment platform account.
    • Fill up the simple online form and you’ll receive our payment platform sticker that you have to stick on your store.

    We have categorized the merchants into two types to make the process smooth.

    For Small and Medium Merchants 

    • KYC merchants is entitled to have up to INR 20K as A reliable payment platform wallet balance which lets you save up to INR 1 Lac at any time.
    • The A reliable payment platform sticker at your store helps you keep a tab of payments easily
    • Up to INR 25K can be transferred to your bank account every month. There are no hidden charges for accepting or sending money.

    For registered Business

    • No limits to how much you transfer to your bank account.

    Do visit a payment platform to have a merchant account and enjoy hassle free money transactions.

    So don’t wait for anything and use a reputed payment platform.

  • Technology

    If The Best Needs To Be Acquired, Be The Best

    Introduction

    Making things easier for people is something that is always accepted by people since the easy way is always favourable and we operate this idea on the principle of the basic natureof mankind to always get what they want without having to expend too much effort. That being said, there is always something that people always look forward to and that is getting the best out of everything. Be it the best services, the best products, the best idea for their new company, or just a simple idealogy that people always want what they can get their hands on and that is something that is not taken lightly in the society we live in today. If people were given an option of either driving to work or walking or taking the bus, what would they chose? If you were given an option to skip the tests and get the job instantly, what would that person do? Similarly, if there was an option to use the best free online invoicing rather than doing it manually and that’s expensive, what would that person opt for? It is human nature to want the best thing and then obtain it in the most efficient and if not the most easy way. It cannot be changed and nor can it be factored into something different.

    The Ideas Of Acquisition

    Since, we human beings always want the best out of everything it can be safe to assume that this idea applies to everything in our lives and that includes the businesses we are in and take part in. for your business that is relatively new, there are the best free online invoicing service available to that person and is it morally not right to use that service or should it not be used because it is obtained in an easy way and it comes free. We have developed a notion that whatever is free in the world, it is probably not worth the risk of being caught or it is too easy to obtain.

    Conclusion

    Ideally, you want to chosoe something that is safe to your business as well as something that is efficient and productive for your business that will not only help your business in the current situation but also prove to be an effective catalyst in future growth and expansion as well.