How does the payment industry work?
The payments industry is a rapidly and aggressively changing landscape due to the emergence of new payment methods, new technologies and acquisitions.
As technology advances, payment technology companies play a more important role in the payments industry, which is why in this article we will talk about how it works and the players that participate in the operational process.
1- The Merchant
In particular, the merchant is an individual person or a company that sells goods or services with reference to the digital environment (e-commerce).
Thanks to them, payment gateways exist since they help the merchant to reach a greater capacity of customers in various parts of the world by offering facilities and payment methods benefiting the prosperity of their business.
And a merchant account?
A merchant account is defined as a type of account that is created with a bank or financial institution with the intention of accepting online payments received by businesses that trade online. Banks that offer these types of accounts are called acquiring banks.
2- The Shopper
Thanks to technology, online shopping continues to grow exponentially year after year, driven by a new generation of consumers seeking more convenience, value and options. For e-commerce, this trend poses both significant challenges and opportunities.
When “buyers” make purchases online, it is to request a service or product that appears on a merchant’s website and to make the operation effective, they must enter their payment details (credit / debit card details or other payment method details) on secure web pages, such information will be encrypted by the web browser and sent to the merchant’s servers or to a payment service provider or payment gateway that the merchant uses to accept payments.
3- Payments Processing
Many merchants use payment service providers to access payment gateways to accept payments. At @PayRetailers we have a full range of online payment services:
Credit and Debit Card Payments
We can help merchants to implement effective strategies to accept credit card transactions from all over the world. From the moment your customer pays, to settling up your account, you’ll enjoy a single payments platform managing the entire payment journey.
Online Bank Transfers
All payments are processed online and in real time via the customer’s bank account. The process is particularly easy for consumers, since payment can be made using their online banking login directly.
Local Cash Payments
We specialize in local payments for emerging markets. Customers who do not have a credit or debit card will be able to make their payments by simply scanning a barcode. Let your customers pay in their local currency and feel at home while making purchases.
Expand your audience reach by offering your consumers the largest selection of payment methods available in the industry.
Contact us to see how we can help your business grow in the Latin American market.