The payment systems allow money transfers to be made only through Internet (most of them maintain fully functional mobile applications) how to. They function as a fast and secure electronic alternative to traditional methods as cheques, money orders or bank transfers. The systems perform online payment processing not only for online vendors, auction sites, and other how to start a payment gateway company corporate users but between their customers.
Such fee payment (a kind of online payment), also has been brought on this platform reducing an extra stress of paying through Cash, Cheque, DD or other traditional fee payment methods. This online payment reduces the extra infrastructure cost incurred like: paper, security, manpower etc. And, some systems have been developed with a thought of having a smart system which allows paying through the online payment systems like: Netbanking, Credit cards, Debit Cards or E-wallet.
India has now been emerged with this type of technical platform and i. e. “The smartest online Fee Management System-FEEGENIE”. In just few clicks, every institution in the India either it is educational institution or any other sector, can now collect their fee directly to their bank account without risk of handling too much cash or risk of any fake currency. For payers, paying incurs some payment processing fee with nominal rates as applicable with payment gateway. For an instance, you can take an example of visa cards. Visa card payment processing fee is applicable with nominal charges which is applicable while transacting through Visa cards (Debit cards/ credit cards) and applicable with payment gateways.
Apart from Mastercard, Maestro and Visa cards, Feegenie supports RuPay Cards, Diners/Discover Cards, AMEX/JCB Cards as well that are been widely supported worldwide. With Feegenie, you can pay fee with any of these cards above, either debit card or credit card, Netbanking, E-wallets and even you can pay online fee with smartphones or Feegenie’s android app, exclusively available on GooglePlay.
Some small business owners do not understand the type of payments to be accepted and how they should be accepted. Understanding the needs of the customers and optimizing your card payment service is important. If card payment services make sense for your business then here are a few ways to optimize your payment processing system.
The costs and fees of card acceptance are often stated by a discount rate. For you to understand is what you are paying and for us it is as important as any fee you might be paying. Merchant accounts and merchant credit card processing that provide you with a range of card acceptance options that include security, reporting and customer service. It may be far more valuable to you than ever a lower rate merchant that does not offer additional capabilities. It is important to note that accepting this form of payment has its cost and should be considered when implementing.
It is very important how varied customers preferred methods to pay for goods. It helps you to be wise to accept all forms of credit and debit cards. While choosing a merchant services account make sure that they allow you to accept all the different types of cards used by customers. The different cards include credit cards, debit cards and prepaid cards. If you are unable to accept certain cards, you could be excluding certain customers as well as their business. In addition, while different card types come with different rates and fees, including premium cards and some card brands. Premium cards often mean higher transactions and that means more money for your business.
The last thing to do is overcomplicate card acceptance, making payment difficult for customers. You may either accept or decline credit card payments, whether it may be online or offline. You make the process easy. In case of in-store purchases, choose whether to consider EMV chip card acceptance is right for you, as it requires a specific chip-reading terminal. As there are more chip cards are in issuance, more number of customers using them. You need to think about the implications for your business and specifically think about the implications of EMV fraud liability shift. Simply said a business may be liable for fraudulent transactions made at their store if EMV cards are not an acceptable way to pay.
Making it easy to pay for people and also includes mobile wallet acceptance, which is still taking root. The customer’s mobile wallet is associated on the back end with some credit, debit or charge account which is never part of physical transaction. For providing more convenience and security for consumers, these types of payments require near field technology (NFC) enablement which allows the phone to “talk” to your terminal. Considering the role of mobile payments for your business and any upgrade needs you will have to focus on your efforts to optimize credit card acceptance. Flexibility is the key factor to customer satisfaction in a small business. Ensure you receive all the business that you can by accepting all forms of payment that could be potentially offered to you. To optimize credit card acceptance consider all options that are available to you for both in-store and online payments.