Payment Asia provides e-payment solution and e-business Management Company in Southeast Asia region in Hong Kong. Payment Asia offers secure and fast online payment solutions for global & International.
Many financial professionals have professed that for business houses to become competitive, it is imperative for them to render a better business experience to customers. One of the ways to provide such experience is to let customers have choices of making payments through multiple channels. Better business payment solutions—online payment services—help branding and build customer loyalty.
However, to implement a consistent payment solution, entrepreneurs or professionals first need to know about its tenets. Therefore, the article covers them all so you can decide on a payment system based on your need.
An online payment solution, as the name suggests, makes use of the Internet as a platform to process a payment. A common system is utilized for all type of online payments, it involves, buyer, merchant, payment service provider (PSP), acquirer, bank/credit Company, and issuer.
The most important part is played by a PSP, which is a company that set up the link between an online shop and other market parties, such as banks or credit card acquirers. It is what reduces the costs for the integration and processing of different payment methods.
The most common methods of online payment solutions are following; they are discussed individually.
This system gave consumerism a push that it required; it changed the whole scenario of spending. With its advent, consumers started spending money that they do not have, gave economy an unprecedented push. Credit cards allow cardholder to spend a limited amount that is repaid to the lender at given interest rate. Available at world level, they have helped individual consumers as well as business houses. Its advantage is the flexibility in payment of purchases as well as the freedom to pay it back over time.
Issued by banks to account holders that let them access their money electronically. Debit card holders can access cash at any time through ATMs machine, as well as, they can use it for payments at point of sale terminals. The advantage of debit cards is that the users do not have carry cash; it provides a security to holders and ability to access funds at any time.
A new service that is actually an electronic variant of the conventional paper cheques. Now we can make online payments through them. In this alternative method, you can pay for anything just like credit cards or debit cards but with carrying them physically. The money is drawn from your account, just like a debit card payments, and transferred into the merchants’ account.
The newest way to make payments is making payments using a smart phone. Mobile wallet applications, available on many smart phones, present a far easier way to manage payment cards. It presents a better control over finances, since you have a single device where you can examine and analyze your purchases, unlike other payment options.
