Accepting Payments On Your Web or Mobile Site and Apps
If your aim is to sell goods, services or digital downloads on your website, you’ll need to select a payment provider.
The following considerations need to be factored into your decision:
The following considerations need to be factored into your decision:
- The level of fraud risk associated with your product
- The average cost of your goods and services
- Your consumers’ access to a checking or savings bank account
- The degree of credit- card penetration in your location
- The number of local mobile-phone users
- How your consumers access the internet on a daily basis
- Your consumers’ internet connection speed
Cash and Cash terminals
In many countries, especially those with a large percentage of consumers participating in a shadow economy, the number of electronic transactions is still low, despite an influence by the largest card brands, such as Visa and MasterCard.
In Brazil, Argentina, India, Taiwan and other emerging markets, cash is still king.
In Russia, for example, despite being a nation with a high penetration of credit cards (one per-person), most electronic funds are withdrawn as cash from ATMs, instead of directly, and conveniently using a card for purchases. Cash terminals have been multiplying at a great speed, and are found on almost every corner in Russia and the CIS (the Commonwealth of Independent States; formerly regions within the Soviet Union). Cash-terminal availability contributes to the popularity of cash payments.
In Brazil, Argentina, India, Taiwan and other emerging markets, cash is still king.
In Russia, for example, despite being a nation with a high penetration of credit cards (one per-person), most electronic funds are withdrawn as cash from ATMs, instead of directly, and conveniently using a card for purchases. Cash terminals have been multiplying at a great speed, and are found on almost every corner in Russia and the CIS (the Commonwealth of Independent States; formerly regions within the Soviet Union). Cash-terminal availability contributes to the popularity of cash payments.
Phone Related Payments
An emerging trend in Africa and other developing countries is the replacement of some banking services with phone-transfer services. Phone services, via Voice and SMS/text messages are pre-paid over the counter, and used as another way of transferring small- value payments.
Prepaid Cards and Vouchers
Prepaid cards, purchased from a store can be used as an equivalent to cash payments without a verified connection to the user’s identity. Vouchers with a digital strip or bar code, are available from supermarkets or corner-stores for cash and are widely used in BRIC (Brazil, Russia, India, and China) countries.
Prepaid cards are anonymous and benefit users who don’t have a bank account or a credit card. However, the anonymity of prepaid cards is an issue for anti-money-laundering regulators and anti-terrorist organizations.
Despite the late adoption of CHIP and PIN services in North America, MasterCard and Visa are pioneering prepaid card services in these and other territories, along with loadable and single-use gift cards, which can be purchased from a number of supermarkets and gas stations. Some prepaid cards in Singapore and other countries in Asia have developed their own PIN and CHIP technology, through embedding electronic chips in plastic cards.
Prepaid cards are anonymous and benefit users who don’t have a bank account or a credit card. However, the anonymity of prepaid cards is an issue for anti-money-laundering regulators and anti-terrorist organizations.
Despite the late adoption of CHIP and PIN services in North America, MasterCard and Visa are pioneering prepaid card services in these and other territories, along with loadable and single-use gift cards, which can be purchased from a number of supermarkets and gas stations. Some prepaid cards in Singapore and other countries in Asia have developed their own PIN and CHIP technology, through embedding electronic chips in plastic cards.
Credit and Debit cards
Since the latest global recession, the number of credit-card transactions (vs. debit card transactions) has decreased; even in countries, like the United States, with a high credit-card penetration. Local debit cards and co-branded Maestro cards have become more popular in the United States while reducing the card processing costs and positively affecting the transaction cost for banks and merchants accordingly. Nevertheless, the overall card acceptance-rate, amongst international merchants, has decreased due to the growing number of debit cards that, in some countries, are only accepted locally.
We partner with European and North American acquiring banks in order to offer our clients competitive processing rates and services.
To find out more, please complete our contact form or send us an email.
We partner with European and North American acquiring banks in order to offer our clients competitive processing rates and services.
To find out more, please complete our contact form or send us an email.
Personal banking and ACH
An online bank transfer to a local supplier or another person is the preferred method of payment within the same county or payment network, like ACH or SEPA, by many account holders in Europe, North America and other developed and developing countries. However, in some countries, like Canada it’s challenging to perform a bank transfer online, therefore local-payment networks prevail.
E-wallets
Individuals, who transfer funds to online gambling or other entertainment sites, often prefer to utilize e-wallets as an intermediate way of payment, so there is no record of a particular site name on a bank statement.
E-wallets are also recommended to those who wish to avoid sharing their financial information with an online merchant.
Many e-wallets come with a linked prepaid card, like Visa or MasterCard. International e-wallets offer multiple local and international payment options to load and cash-out funds.
E-wallets are also recommended to those who wish to avoid sharing their financial information with an online merchant.
Many e-wallets come with a linked prepaid card, like Visa or MasterCard. International e-wallets offer multiple local and international payment options to load and cash-out funds.
POS and Mobile Card Readers
Card reading devices have become extremely popular among some companies that offer their products or services online, as well as at brick-and-mortar locations, as they can be easily connected to smartphones or tablets with the consumer data gathered at one data center. These devices are quickly replacing bulkier cashier machines.
Please contact us to find out what payment method or set of options will be suitable for your customers and most effective for your business.