gpp0407: Online Payment

Monday 11 June 2012

Online Payment

Many ways of making online payments, paid or get paid for goods or services. Therefore, you must know which payment method is most suitable for you and certainly should be tailored to the country where you live in.
A payment service provider (PSP) Some PSPs provide unique services to process other next generation methods (Payment systems) including cash payments, wallets such as PayPal, prepaid cards or vouchers, and even paper or e-check processing. Typically, a PSP can connect to multiple acquiring banks, card, and payment networks. In many cases, the PSP will fully manage these technical connections, relationships with the external network, and bank accounts. This makes the merchant less dependent on financial institutions and free from the task of establishing these connections directly - especially when operating internationally. Furthermore, a full service PSP can offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection in addition to multi-currency functionality and services. PSP fees are typically levied in one of two ways: as a percentage of each transaction or a low fixed cost per transaction.