Choose the Best Online Payment Service Provider to Foster your Business Efficiency and Business Transactions

Can you imagine life without the internet a few decades ago? That is inconceivable to today's generation. The world is a global village in the twenty-first century. Furthermore, the rise of e-commerce means that you can get whatever you want with the click of a mouse.

The Internet of things is changing the landscape of how we do things as it continues to grow and drive a more connected world. Consumer demands are constantly changing, which causes a chain reaction from merchants to Online Payment Service Providers. PSPs have grown familiar with collaborating closely with PSPs to ensure that merchants have access to the most recent and robust payment systems.

What are the Advantages of Accepting Online Payments for Merchants?

The advantages of accepting credit cards for payment in your business are as follows:

Increase Sales

Cash-only operations will stifle business growth and may result in the loss of hundreds of potential clients. When a firm accepts credit card payments, however, its potential client base expands dramatically as more people are drawn in, resulting in increased sales. Remember that the majority of consumers prefer to use credit cards since they are safe, legal, and handy.

Removes the Possibility of Receiving Bad Checks

Accepting credit card payments almost eliminates the possibility of having to deal with issues related to faulty or bounced checks. You won't have to waste time tracking down the customer to correctly pay for the goods or services, or risk losing a significant amount of money on bad checks.

Boost Your Company's Cash Flow

Credit card transactions are typically processed electronically and are likely to be paid swiftly. The earnings are then deposited by the processor into your business bank account within a few days. This will not only enhance and improve your cash flow, but it will also eliminate concerns with client checks, billing, and invoice collection.

Instantcharge is here to assist you in selecting the best payment processor to protect your company from chargeback fraud. Our team is always available to assist you with your payment-related issues. We are concerned about the security of your company. We want you to be free from all fraudulent chargeback claims. As a result, we are prepared to provide you with the most up-to-date data and statistics to assist you in selecting the most accurate payment processor available.

Difficulties in choosing the best Online Payment Service Provider

The convenience and benefits of online payments come with some drawbacks, though the advantages tend to outweigh the drawbacks. Keep the following potential pitfalls in mind as you set up online payments for your company:

Fees. Online payments, unlike checks in the mail, necessitate the use of an intermediary—and that intermediary must be compensated. Payment processing fees will cost you a portion of your revenue.

Data administration. When customers make purchases online rather than in person, the risk of identity theft and credit card fraud is significantly higher (or with a payment method other than their credit card). You will be responsible for protecting your customers' financial information on your servers if you use a self-hosted payment gateway. You can relieve yourself of this burden by using a hosted payment gateway or a payment service provider.

How to pick the right Online Payment Service Provider for your business?

Check that your payment processor provides excellent fraud detection services. Such services include a platform-based dispute resolution mechanism, blacklisting, and whitelisting customer account numbers, and chargeback loss recovery.

Streamlining a variety of Payment Options

While merchant services evolve to meet consumer demands, payment methods have also expanded significantly into other forms of alternative payments. It's not just an AMEX, Visa, or Mastercard anymore. Cashless platforms, e-Wallets, bank transfers, and even Pay Later installments are all options for making payments. Any PSP can provide traditional payment options, but a good PSP can consolidate all payments onto a simple, hassle-free platform for you.

Going Above and Beyond

Merchants prefer long-term value-added services over meeting their immediate payment needs. As a result, an increasing number of PSPs are becoming processor agnostic. This is a powerful tool that allows merchants to gain access to the value-added services they've been looking for, all under one master umbrella. By partnering with Instantcharge, you will gain access to the right tools to help your business grow in the future!

Everyone's Safety

Businesses are looking for ways to reduce unnecessary risks as scams and fraudulent transactions become more common. A good PSP should be PCI compliant as well as provide additional layers of fraud protection such as point-to-point encryption, tokenization, and secure hosted payment pages. This provides merchants with the assurance that their data is secure, regardless of where or how it is transmitted. As a result, the merchant can shift their focus to how to grow their business!

Support

Merchants are constantly looking for new ways to keep their customers returning for more. As a result, PSPs must expand their services to meet the needs of individual merchants. Providing new innovative tools like reporting and analytics, along with a strong payment platform, makes a PSP unstoppable. This process is made possible by having a well-known PSP with superior IT teams.

Fraud Prevention and Chargebacks are an Essential Aspects to Consider

Fraud prevention for online purchases is an issue that is gaining traction and importance. What is the reason for this? Everyday, businesses face new threats that did not exist previously. To make matters worse, new online fraud differs significantly from common day-to-day fraud that regular businesses are familiar with.

Fraudulent Chargebacks

Friendly fraud is another term for chargeback fraud. From a seemingly legitimate transaction, fraud typically occurs when the purchaser files a dispute after the sale is completed, requesting a refund or chargeback but failing to return the item. Such fraudulent transactions cost a merchant between $20 and $100.

You can protect your company by taking the following steps:

  • Put purchasers who request chargebacks on a blacklist.
  • Employ ethical business practices.
  • Provide accessible and dependable customer service.
  • Add automated checks to the order management system.
  • Avoid shipping delays by tracking online transactions.

Why choose Instantcharge?

What distinguishes Instantcharge from the other Online Payment Service Providers on the market?

How does Instantcharge meet the criteria for the ideal PSP?

With years of payment processing experience, we understand the challenges of incorporating payments into market-developed programs and make it easy for you.

We not only provide a wide range of payment solutions, but we also ensure that payment processing is simple! Instantcharge offers a comprehensive business management solution that not only covers in-store but also online, ensuring that your clients are well taken care of.

Our top priority is security, and we will not take any chances with a potential security breach!

We believe in continuously innovating our offerings and keeping our payment solutions relevant and up to date. We go above and beyond to ensure that the client receives tailored payment solutions from the ground up.

Our ongoing sales, marketing, and technical support assure our clients that we are with them every step of the way, allowing them to better serve their clients and increase customer satisfaction.

We cannot emphasize enough how important it is for PSPs to develop strong partnerships to keep up with the ever-changing payment landscape.

FAQ's

1. What are online payment gateway service providers?

If your online business is one of the billions of online businesses taking credit card payments online. So, it is essential to know what you will actually require to receive online payments successfully and securely. However, this is an integral part of maintaining an online business that deals in products or online services. A 2020 Federal Research report discovers that 74.5 percent of online transactions are conducted by using credit or debit cards. Certainly, this payment craze will resume enhancing as more buyers shift to a more suitable cashless lifestyle. So, let’s have a look at what an online payment service provider is, how it functions, and the advantages of using this payment service.

An online payment service provider (PSP) also implies a third-party business that delivers payment services to online businesses that receive online payment methods. And these online methods may contain credit cards, debit cards, eWallets, cash cards, bank transfers, and many more. Some examples of payment service providers (PSPs) comprise Amazon Pay, PayPal, Stripe, and Square. So, online payment service providers (PSPs) are also referred to as third-party payment processing organizations or merchant service providers. Certainly, these payment service providers assure that your online transactions are executed securely and effectively.

InstantCharge is one of the leading payment service providers that deliver all payment solutions at affordable prices and advanced security features. So, contact InstantCharge to operate your online business securely and reach new heights.

2. How does the payment gateway service provider work?

A payment service provider allows online merchants to take online credit card payments securely. To perform this, Payment Service Providers function with many merchants, banks, and credit card networks to handle the complete transaction procedure. The following example will specify the payment procedure of a payment gateway service provider.

  1. After many hours of research, you order any product from an eCommerce store. So, when you begin this online credit card payment, the transaction information will be forwarded to the Payment Service Provider.
  2. The Payment Service Provider forwards the payment details to the credit card association. The credit card network will then transmit your payment information to the card issuing bank (the bank provided the credit card to you).
  3. The card issuing bank will specify whether to authorize or reject the payment based on having enough funds and no doubtful action. If authorized, the issuing bank will transmit the conclusion back to the credit card association.
  4. The credit card network will then forward it over to the Payment Service Provider, which conveys the final conclusion to you and that specific eCommerce store.
  5. When the payment is authorized, the credit card network will transmit the suitable funds from the issuing card bank to the acquiring bank. The money will then be forwarded into the merchant's account to finish the online payment.

As you can notice, Payment Service Providers use a strategic procedure that assists merchants to accept online payments from buyers' accounts flawlessly and securely.

3. What is the difference between a payment gateway service provider and a payment processor?

A payment processor performs as the medium between merchants, buyers, credit card networks, and financial organizations to conduct online payment transactions. The words “payment processors,” “merchant payment provider” “merchant acquirer” and “payment gateway services provider” all imply organizations that accomplish similar procedures in the payment ecosystem.

Payment processors manage the whole payment transaction to assure merchants get settled.

From approval to compensation, online payment service providers streamline the transmission of funds from buyers' accounts to merchants’ accounts. Online payment service providers function on the account of merchants and are settled by merchants for their products or services.

Some payment service providers deliver just the general ones, while others deliver complete consultation and approval payment services to their merchant customers. Above that entity service requirement, yet, payment services are determined by affiliation offerings such as merchant accounting, protection and fraud prevention services, and restricted compliance help.

Payment services are important to the function of any online business that takes credit cards. When selecting an online payment service provider, regard the entire suites for further pricing and fee structure. Moreover, outstanding customer service, safety offerings that assist in protecting your online business from fraud and data breaches, flexibility to adapt to future development, and the features to help your business thrive and keep more of what it achieves.

Not all payment service providers process every kind of payment.

Some may be experts in processing online payments (also known as card-not-present or CNP) while others concentrate on processing in-store (known as card-present or CP). So, think about your business’s future and what your business may function like under the road when preferring a payment service provider. We will suggest you InstantCharge as your business payment partner for the best payment processing.

4. How does an online payment service provider help your online business?

As mentioned in our similar blogs, there are a lot of advantages of using an online payment service provider. The most significant benefit is that these payment providers take care of the online payment process for your online businesses. In reverse, this provides businesses more time to concentrate on completing objectives, pushing sales, and rising. Certainly, Payment Service Providers soften away businesses’ concerns about accepting payments online from buyers. Since these payment service providers receive a broad range of payment modes and currencies, it is more comfortable for buyers to prefer their selected payment type. Thus, buyers will be more probable to buy your products and services. If your online business is regarding utilizing a Payment Service Provider, it’s vital to select a provider that manages payments securely. At InstantCharge, we deliver payment tokenization to protected payment details in a manner that does not impact your business functions.