Technological solutions for payment systems and the launch of merchant services

Merchant account for payment systems

According to statistics, more than 70% of all buyers in Russia prefer cashless payment. We are already talking about the fact that in just a couple of years, cash will completely disappear from circulation. Customers are gradually abandoning outdated, inconvenient payment methods. Non-cash payment guarantees, for example, the possibility of not losing your funds banally, because the card in the bank can always be restored. What can not be said about cash.

Due to the fact that the general population prefers to pay by electronic means, any business is interested in being able to accept such payments. This is especially true for e-commerce, where there are practically no other trading options. But in order for a person to pay with a card, it is not enough to just have an open bank account. Everyone who runs a business should have a Merchant account, which will be an intermediate link between the buyer and the seller. It is on him that the money initially falls.

Advantages of using

As already mentioned, in the 21st century it is impossible to work without the ability to receive electronic payments. Opening such an account is not an easy task, but it gives many advantages:

  • security. Merchant account guarantees the safety of your customers' funds, regardless of whether it was opened through a payment system or independently, through a bank;
  • you are not limited to one currency. With a Merchant account, you will be able to accept payments in different currencies;
  • service improvement. You have your own account, which you control. Therefore, there will be no dependence on the technical condition of banks, maintenance schedule, etc.;
  • attracting customers. Opening a merchant account is the main step for a business that wants to scale. Freedom of choice, convenience, flexibility - this is exactly what attracts customers.

How to open a merchant account

To get a merchant account, you can interact directly with the bank. Before opening an account, the bank will ask you for information confirming your activity and its scale. Your credit history will also be important. This is how banks fight with unscrupulous partners, preventing dubious actions. In general, opening a merchant account directly through a bank is not an easy process, it takes a lot of time and nerves.

An alternative option is to contact a payment service provider, where all interaction is automated. That is why we offer ready-made solutions in terms of opening merchant accounts that do not cause any discomfort to the customer.

Before you start providing Merchant accounts to your customers, you need to know

Payment institutions are participants in the financial market, which operates on the basis of the Law on Payment Services and Electronic Money. On Sunday November 2007, the European Parliament and the Council adopted Directive 2015/2366 (EU) defining how to provide payment services in the community in order to build the European internal market and remove barriers to the free movement of goods, services and finance.

Services that payment institutions can provide:

  1. Services where it is possible to deposit cash to the user's account of the payment system;
  2. Services where it is possible to withdraw cash from the user's account of the payment system;
  3. Make payments, including automatic payments, payments using payment cards or similar devices, credit transfers or regular payments;
  4. In addition, as in the previous paragraph, only with the use of a credit limit;
  5. Issuance of means of payment (for example, payment cards);
  6. Transfers without opening an account;
  7. Payment is made using a remote access system (for example, a personal Internet cabinet, a mobile office);

The main purpose of the payment system

The function of the payment system is financial intermediation for making payments to customers. A payment institution is a cash flow channel that does not belong to the payment institution itself.

Payments in the organization, for example, invoices and collection of funds between utility suppliers are distributed more, third parties (for example, Internet traders, or mobile operators) can arrange payment acceptance. In addition, at its own expense, it can deconstruct quick transfer services between various financial institutions in different regions.

The service of the payment system is limited in time (no more than 5 working days). The source and purpose of the payment are always known. The payment service cannot deduct the amount of the payment (except for the commission for intermediaries) for performing several assignments. When performing a payment service, the payment organization is responsible to the person who sent the payment for making the payment.

Various models of the payment system functioning are possible. How exactly to apply this or that model, whether a payment institution is suitable for it or whether it is necessary to have the status of an issuer of electronic money, can be decided by discussing it with our specialists.

The issuer of electronic money carries out its activities using electronic (virtual) money provided to it in exchange for cash received from its client. Clients who receive electronic money in exchange for their natural money can pay to other clients of the issuer, wishing to accept electronic money from this issuer for their services or goods.

The issuer issuing electronic money will at any time undertake to return electronic money to any owner of this electronic money.

Two main forms of existence of electronic money in physical media - smart cards and practically on the server of the payment system - have been identified.

Regardless of whether the business plan you are interested in is the activity of an organization providing electronic money, you can find out from our specialists.

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