Payment solutions revolutionizing the payment industry. Digital systems are slowly phasing out the old ways of paying and purchasing in hard cash. The various payment spaces have personalized the way we purchase, shop, and transact. Not only are payment spaces personalizing how we transact, but they are also doing their best to reduce our carbon footprint. How great is that? This article will guide us on the various available payment platforms for 2020.and beyond.
HIGH RISK MERCHANT SERVICES
Merchant services are financial services that enable a business enterprise to receive payments by use of a credit card, debit card, or other electronic means of payment. High risk merchant service is specialized in setting up a high risk merchant account for businesses that are considered as being “high-risk.” A high risk merchant account would be a firearms business, alcohol and tobacco business, airline charter business, debt collection service business, or pharmacy business. High risk businesses need high risk merchant services. This is because of the legalities that surround the nature of their businesses. Difficult industries usually have problems finding a merchant service that is reasonable and secure.
High risk merchant accounts also experience chargeback. Chargebacks are when the bank returns money to a consumer or payer. Absorbing chargeback is a problem for most businesses. Therefore, a high risk merchant account is specialized in enabling the business to find solutions for excessive chargebacks. High risk accounts are an expensive path, but it is important to keep in mind that they offer an additional layer of protective services against the banks. Fraudulent or activities that are not expected are secured against.
There are things to consider when sourcing for high risk merchant services. They included a pricing structure that is fair and transparent, responsive, and engaging support, up-to-date technology, and flexibility.
PAYPAL VS SQUARE
If you have been looking for an affordable payment solution, you have most probably come across PayPal or Square. Both payment spaces offer a variety of services which are similar in nature. They have the same functions such as receipt printing, invoicing, issuing of refunds, accept all forms of credit, receipt via SMS or e-mail, cash drawer support, record cash transactions, product description and images, and barcodes.
They, however, differ on transaction charges. Square has introduced a 0.10$ service charge, which adds to its 2.6% charge on all transactions. PayPal is at a constant 2.7%. There are more additional fees when it comes to PayPal, such as mass payouts, chargeback fees, virtual terminal, micropayments plan, non-profit discount rate, and recurring billing. Square only has one additional charge, which is the recurring invoice charge.
Overall, Square has a much better edge over PayPal. Actual merchants who use these services have similar views and comments about both payment spaces.
You have probably paid for a service or good on the comfort of your smartphone, using Apple pay, Google Pay, or Samsung pay. That is a mobile payment. Mobile payments refer to any payments made using a smartphone. Our … Read More..