Payment Solutions For 2020 – An Ultimate Guide

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.


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.


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 dependence on smartphone technology has been made more convenient to access payment industries and payment platforms. Some of the mobile payment platforms on our smartphones include:

   Mobile Banking: Apps provided by banks that allow you to transact from your phone.

   Direct Operator Billing: You are transacting via your mobile carrier instead of a bank process. To           vote on TV, donate to charity causes, or subscribe to content.

   Internet Payments: Feeding bank details on online platforms like chrome to transact.

   SMS Payments: Sending SMS with the right information using your phone network provider through a debit system.

   Mobile Wallets: Stores payment information in an app on your phone, which is in the form of credit and debit cards. Apple pay and Samsung pay are good examples.

   Near-Field-Communication Payments: Digital wallets you use to transact by being a few inches away from the point of sale terminal.


Shopping carts facilitate the purchase of goods and services online. They lead a customer to checkout and accept a customers’ payment. E-commerce shopping cart is similar to the physical shopping carts we use, except it has many more features, including being the cash register, clearance sign, and credit card machine connecting to your bank account.


Credit card processing traditionally occurs when a cardholder submits their card to pay for goods or services. A payment processor seeks authorization from the bank. The bank denies or accepts the transaction. The issuing bank then charges the cardholder for the goods and services and transfers the funds to the merchant bank account. Credit card processing takes mere seconds to use.

Merchant terminals are the backbone of the retail environment. With many security enhancements, such as EMV technologies to reduce “Skimming”, the traditional credit card terminal should remain on the scene as the workhorse of the industry, well into the next decade.


ACH stands for Automatic Clearing House. ACH is a type of electronic funds transfer that connects different accounts and different bank or different financial institutions. It involves transferring funds from one account to another. ACH transfer can authorize a business owner to access customer funds, with permission from the customer.

E-check is also a type of electronic funds transfer. It depends on ACH to transact and process funds. It is the digital version of a normal paper check and simply enables electronic payments to be made easier. Physical checks can be converted to e-checks. E-check allows you to track payments.

While these two payment methods go hand in hand, they are also different. The party that holds the payment information of ACH differs from the party that holds payment information for E-check. In order to accept an e-check for your business, you have to open an account for your business with an e-check processor.

The past decade has seen a rise in e-commerce platforms and the payment industry as a whole. Many payment platforms are now better, more efficient, and more convenient. 2020 will be no different. We will witness a rise in better and exclusive trends and personalized payment systems. Do not be left behind; go with the flow!