Google’s inclusion in the merchant services industry has amused the existing players already. So much so to know that it has a fully captured share of 67% in the market. It had the latest most appearance in the market and yet positioned itself nicely. This share is eventually going up and also the market is continuingly accepting and processing payments from customers. Traditionally, merchant payments were only limited to accepting credit cards but now there’s an upward movement.
With the significant changes in technology and techniques, payment processing falls under the merchant services category. However, the terms and conditions are still under the scanner.
Along with Google Tez, PhonePe has begun to create a commerce market with about one or more million offline merchants in India.
So, what do we exactly understand by merchant services and how has it changed the payment landscape?
A few merchant payment companies have different peels to their skin. Let’s take a glance at each layer:
Card Processing by Merchant Payment Services
The primary part of the merchant services is to provide payment processing through cards. Which is why merchant services will depend on card processing terminal and existing technology to facilitate card payments.
The process entirely starts with the customer and then proceeds towards merchant services. All the transactions between the customer and bank are taken care of by the merchant company. The idea is to enable safe and secure card payments.
Merchant Services Online Payments
Other than card processing, merchant services can also have an online payment. This piece of work will decode information online and empower businesses to run card transactions smoothly.
If at all, you’re running an e-commerce website, taking on merchant services with payment gateway will ensure all payments in a secure and transparent way.
Merchant service payments can also be done at POS’s for quick and seamless offline transactions. This completes the process at POS with a fully loaded system.
With time, people confuse concepts of point of sale terminals and merchant services. The motive behind both the concepts world is quick transactional processes. Conceptually, POS’s have a lot of embedded functions like inventory management, reconciliation of reports, summary papers, employee management, etc. Merchant services do not have these capabilities into the system. That is where a merger of the services can help.
Best Online Merchant Payment for Businesses
PayU Money is India’s largest serving more than 3 lac merchants, with a technological edge. This merchant payment ranks high owing to its efficient services and conducive ecosystem.
RazorPay is another payments solution in India which permits payments with product suite. You can use any mode of payment including credit card, debit card, net banking, RazorPay can put your business on autopilot.
CCAvenue is the largest gateway with multiple payment options, with over 200+ payment options and 6 credit cards to its name. They also serve in global networks with several currencies.
Instamojo is the fastest developing commerce enabling platform for small industries. They have sponsored sub-products of ‘payment links’ & ‘free online store’ to further assist businesses.
EBS enables online transactions on the merchant’s website and collects payment through different modes. It caters to customers as a middleman to successfully conduct transactions.