A Quick Pointer On Online Payment Systems
There are some terms, concepts and systems to be familiar with before getting started with online
payment systems.

ACH Payments simply refers to electronic debit and credit transfers which allows
customers from any part of the world make payments directly from their bank accounts
for mortgage loans, utility bills and generally any other type of bills. ACH stands for
Automated Clearing House and it is common place for most payment processors to offer
ACH payment options to their customers, most especially when it comes to monthly and
subscription- based transactions. Majority of modern payment solutions use ACH to send
money (usually excluding fees) to their customers.

Merchant Account is a bank account which usually allows a customer receive payments
through either their debit or credit cards. Merchant providers are usually required by law
to follow and obey regulations established by various card associations. A good number
of processors act as a merchant account and also as a payment gateway.

Payment Gateway allows different merchants to securely navigate credit card
information between the customer and the merchant and then also between the merchant
and payment processor. The payment gateway can also be seen as the middleman
between the merchant and their sponsoring bank.

Payment Processor refers to the company that a merchant uses to enable him handle
credit card transactions. Payment processors help to implement special anti – fraud
measures to help ensure that both the front- facing customer and the merchant are
protected.

PCI Compliance refers to when a merchant or a payment gateway sets their payment
environment up in a way that ensures they meet the Payment Card Industry Data Security
Standard (PCI DSS). The PCI DSS standard was created by the Payment Card Industry
Security Standards Council in order to increase the security of cardholder data and to help
reduce fraud.

Following immediately are the 10 top- notch online payment systems.

1. PayPal
PayPal is arguably the most widely used payment system in the world. PayPal has successfully
processed over $4 billion in payment since 2011. Payments with PayPal are made using the
existing account of a user or with a credit card. Money is usually sent directly to an email

address, this making the user sign up for a new PayPal account. In addition to it's services of
taking payments, PayPal also gives it's users access to the services of sending money through,
which is a feature that only few payment processors also offer.
Pricing: PayPal takes 2.9% + $0.30 as transaction fees. It has no set up or monthly fees. Source;
PayPal.com

2. Authorize.Net
Authorize.Net is a Big name in the Payment industry as is one of the biggest payment gateways
online. Having a user base of well over 300,000 merchants, Authorize.Net down the years has
been the go- to method for a lot of e- commerce sites that need a gateway to accept payments
from all around the world. Popular and widely patronized e- commerce platforms such as
Magneto, Volusion and X- cart are set up to accept payments using Authorize.Net.
Pricing: Authorize.Net has a set up fee of Free-$99, $10-$20 monthly fee and takes $0.08-$0.10
as transaction fees. Source; Authorize.net

3. Amazon Payments
Amazon Payments allows its users to receive payments using its API. It also allows users send
out money using ACH. Popular crowdfunding sites make use of Amazon Payments.
Pricing: Amazon payment fees begin at 2.9% + $0.30 per transaction for payments over $10. For
payments under $10, the fee stands at 5.0% + $0.50 per transaction. Source: Amazon.com

4. Google Checkout
Google Checkout is more or less Google is the answer to PayPal. This payment processor allows
users to pay for goods and services through the account connected to their Google account. The
major benefit that Google Checkout has is that millions of internet users use Google for different
services, making a purchase using this processor far easier.
Pricing; Google Checkout fees start at 2.9% + $0.30 as transaction fees for sales less than
$3,000. The percentage they take goes down depending on sales volume for the month.

5. Dwolla
Dwolla is a direct competition to PayPal. Though one of the newcomers in the third-party
payments space, it is already processing up to $1 million per day. Setting up a Dwolla account is
similar to PayPal. However, it does not have the name recognition that PayPal has.
Pricing; Dwolla does not charge any fees for transactions less than $10. For transactions above
$10, it charges $0.25 per transaction. Source: Dwolla.com

6. Stripe
Stripe helps to provide an excellent solution for web developers looking to integrate a payment
system into their projects using Stripe’s robust API. By bypassing the traditional signup process,
stripe acts as a merchant account for its users.

Pricing; Stripe charges 2.9% + $0.30 per transaction. It has no setup or monthly fees.

7. Braintree
Braintree is an online payment gateway and merchant account solution notorious for working
with popular tech startups such as Airbnb.
Pricing: It has no start-up or monthly fees. It charges 2.9% + $0.30 for transactions for qualified
cards. Source: Braintree official website.

8. WePay
WePay is a payment processor that allows internet merchants to accept bank account and credit
cards payments online. WePay is focused on individual users and has recently added e- store
pages to their services in order to help customers take in payments.
Pricing; It charges 3.5% transaction fee ($0.50 minimum) for credit card transactions and $0.50
for bank payments. It has no monthly or set up fees. Source: WePay fees.

9. 2Checkout
This is another payment processor that combines a merchant account and payment gateway into
one which allows users receive both credit card and PayPal payments. The company offers
international payments, shopping cart stores and also recurring billing features.
Pricing; $0.45 transaction fee and $10.99 monthly fee.

10. Virtuous Payments
With us at Virtuous Payments we have made handshakes with many payment gateways
and payment options as listed above. Which means volume discounts and with lower
monthly fees ranging from $10-$25, alongside that we provide a Low-Cost
pricing program. Which can be a lot better then some of the biggest companies that offer
above 2.50% per Swipes.

Conclusion
There are a lot of online payment systems that can help you in your business or service venture.
You can choose anyone that sits best with you and your business objectives. Should you like to
learn, Don’t hesitate to reach out.
The list above is in no way definite and exhaustive. Us at virtuous payments take pride in helping
business owners

The post 10 Top-notch Online Payment Systems in Canada RIGHT NOW! appeared first on Merchant Services Vancouver, Canada - Best Online Credit Card & Payment Processing Canada.

A good business is one that is flexible and customer-centric.

In the digital turf, merchants, Small business owners, and startups all strive to deliver value to their customers, in one way or other. Most of businesses (especially those who consider the bigger picture) have gladly embraced modern-day technology, as it helps them win more customers and establish dominance in their niche. If you too are keen to harness success, we recommend you to become acquainted with the concept of a virtual terminal.

Virtual Terminal- Making It Easier to Process Card Payments Online

A virtual terminal can be perceived as a web-based version of a physical credit card acceptance device. It is a straightforward and absolutely undemanding solution empowering merchants to accept credit and debit cards payments online. It will not only help you to get paid quicker and better, but would also save you from investing in a physical credit card equipment or POS terminal. All you need is a reliable web connection, your internet-ready device and a standard web browser to start accepting payments outright.

How Does It Work?

Wondering how a virtual terminal works? Honestly, it’s no Jigsaw puzzle that’ll knock your socks off. It’s a very simple process, giving you the ease to process payments in a fast and secured fashion with minimal setup. Here’s how to you use a virtual terminal-

• Customer shares with you their credit card or ACH details (Fancy word for Card Details) via phone or email.
• You open your web browser and login to your virtual terminal.(Much like a online payment machine)
• You submit customer’s payment info.
• You click on ‘Process’ to get the transaction approved.
• Once done, all related parties are notified about the successful transaction.

Your Features & Perks of Choosing Virtual Terminal Services

• Accept credit cards faster and easier
• Charge Customers anytime: Daily/Weekly/Bi weekly/Monthly/ Semi Annually
• Store credit cards on a secure Canadian network and give your customers the concierge treatment by easily charging your client
• Accept credit cards for your local business from virtually anywhere with a laptop and internet
• Ditch the expenses of buying and maintaining a traditional credit card device
• You are in charge of the entire transaction process
• Real-time online reports

As you can see  these benefits are tempting and worth your attention? If you are willing to take a leap, connect with us. We at Virtuous Payments offer the most credible virtual terminal solutions through our exclusive partnerships. We aim to empower businesses and give them digital-wings to realize their true potential, that way your business can focus on what matters most to them.

Discover our offerings and do connect if you are ready for our digital transformation.

The post Learn How a Virtual Terminal Can Benefit Your Business appeared first on Merchant Services Vancouver, Canada - Best Online Credit Card & Payment Processing Canada.

Speaking of comfort and Smartphones, mobile payments has become the Today, a grand fraction of tech-savvy Canadians are using different mobile payment options to transact for goods & services. The mobile wallet (or digital wallet, in many cases) is one of the fastest rising trends in financial technology today. These systems a lot of time and provide next level of security while making or accepting payments.

A mobile wallet is a type of payment service through which businesses and individuals can receive and send money via mobile devices. It is a form of e-commerce model that is designed to be used with mobile devices due to their convenience and easy access. A mobile wallet is also known as mobile money or a mobile money transfer.

The mobile wallet (or digital wallet, in many cases) is one of the fastest rising trends in financial technology today. There has been a great deal of innovation and discussion going on about it, particularly when it refers to cashless payments that can be done offline or online. But what exactly is it, and how does it work?

How Do Mobile Wallets Work?

Digital wallets mostly work through apps with your smartphone. The communication channel might differ from NFC, WEBLINKS, QR-code, SMS, Social Media, etc. but the overall concept of wallet will remain same. To better understand the working of wallets, you first need to look towards how wallets are differentiated. The digital or mobile wallet (sometimes called an e-wallet) is most often an app that can function within a smartphone and aims to replace carrying cash or checks, and stores all your credit and debit cards for you. In essence, it is an advancement of technology that aims to give you convenience and protection. Instead of carrying a wallet full of bills or credit cards, many of which containing your personal information and could very easily be stolen by a thief, the mobile wallet will hold everything for you.

The mobile wallet bolsters a new era of digitized finances. One of the chief advantages of this innovation is convenience. By far, convenience is its biggest selling point, as the mobile wallet can usually be used in Point-of-Sale retail terminals, for online transactions, as well as in-app transactions. It virtually eliminates the need to bring cash or even credit cards.

These digitized wallets work with banks all around the world in order to be able to facilitate the transactions.

It helps to understand that there are a few major categories of mobile wallets — those offered by Apple, Google and Samsung, for example, those offered by major banks, and still others offered by merchants, in which you download their app onto your device and store payment credentials in their app to use for payments. They work by either storing your payment credentials on your device, or off the device on a server. At the point-of-sale, wallets such as Apple Pay can be used at merchants accepting Apple Pay, while merchant wallets can only be used at that merchant’s stores.

While it’s still early days for mobile wallets, it’s not hard to image a wallet-less world. Already it seems a significant portion of Canadians would be in favor. According to the Canadian Bankers Association, 91% of Canadians say innovations make banking more convenient. When it comes to mobile banking specifically, the numbers (unsurprisingly) show that younger people are more open to using their mobile phones to deal with money. About 42% of 18- to 34-year-olds use mobile banking comparable to 92% of those over 45 who do not.

Most popular mobile wallets used in Canada

• Apple Pay

Apple Pay is an easy mobile payment system coming from the technology giant Apple Inc. It was introduced in 2014 and is adopted by several top-tier brands like Walmart, Starbucks, McDonald’s and Apple Store. You can use this mobile credit card processing system to make quick and safe payments in person, on the web, and in the iOS App Store.

• Android Pay

Yet another digital payment system which tempts the population of Canada is Android Pay. It was initially released 2015, making it possible for users to kiss goodbye to physical credit cards. A user who wishes to experience secured and seamless online transactions can store their credit/debit card info on their Android Pay account and use the same anytime to buy a product or service.

• Samsung Pay

Samsung Pay is also rated among the most widely used mobile payments systems. Cherishing the brand value of Samsung Electronics, this easy to use and highly secured payment service allows users to pay for goods & services by a simple ‘wave’ of the Samsung device (select models) near a cash register. There won’t be a need to carry or swipe the credit cards! Unmatched convenience, isn’t?

These mobile payments systems are happily adopted by tech-friendly peeps of Canada to add more comforts in their everyday life. You say, which one is your choice?

How can I accept mobile payments?

To accept mobile payments at your store, you need to get a point-of-sale device that’s equipped with NFC technology. Setting up mobile payments is generally fast and affordable. To accept mobile payments through digital wallets, you need a digital wallet provider. There are dozens of digital wallet companies from which to choose. Talk to your existing payment providers to see if they already work with mobile payments and digital wallets.

How Can Mobile Wallet Payments Help My Business

Increased customer use of mobile wallet technology has benefits for businesses of all sizes.

These include:

Reduced fraud – mobile wallets are harder to steal or duplicate than cards or cash

Decreased payment time – especially important for high-volume businesses

Lower fees – processing fees are expected to decrease over time relative to traditional cards

Better customer loyalty – built through sales and incentives sent directly to smartphones

Leveraging new technologies that connect directly to a rich software experience in the customer’s hand can help enhance their experience and educate them about your company. Innovative small businesses will go beyond merely accepting mobile wallet payments to forming more comprehensive mobile strategies than their direct competitors.

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Advantages of Using a Credit Card as a Consumer

There are quite a few advantages to using a credit card as a consumer, and they’re the preferable payment method for mostly all consumers – even ones that don’t generally use credit cards. First, the credit card is supplied to the consumer via a financial institution, then, they’re secured through an issuer like American Express, Visa, and MasterCard, with the end of the line being processed through a merchant service and processing provider like the Royal Debit.

Credit cards are accepted in more than 200 countries currently, and consumers are promised that they’re protected against fraud. One of the primary advantages is that when a payment process is done quickly, whether online or in person, the consumer is more likely to go there again because of the speed and convenience offered. When they feel secure and have a fast experience, along with an Interest-free experience, they’re going to continue using that card and that retailer.

Advantages of Offering Credit Cards as Payment Method for Retailers

Maybe you’re on the other end of the rope: the retailer. There are quite a few advantages in offering this as a payment method, including being able to satisfy your customer immensely. Imagine that a customer pulls up and has had an awful day where they need a drink or have had an emergency, but you don’t accept any cards! Your store has just made it that much harder for them to catch a break. They won’t want to go to an ATM and then come back to your store when they can go to a store that accepts credit cards.

Not only will the consumer have a better experience, but you’ll be able to generate revenue with this POS solution, and reduce the number of human-error that occurs with cash-handling, accounting, and discrepancies. In short, you lose a lot more by not gaining a customer than you would with transaction fees from the POS provider.

Considerations for Partnership with a Merchant Service Provider

There are a few considerations one much make, including integration of a wireless solution to ensure an extension of coverage, consider a “tap and go” POS solution for increasing the speed of your store’s service, accuracy, and more. When you accept credit cards or participate in owning one, you’re going to have a seamless shopping experience.

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