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

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New payment technology such as wearable innovations and biometric tech are the new things that are going to make shopping a breeze. Some of these include being able to pay with their sunglasses, face, ring, and palm.

Pay with Your Sunglasses

The most interesting new option is the payment-enabled sunglasses from Visa. They unveiled a prototype at several events simultaneously on March 13^th. The Visa company installed a chip in the side of the glasses and to pay, all you have to do is take them off and tap them on a Visa terminal. No cards or ID required. While it is not available to the public yet, Visa is trying to determine whether there is a big enough demand.

Pay with Your Face

Paying with your face seems like something from a science fiction movie but Samsung Electronics is trying to make it a reality. They are planning to use facial recognition software for mobile payments from your Galaxy S8 smart phone. The phone will mix eye, fingerprint, and facial detection to identify the users for Samsung Pay. Using the iris in your eye is already being used but Samsung believes that facial recognition is faster and more accurate.

Pay with Your Ring

Customers in the United Kingdom can already use the world’s first payment ring that lets you pay for your shopping or public transportation with your finger. The Kerv ring will give each customer a personal prepaid Mastercard that they can even add funds to. According to Kerv, you can even use it to unlock your front door if you have a contactless lock. It does not need to be recharged and you do not have to pair it with your phone so you can use it even if your phone is dead. This means you will not need to get out your wallet or phone when getting on the bus or paying for your shopping.

Pay with your Palm

There is also a new biometric payment system called Keyo that lets you pay for things just by holding your hand over a scanner. To sign up, all you have to do is create an account with your credit card details. Then when you visit a retailer that has a Keyo terminal, the scanner reads your palm and maps the patterns that are unique to you. With this, you can just wave your hand and pay for whatever you want without a wallet or purse. Right now, it is being tested in Chicago but it has plans to expand to other areas of the world.

In the future, there may be even better and faster technology for paying for things. In addition, companies are trying to create technology that can successfully block all hackers to make this new tech safer to use.

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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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