Info. on the Popular Digital Payments Networks
It is said that India makes very many digital payments every day. Knowing how to send and receive is very essential now that it’s becoming a very big transaction technique. There are very many future payments networks available for you now because of the need of electronic transactions. If you want to choose an electronic payment network, you definitely need to make the right decision and that means that you know what to look for.
It is critical to understand the essential terms and features used in this industry. Understanding is essential because at the end of the day, you will use such terms and features to determine the functionality of the network and you can also compare the fees. The use of credit and debit transactions electronically, for example, is known as ACH payments. The they will always vary but the good thing is that most providers has this payment option. Something you also need clarity on is the difference between payment getaways and processors. There is more info. online and therefore, be sure to check it out! It is also important to understand what a merchant account is as you also understand why you need a provider that is compliant with the Payment Card Industry Data Security Standards.
PayPal is the most used digital payment network worldwide. The merchants that use these accounts are almost 28 million. To send and receive money using PayPal, you can always use your email address. It is extremely easy and secure to use. It is also the best if you want to send money using the same network or another PayPal account which is a feature that is lacking in most of other networks. The fees also affordable.
Stripe is also a very popular company that offers easy solutions especially for developers. You can integrated into your website. The only thing not to be overlooked is the fact that merchant accounts can bypass the sign-up process and can handle the compliance and approvals for the same accounts. Fees are very competitive and you can check it out!
Google pay can connect your financial account to your Google profile. Merchants are not charged a fee and you can use Google digital wallet if you are in the US. The other good thing is that you can send money to other US citizens using your email address or phone number.
If you have an account with the bank Chase Morgan, then you can make same day deposits using WePay. It is a good option for software platforms and vendors because you can access payment. You can actually negotiate your rates with this network. Be sure to discover more about Zelle, Braintree and Venmo although not very popular.