A Thorough Guide for Electronic Payments

Online businesses may experience problems with payment structure. Given the advancement of technology and the heavy reliance on credit cards, paying electronically is no longer an issue. With internet merchant accounts, businesses have seen a rapid increase in clients and sales. Adding security and efficiency that is now linked with the entire process and your business is assured success, so long as there are customers with credit cards online.

After the account is established, the following are the most critical parts of the entire process:

To ensure that everything went smoothly, run a test transaction through the terminal that should only cost a single dollar. Some credit card providers give out test numbers, but the use of an authentic credit card is also a good alternative. This enables the business owner to verify that the terminal works and that future transactions will be made.

After the test run is complete, check to see if the account associated with the merchant account has received the funds. It is important to remember that a) It takes around two business days for Visa and MasterCard to be finished, and around three days for Discover and American Express; and b) The amount deposited from the test transaction should match the previous batch total. This may not be the case for funds held for reserve and for accounts with fees debited on a daily basis.

Make a habit of checking the statements. Given that fees and rates are charged by the provider, the business owner should be responsible enough to review each processing statement to ensure that there are no errors, or to catch any errors as they happen.

Finally, make sure supplies are always well-stocked. Nothing is more embarrassing than running out of receipt tape in the middle of a transaction. Having a reliable supply count allows the business owner to concentrate on the business and sales, as well as the other online payments that will follow.

Online Payment Guide

The process for online credit card payments are as follows:

The first step involves the customer inputting the credit card information to a specific website on the internet or over the phone.

The information is then passed on to a credit card processor by a gateway or some other real-time processing system.

To prevent fraud, the credit card payment processor will assess the card and verify whether the request came from the card holder or through their billing address.

Whether the request has been denied or approved will be passed on to the party providing the merchant account, then to the customer, to finish the transaction.

Once validated, the amount is kept in the merchant account, ultimately getting transferred to the checking account of the business, or to a business account.

Once the accounts are up and running, the business owner can now focus on sales. The process may seem stressful and daunting, but once your company can accept electronic payments, you can rest easy knowing your business is up-to-date with the current trends in e-commerce, and ahead of the curve compared to other businesses who have not taken the leap yet.

Ecuador’s Exclusive Electronic Payment System: To De-Dollarization?

After 15 years of taking a move in improving its monetary system, Ecuador is again changing its payment transactions, now with the help of digital currencies.

The South American country’s new monetary system, which fully kicked-off last February, was the first-ever state-run electronic payment system. Last December, Ecuador’s Sistema de Dinero Electrico allowed qualifying users to set-up their accounts.

The Ecuadorean government took this action to address its stumbling currency for the US dollar. The system is also designed to support the country’s dollar-based monetary system.

Among the advantages that this new monetary system offers is that it serves as the cost-saving mechanism for the government. Moreover, economist Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy said that aside from helping the poor, mobile payments will reduce the amount that the government will spend for exchanging old notes to US dollars.

One of the few first steps that Ecuador took is trying digital currency in paying taxi fares. The Central Bank of Ecuador signed a deal last February, involving 60,000 members of taxi organizations to accept electronic money. After this initiative, users will be able to select services and pay through mobile transactions. They can also send money between individuals. Later this year, the third phase of the electronic money system will allow users to pay for public services through mobile payment.

Ecuador’s new payment system does not require internet connection to be able to have successful transactions. Also it can be redeemed as physical money, and users will be able to make payment using their mobile phones and stored value on their accounts.

On the other hand, even the government cleared that digital currency does not aim to replace the existing payment system in their country, some professionals inside and outside Ecuador speculate that this step was taken by the government because of other motives. One of them is Mr. Lawrence White, Economics Professor at George Mason University. According to him, he found it reasonable for Ecuador to provide an exclusive medium for mobile payments. He sees this step as Ecuador’s maneuver to de-dollarization. He further explained that the government’s prohibition of Bitcoin last July is a proof that they have bigger plans, and sees it as potential move to exit US currency.

At the moment, the government still denies speculations that digital currency will allow Ecuador’s central bank to issue new money that isn’t straightly taut its U.S. dollar reserves.

Whether this step aims for de-dollarization or not, Ecuador took a major step in recognizing the advantages that digital currency is offering. This will surely have a large impact with Ecuador’s economy, positively or negatively.

Electronic Payment Now Offered By Self Storage Providers

Many self storage facilities are now adopting the electronic payment system for the convenience of their clients. With this option, it is easy for tenants to pay their monthly rent even while at home or in their office. It saves time and gas cost in going to the facility just to pay their due.

As with retail stores, the electronic payment option indeed proves advantageous to a lot of people particularly the busy professionals and business owners. By just going online and using their credit card, they can pay through the company’s website any time of the day or night they are available.

Experts are also encouraging providers that have established their websites to ensure that their sites are optimized for mobile devices. With the increasing number of people owning smartphones and tablets these days, it would benefit facilities to cater to this group as well. By making a website available in mobiles, customers can easily check for availability of units and search for other relevant information while on the move.

On the part of self storage facilities, they can also choose to use these mobile devices to accept payments whether onsite or remotely. The staff or the managers can utilize these modern technologies if they feel the need to do so.

Some managers also consider this a good option particularly for delinquent tenants who may be ashamed to show their face after a month or so of not paying their rent. At least through the online payment system, they can still makeup for their missed payments without having to see the reaction of the staff and the facility’s manager.

So what are the technologies that self storage can use to provide a convenient payment option to their tenants?

Website – Having a website is a big advantage. It not only provides customers with a way to gather information about your company and your services but it can also provide a payment option such as via credit card or PayPal. Make sure then that your website is fully functional to encourage clients and other internet users to visit it regularly when they have questions or if they want to pay their monthly rent.

Smartphone – Providers can allow customers via their smartphones as long as they make their website available on mobile devices. Many people prefer to use this today because they can do various tasks using this handheld device even when they’re out of the house or their office or while they’re traveling.

Tablet – Again, websites have to be made available on mobile to encourage self storage tenants to use electronic payment systems. This way, they can still pay their monthly rent even without visiting the facility at its location.

Although these facilities may have a local or regional wide customer base only, utilizing these modern payment technologies is still effective. Consumers normally go after convenience and when their self storage provider or any company for that matter is able to give this to them, you can be assured of their loyalty moving forward. And implementing an electronic payment system is definitely one way of providing this sought after convenience.