The best Payment Gateway Processor in Cyprus
Payment gateway is a technology that transfers payment and records payment data from the customer to the acquirer and transfer of the payment can be accepted and declined back to the customers. A payment gateway is a roll that validates the customer’s card details securely and verifies the funds are available or not. Senmo merchant service provider makes a partnership with the acquirer to provide services to the customers. All the details of the credit card are swiftly encrypted and give assurity that information is passed securely from the customers to the acquirer bank via the merchant.
Senmo the payment gateway provider also works as the middleman between customer and acquirer ensures that all the information of credit card is carried out securely and promptly. The online payment gateway clearly defines how Merchants integrated the necessary software. Senmo works as the intermediate during payment processing, the payment gateway maintains the customer credit card details between the acquirer and customers.
The payment gateway is an entity to set up a ‘’merchant account’’ and deposit funds from your customer payment. Money can’t be transferred directly from a customer account to a business bank account (Merchant account). Senmo maintains the chain of approval from the customer’s card detail submission to when the acquirer receives the money. The payment gateway is accumulating all deposits from multiple sources.
The key of payment gateways
Payment gateway plays the key of online payments when a customer reaches out to the website and clicks the pay button on your online business site. These are the parts that are involved in the payment process.
1. The merchant: An online business that offering any products and services to the customers.
2. The customer: The customers are known as cardholder who wants to buy products or services from the merchant seller and make online transaction from their business.
3. The issuing bank: It is the customer’s bank account that issues a credit card, debit card, visa master card to purchase products.
4. The acquirer: An acquirer bank is part of a financial institution that maintains a merchant bank account. The acquirer's bank account transfers the merchant transaction from issuing bank to receive payment.
Merchant account provider for small business
Senmo one of the best merchant account provider that is issued by acquiring bank and allows a business to accept credit or debit card for payment. SENMO merchant account is a specific bank account that required card payment or online trading. It is called a business bank account though. A merchant account can provide many functional parts such as payment gateway, payment service provider, acquirers, payment processor, and independent sales organization or high street banks. Once you applied an application for a merchant bank account that is held for approval then you will assign a merchant identification number. MID is an account number which is must to process card transaction and transfer funds from customers issuing bank to your business bank account.
Merchant account created as a key of business operation for most merchants. It has several options to choose merchant account services with transaction cost being a key component of the decision. Merchant accounts are given by merchant acquiring banks who are partners with the merchant’s facility provider (Electronic payment). Most of the businesses select electronic payment rather than allow for cash, they need to set up a merchant account and could depend on just a basic deposit account at any bank.
Using the ‘’Merchant Processing Services’’ Merchant payment processing means collecting the payment from a customer that is the key to any business. There are multiple options available for payment processing and expanding regularly. Multiple options are available for payment processing that expending regularly, and for business, it could be more important to understand the different methods which are available to choose.
Merchant processing refers to opening to the ability of a merchant to accept a transaction payment through a secure channel. The types of payments that are covered include:
• Credit cards • Debit cards
• ACH transactions (sometimes called EF)
• E-checks
Merchant services are essential to be successful in the world of business these days, it is all-important to choose a reliable and trustworthy provider of these solutions though. It offers a range of impressive to suit the needs of all kinds of merchants to simplify the payment process and income outcomes for their customers and retailers. The merchant processing is a guide that hopefully helped to explain the basic and outline the benefits that utilizing these convenient services can bring for both merchants and their clients.
How Can Payment Gateways Benefit Your Business?
Senmo provides a payment gateway that could help your business to grow economically on an international scale. Most of the country increases online retail rapidly, and the vast majority of people using a credit card for online shopping rather than carry the cash in hand. Senmo has built its best technology to provide Merchant services to those who want to develop their business online. These online businesses are the most common methods for this generation for eg e-commerce sites or any service provider site. Customers easily get their products within the least time period. But it is very crucial to fill in credit or debit card detail for payment so in this case, SENMO provides better technology to keep safe all details of a cardholder.
By using a payment gateway, you can process orders from customers in countries that use different currencies, all within an instant. Customers placing orders on your site from various counties once your brand becomes popular online. Your business gets numerous customers to sell products and services. ‘’Payment gateway’’ is designed to work with a range of platforms, allowing customers to purchase a product from the website and accept orders. The advantage of a payment gateway is increasing business and customer trust from a large range of shoppers and from around the world.
How payment gateway increase sales?
Payment gateway increases sales and expands your business into a wide range of countries in just a short span of time. It can help your business to reach far more customers than your storefront because the internet is worldwide. Also allowing you to get numerous customers from different countries. The cost of your business runs smoothly and makes your business a big brand in the internet world.
The ‘’payment gateway’’ also uses for easy records keeping which is crucial when you operate a business on a large scale. Every single entry has separate bills or receipts for the customers and sellers. Also allowing you to achieve business sales on a daily, weekly, and monthly basis and you can track the progress of your business quarterly or annually. Through the Payment gateway, you can track all the transactions and approved by the system, it notifies the sale and contains the buyer's shopping information. Customers get every single piece of information about their product packages, shipped or delivered. Online customers get exclusive products, reasonable prices and can compare between products. Payment gateway extremely uses for e-commerce sites, now day’s these businesses are growing in a wide range of territories.
