Info. on the Popular Digital Payments Networks
It is said that India makes very many digital payments every day. Another never, very many people are sending and receiving electronic transactions and it is important to have the knowledge a lot to do it. To address the need for electronic transactions, there are very many digital payments networks available for you now. 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.
Understanding the essential terms and features is very important. 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. For example, ACH payments is where you can use credit or debit transactions electronically. The good thing is that most of the providers will use this payment option, but the fee can vary. Something you also need clarity on is the difference between payment getaways and processors. You can click for more details on these online for clarity. 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 one of the most used network worldwide. The merchants that use these accounts are almost 28 million. One of the things you learn is that PayPal is extremely easy and secure to use and you can always use your email address to send and receive money. 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 PayPal as very affordable fee for the services.
Stripe can be a good option for a developer because it is one of the easiest solutions. Integrating payment into your website is easily resolution. It can also handle data compliance and approvals. Another thing you need to check out is the fee which can be very competitive.
Google pay can connect your financial account to your Google profile. If you are in US, you can use Google digital wallet and merchants are not charged a fee. It can allow you to send money directly to other US citizens using your email address or phone number.
WePay can be a good option for anyone that has Chase Morgan account because you can make transactions on the same day using this service. You cannot access payment if you are a software platform or a vendor. You can actually negotiate your rates with this network. learn more about Zelle, Braintree and Venmo because they are also digital payments networks.