ONLINE PAYMENT SERVICE PROVIDER
An Online Payment Service Provider offers online services to merchants and businessmen for accepting online payments electronically by using various payment methods for example credit card, bank-based payments like direct debit, bank transfer and real time bank transfer using online banking. Online Payment Service Providers play a major role in connecting the merchants, buyers, card brand networks, and financial institutions. They bring them under one umbrella to provide a simple and secured payment experience. As a result, the transactions between the sellers and consumers are processed in very quick, efficient and safe way.
How Online Payment Service Providers work?
Before knowing about the function of Online Payment Service Providers, we should have knowledge of Online Payment Services. Online Payment Services are basically the amount of money that is exchanged electronically. These services need the help of internet and digital stored value systems to complete the process of transactions.
Online Payment Gateway
To understand the function of Online Service Providers, we should know about its participants like a merchant, a dealer, a businessmen. Such services help the merchants to process online payments using credit cards, debit cards or bank transfers in a hassle free manner. But to accept the online payment, the merchant should have access to an online payment gateway. Therefore, online payment gateway is the service provider which helps in transferring the online payment information. The main purpose of a payment gateway is to authenticate the transaction information and transfer it safely among various groups and banks. Financial Service Operators like PAYMONK or Banks provide these gateways which remain available 24×7.
Perks and Benefits :-
1) One of the greatest benefit is that they provide risk free transactions.
2) The services are easily accessible and available 24×7.
3) Digital solutions for our necessities.
4) Enabling the merchants to accept payments from consumers in the form of debit card, credit card or bank transfers.
5) Making modern commerce possible in the form of cashless economy.
PayMonk is a leading financial service provider and it empowers billions of people and millions of merchants in the field of buying, selling and transactions. Consequently, it also facilitates online and Card Present purchases from a merchant’s website and helps them to collect the payment from the customers through net banking, debit cards, credit cards and many more. PayMonk is one of the fastest growing Fintech companies with exceptional and remarkable expertise in field of retail platform, lending platform, UPI and POS payments.
For more information visit –https://paymonk.com/