India is known to be a country that makes most of digital payments each 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. Knowing what to look for when choosing a digital payments network is very essential and there are important factors to look at.
Understanding the essential terms and features is very important. It will help you a lot you choose a platform that has the most functionality and help you compare the fees. The use of credit and debit transactions electronically, for example, is known as ACH payments. 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. 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. 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. One of the features that other accounts don’t have is the option to send money through this service itself another PayPal account. The fees also affordable.
Stripe can be a good option for a developer because it is one of the easiest solutions. 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. The other handle is the fact that the fee can be competitive.
Google pay on the other hand, helps you to 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.
WePay now owned by banks Chase Morgan and if you have an account with them, you can same day deposits 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.