For information on how to obtain a merchant account, please click on the following link to view our Merchant Account Services page.

Process of obtaining a merchant account

There are three main types of merchant accounts that companies tend to obtain, these are: travel merchant account, international merchant account and forex merchant account. Depending on the nature of the business entity, they seek to obtain whichever type of account is best suited to the organization’s requirements.

• The first stage in how to get a merchant account is to find an appropriate acquiring bank to set the merchant account up with.
• Once you have located the acquiring bank you wish to obtain your merchant account with, you will need to contact them.
• You will be required to complete a pre-application form and then send it back to the bank.
• On approval of your pre-application form, you will be sent a complete application form to fill in and return to the acquiring bank.
• Once this process is complete you will have your merchant account.
• The final stage is to integrate your online merchant account with your website, enabling all transactions to go through a payment gateway.

The process of obtaining a merchant account is relatively complex therefore it is advised that you seek the assistance of a professional consultancy firm. This will help ensure that you successfully complete the procedure of obtaining a merchant account in a professional and timely manner.

DeltaQuest offers many years of experience in obtaining and integrating payment solutions into businesses. For information, please Contact Us.

Automated Clearing House explained

ACH was first developed in the 1970s as a method of decreasing the large volumes of paper cheques in circulation. Most businesses and consumers were utilizing the traditional form of cheques to pay for goods and services, however this was causing extended periods of lag time in between payments being made and processed. Through the development of specialized software, the US was able to implement ACH as a method of transacting credit and debit card payments online.

This online network allows the processing of a large number of card transactions which are being carried out at the same time. Through clearing and settling a number of payments on an electronic network, businesses and consumers are able to conduct payment transactions efficiently and instantly.

The main purpose of ACH was to improve cash flow in a cost effective manner. There is a range of ACH debit transfers which can be used by merchants, some of these include but are not limited to; consumer payments, mortgage loans and point-of-purchase. There is also a variety of ACH credit transfers which include but are not limited to; direct deposit payroll and vendor payments.

NACHA (National Automated Clearing House Association) is the governing body responsible for providing the rules and regulations for the ACH network, in line with the regulations laid down by the Federal Reserve.

DeltaQuest offers a wealth of experience in assisting companies with obtaining online and offline payment solutions. For information, please visit our Payment Solutions service page.

The scope of online payment solutions

Companies that sell goods and provide services tend to offer their clients the opportunity to pay through online payment solutions. Through offering online payment solutions, business entities are able to cater for a wide client base across the globe. Individuals are able to access goods and services that the company offers through the internet and essentially make payments in an efficient and secure manner from any international location.

There are many different types of online payment solutions that business entities tend to offer their clients. Online payment solutions also provide heightened protection against anti money laundering and fraudulent transactions for both the company and the customer.

Some of the most widely used online solutions are outlined below:

• Credit Cards: these money cards allow cardholders to spend a specific amount which is to be paid over a certain period of time, on a competitive interest rate. Credit cards offer individuals a flexible payment method as the funds can be repaid over an extended time period.
• Debit Cards: these cash cards work in a similar manner to credit cards however cardholders are able to access the limited amount of funds, which they have deposited in their account.
• E-check: is the electronic version of the traditional and widely recognized paper cheques. This alternative payment method enables individuals to make payments for goods and services without credit/debit cards.
• Mobile Payments: process of conducting payment transactions through a mobile device. This method enables individuals to make payments at their own convenience through the secure platform of the internet.

DeltaQuest can assist you with online and offline payment solutions, please Contact Us for more information.

Drawbacks of offline payment solutions

Companies that wish to sell goods and provide services to individuals are required to set up methods of accepting payment transactions from their clients. Many companies choose to offer their customers a variety of payment options in order to cater to a wider audience and be more accessible to them.

Offline payments are a traditional method by which companies accept payments; these include bank wire transfers, postal payments, bank guarantees and paper cheques. Due to the offline nature of these payments, they do not require the internet in order to be transacted successfully. One of the major drawbacks of offline payment solutions is that they are not as accessible to their clients. They require individuals to physically make the payments, for example by going to the post office for postal payments, which often causes delays in the transactions.

Companies that want to offer their clients offline payment solutions are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of expert consultants, companies are able to ensure that they complete the procedure of offering their clients offline payment solutions in a professional and timely manner. Moreover, consultants that have many years of experience in this field can provide further information to help companies to stay in compliance with the jurisdictional regulations.

DeltaQuest has many years of experience in assisting companies to accept credit and debit card payments. For information, please view our Credit/Debit Card Payment Solutions service page.

Tips to prevent credit card fraud

Credit cards are the most common method of conducting online payment transactions around the world. This payment solution offers individuals and companies the opportunity to transact payments in a safe and secure manner, however it is vital that card-holders take the necessary precautions to prevent fraud and identity theft.

Individuals are advised to keep their credit card in a safe location. The actual card is printed with valuable information that fraudsters can use in order to transact online payments therefore it is vital that you keep it stored in a secure place. Anything that contains details of the credit card should always be disposed properly, for example: shredding bank statements as well as destroying expired credit cards.

In the event that your credit card is stolen, it is vital that you report it immediately to avoid unauthorized use. Individuals should regularly monitor their bank account to ensure that there are no unauthorized payment transactions. If you suspect suspicious activity, it is advised to report it to the credit card issuing company as soon as possible.

Online payment transactions tend to offer individuals a secure environment to conduct payments, however it is important to keep your personal information safe. Individuals should not part with personal details such as credit card details on suspicious websites as these are usually operated by hackers or fraudsters who seek out naïve or unaware individuals.

DeltaQuest has many years of experience in assisting clients to become a payment solution provider. For information on card payment solutions and the benefits of offering online payment solutions, please visit our Credit/Debit Card Payment Solutions service page.

Why offer Chip and PIN services

Chip and PIN terminals were first introduced in the UK in 2006 as a method to increase the efficiency of card payments. The previous method of swipe cards and verification through magnetic strip was quite efficient, however it was likely to cause unnecessary delays when large volumes of payments were being processed. Due to the lag time between payment transaction and payment verification, the method of using the magstrip was inefficient and slow.

With retailers introducing Chip and PIN terminals in their businesses, the online processing of payment transactions has become much faster and efficient. There is no lag time as the PIN is verified immediately, allowing the cardholder to complete their payment transaction in a very short period of time.

One of the main benefits of Chip and PIN terminals is that they allow safe and secure transactions. The security feature; Personal Identification Number (PIN), ensures it is only known to the cardholder thus reducing risk of unauthorized card payments. It is important that the four digit PIN code is kept secret as it grants access to the funds in the cardholder’s account.

Chip and PIN has been a mechanism that has been well received worldwide as it offers safe, efficient and fast payment transactions. In order to become a provider of card payment solutions it is advised that companies seek the advice and guidance of a professional consultancy firm.

For information on online payment solutions, please visit our Online Payment Solutions service page.

Why obtain online payment solutions

Online payment transactions require the medium of the internet in order to be processed. The most widely offered online solutions include the following;

• Credit cards
• Debit cards
• Mobile payments
• E-checks processing

The main benefits of offering online payment solutions to customers are outlined below:

Accessibility

Through offering online payment options, companies are able to cater to clients worldwide. Geographical restrictions and time zone differences are obstacles which can be overcome through online payment solutions as clients are able to make payments from anywhere in the world – as long as they have access to the internet.

Efficiency

As online payment solutions are instantly processed, they are much more time efficient in comparison to traditional methods such as paper cheques and postal payments.

Security

Security measures such as Chip and PIN as well as identification codes for e-checks enables online payment solutions to offer high levels of security. Therefore, they reduce the risk of fraud and prevent money laundering.

Individuals and business entities that wish to offer online and offline solutions to their clients are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of expert consultants, individuals and companies are able to ensure that they obtain the payment solutions in a professional and timely manner. Moreover, experienced consultants in the field will provide assistance in integrating and implementing the relevant software into your website and ensure that it processes payments successfully.

In order to view the selection of online and offline payment solutions that DeltaQuest can assist you with, please visit our Payment Solutions section.

The development and scope of Skrill

Skrill is a business entity that uses the internet as a platform to conduct online payment transactions. This service offers individuals and companies an alternative option to carry out payments, using e-checks, credit/debit cards and mobile payments, other than opting for traditional methods such as paper cheques and bank wire transfers.

Skrill is one of the dominant companies in the electronic funds transfer services, closely followed by PayPal. The main benefit that these companies offer their clients is the high levels of security in order to reduce risk of fraud and money laundering. The security measures that Skrill has implemented in order to enhance security include identification verification in order to authorize payment transactions. With their money transferring network expanding across the globe, Skrill has access to an estimated 24.2 million customers.

The main services that Skrill offers their consumers include the following;

• Digital wallet
• Online shopping
• Money depositing
• International money transfer

The main services that Skrill offers business include the following:

• Retail
• Risk and fraud management
• Auction payments
• Digital media and micro-payments

Individuals and companies that wish to offer their customers online and offline payment solutions are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of experts, individuals and companies are able to ensure that they obtain, implement and integrate payment solutions into their company activity in a professional and timely manner.

DeltaQuest offers assistance to individuals and companies that wish to provide online payment solutions to their clients. For information, please visit our Online Payment Solutions service page.

Features of an Electronic Funds Transfer

Electronic Funds Transfer enables individuals and companies to transfer money through an electronic means from one bank account to another without having to present a written document such as a paper cheque. One of the most popular types of EFT systems is called Direct Deposit, which is a medium for employers paying their employees’ salaries into their personal bank accounts.

EFT encompasses a wide range of other funds transfers, including credit card, ATM and Point-of-Sale (POS) transactions. Many individuals seek to set up direct debit, for bill or mortgage payment, which is a popular and widely recognized usage of EFT.

In order to protect and maintain the rights and liabilities of individuals using EFT, the US passed the Electronic Fund Transfer Act (1978), with this act being levied under the Federal Reserve Board Regulation E. The act was imposed in order to reduce errors through an EFT, however it does not enable individuals or companies to stop payment, such as direct deposit. Under this act, consumers are given the right to choose whatever banking institution they wish to conduct their personal banking with. This is an advantage in contrast to written documents such as cheques which are usually only cashed at their issuing bank.

In order to set up an EFT, individuals are required to submit certain bank account details, including account number, sort code and banking institution name. This information allows the transfer of funds to be conducted smoothly and without any errors or delays.

DeltaQuest offers a wealth of knowledge in regards to online and offline payment solutions. For information, please Contact Us.

Wireless credit card processing explained

The drastic growth of e-commerce has resulted in individuals and companies striving to offer customers a more accessible and secure method of making payments through an online portal. Mobile payments enable individuals and companies to provide their clients with the latest and most innovative medium for payment solutions.

There are various advantages of wireless card payments for both companies as well as customers. Due to the easy set-up of wireless payments, an increasing number of companies have acquired this software to cater to the masses of consumers online. Additionally, the accessibility of making payments through the internet allows businesses to appeal to a much wider client base on an international level.

Consumers from across the globe are able to make secure payments through their mobile device at their own convenience. As an added security measure, companies have the option to add a ‘confirmation of payment’ email sent to their client’s inbox to ensure that they authorize payments made from their wireless device.

Wireless payment solutions enable instant payments from one bank account to another through an electronic transfer of funds. In order to become a wireless payment service provider, companies are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of experienced consultants, individuals and companies are able to ensure that they acquire the correct software and complete the process in compliance with the relevant laws.