Expert consultants at DeltaQuest offer advice and assistance to individuals and companies that wish to open a merchant account. To learn more about our services, please Contact Us.

Checklist for opening a merchant account  

There are several factors that need to be considered when opening a merchant account. The following is a checklist to gain a clearer understanding of the different elements that are involved in opening a merchant account:

• You will need a company in a jurisdiction which the payment processor accepts
• You will require a bank account for your company
• You may need to show your business plan to the acquiring bank in the application process of acquiring a merchant account from them
• You will have to complete the relevant application form and submit all necessary documentation to the relevant authorities and companies that will be party to your merchant account
• The acquirer will likely perform a risk assessment on your company before informing you whether your merchant account application will be approved
• On approval of all relevant factors, you will receive the go ahead to open your merchant account.

Through seeking advice of professional consultants, you can obtain knowledge on how to open a merchant account, where to open it and how to manage it. By seeking professional advice and assistance you will be more aware of how to get the most from your merchant account.

DeltaQuest offers assistance in obtaining and integrating online and offline payment solutions in your business. For information, please visit our Payment Solutions service page.

Features of online billing

The method of online billing is an effective payment tools as it enables individuals to pay bills online in a safe and secure manner. Individuals and companies that pay their bills through online payments are provided with a reference number and their payment transaction is recorded therefore acting as proof for their payment.

In order to pay through online billing, it is imperative that the bill payer has access to the internet, a valid email address and a credit/debit card for the payment transaction. It is likely that the company ask for the individual to set up an account to manage your bill payments.

Online billing is a very convenient way to pay your bills and manage your outgoing costs in an organized manner. Many organizations that offer online bill paying will stipulate that there is a discount or reduced payment for receiving online bills and making your payments online as is saves them time, staff resources, and paper.

There are many advantages to online billing however it is important that you are fully aware of the website terms and conditions of paying your bill online as some companies will give discounts for online payments while some may change additional fees.

You will be able to print or download information regarding your bill payments to keep as a record and when you make a payment of receive a bill you will do so via email. Your online account for making online bill payments will be unique to the bill payer and you will have 24/7 access to the account.

For information on the types of online and offline payment solutions available, please view our Payment Solutions service page.

Features of the EFTA 1978

The Electronic Funds Transfer Act came into force in the U.S in 1978 on approval of the U.S Congress. The main purpose for passing the EFTA was to ensure that the rights and responsibilities associated with all parties to an electronic funds transfer were established under law. The Electron Funds Transfer Act 1978 covers all EFT activities from ATM’s and POS terminals to ACH systems and remote banking programs.

The Act provides scope for both the individual customers and the financial institution. Under the EFTA where a customer wishes to declare an error in payment, the customer is required to notify the financial institution immediately in writing or orally and provide their name and account number. The customer must detail what the error is, the amount of money transacted falsely and the date it occurred.

Financial institutions on the other hand are required to investigate all errors swiftly and provide a solution to the error within a period of 45 days. Where the investigation into an error of transaction is deemed to take more than 10 business/working days, the amount of money in question must be re-credited to the individuals account. Not all transactions are covered by the EFTA 1978 and it is important to read the Act to ascertain whether you are protected or not. An example of unprotected activities is store gift cards.

To learn about PCI compliance and find out how DeltaQuest can assist you, please view our PCI Compliance service page. Alternatively, you can Contact Us for more information.

Payment Card Industry Compliance

Organizations that accept, process and store any card holder data, irrespective of their size or volume of payment transactions, are required to be PCI compliant. The PCI SSC – Payment Card Industry Security Standards Council – was established in 2006 in a bid to administer and manage the PCI DSS.

The necessary requirements outlined by the PCI DSS are to ensure that all payment transactions carried out by merchants are done in a secure manner. It is imperative that merchants meet the requirements in order to offer their customers a safe method of transacting online payments.

Companies that wish to use a third party processor are also required to be PCI compliant as they store individual and companies card details. If your customers pay you directly using a debit or credit card then you must act in accordance with the PCI DSS requirements. Online payment solutions including credit cards, debit cards and pre-paid branded cards are all included within the PCI DSS requirements.

SSL certification and PCI compliance are two different types of safety measures that all online payment transacting merchants are required to obtain. SSL certification indicates that the organization is secure with regards to first tier customer security.

Individuals and companies that wish to attain a PCI compliance certificate are advised to seek the assistance of a professional consultancy firm. Through the advice of experienced consultants, you can ensure that you obtain the necessary certification in a professional and timely manner.

DeltaQuest offers a wealth of knowledge with regards to online and offline payment solutions. For information on how we can assist you with this offline payment solution, please visit our Cheques Payment service page.

Downfall of using cheque payments

Being a traditional form of payment, paper cheques were widely used to pay for large amounts for goods and services. However, due to the development of online payment solutions such as credit cards, debit cards and e-checks, the use of cheques has seen a considerable decrease.

Cheques enable individuals and companies to pay for goods and services over a certain period of time. Each cheque carries a date and it cannot be cashed before this date, thus causing delays in transacting payments. Post-dated cheques are commonly used by many individuals which has lead to many businesses not accepting them.

Additionally, the physical form of a cheque is paper- which can be easily tampered with. This can lead to fraudulent payment transactions which can be a result of identity theft. It is imperative that individuals and companies keep their cheque books in a safe and secure place to avoid fraudsters from cashing their cheques.

Individuals and companies that wish to offer their customers cheque payments are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of experienced consultants, you can ensure that you process paper cheques in a secure and timely manner. It is imperative that you understand the logistics of accepting genuine cheques to avoid fraud.

To learn how DeltaQuest can assist you with obtaining, integrating and implementing mobile payment solutions into your system, please view our Mobile Payment Solutions service page.

Benefits of offering mobile payment solutions

Retailers that choose to offer online payment solutions as a method of paying for goods and services are able to appeal to a wide audience. It is advised that the company offers a range of online solutions to their customers as this makes the company more client-friendly. The main advantages of offering mobile payments are listed below:

Cost Effective: As this payment solution is relatively simple to set up, it is one of the most cost effective methods of transacting payments from customers. The many benefits of this solution balance out the initial cost of setting it up.

Global Reach: Due to the international appeal of mobile payments, these solutions enable individuals from all across the globe to make payments without restraints such as time and location.

Safe and Secure: Online payments require individuals to enter specific credit and debit card details, as well as address and other personal information to avoid the possibility of online fraud and other illegal activity.

Convenient: The global reach of mobile payments makes them one of the most used methods of transacting payments. There is no requirement for a computer or laptop as individuals can conduct the payment and receive confirmation onto their mobile device, such as an iPhone or BlackBerry.

Retailers and companies that wish to integrate and offer mobile payments to their customers are advised to seek the assistance of a professional consultancy firm. Through the experienced advice and guidance of consultants, you can ensure that you set up and obtain relevant account, software and licensing in a professional and timely manner.

DeltaQuest offers many years of experience in obtaining online and offline payment solutions. To learn more about card solutions, please visit our Credit/Debit Card page.

The scope of credit cards

A credit card gives the holder a certain amount of borrowed funds to spend freely as they wish provided they agree to a repayment plan and interest rate. Most credit cards will charge a competitive amount of interest and will require the credit card holder to make repayments on a monthly basis.

The process of obtaining a credit card is dependent on the issuing company’s requirements. Each credit card issuing company will impose their own prerequisites for applicants to satisfy before approving a credit card application and so it is advised that you seek the advice of a professional consultancy firm to guide you.

The most common reason for acquiring a credit card is to help individuals and companies gain greater flexibility with financing and payment of items and to also obtain short term financing where cash flow is unpredictable. Certain credit cards will offer no interest where the card holder repays the full amount of borrowed money each month the card it used and this is a huge attraction to many individuals and companies as it acts as a form of interest free loan.

Credit cards offer flexibility and convenience and allow the card holder to make purchases on products at times when they do not necessarily have the capital to do so. It is an obligation by all credit card holders that they do not exceed the amount of borrowed funds on the credit card. Credit cards can be used on an international basis and thus give the card holder great levels of freedom in how to plan their financial affairs.

DeltaQuest offers many years of experience in regards to online and offline payment solutions. For information on credit cards, please visit our Credit/Debit Card service page.

Credit card processing explained

Credit card processing relates to the various steps involved when processing a payment from a credit card holder. It is the transfer of the holder’s funds from their bank account, in order to pay for the goods or services they have requested.

Credit card processing provides an internet gateway payment facility that enables you to securely enter transactions online, and connect your website for commerce. Without credit card processing facilities, you will not be able to activate your e-commerce company to its full potential.

Credit card processing is an extremely efficient way of offering clients instant access to online payment facilities. Credit card processing facilities will enable you to accept a wide range of international credit cards. Credit card processing is ideal for a wide range of businesses, particularly internet-based companies. In addition, it is the ideal solution for phone order businesses, office settings and other businesses that do not require credit card machines.

The availability of credit card processing facilities is attractive for customers as it demonstrates a company’s extensive business network. This is particularly attractive when a range of credit card types are available to choose from, as it expands customers’ payment options and limits complications for consumers. This also simplifies business operations and therefore increases your company’s revenue.

For more information on bank wires and to find out how DeltaQuest can assist you with your payment processing needs, please view our Bank Wires service page.

Bank wire processing explained

Bank wires are an electronic transfer of funds from one bank account to another, typically for payment of goods or services. Bank wiring enables the transfer of funds electronically between bank accounts and this can be initiated online for the payment of specific goods or services.

A bank wire is achieved through the use of a computerized messaging system used by most banking institutions to enable the processing of bank wires. They are a payment processing solution, which can be used by companies or all sizes who wish to provide their customers with a flexible and secure option of payment for purchasing from their website.

Purchasing goods via a bank wire provides a quick, safe, secure and convenient method of payment for both the customer and the company receiving the payment.

The overall process of bank wires is as follows:

• Approach your bank with the instructions to pay a certain amount for goods or services to another party
• Your bank will make the payment and withdraw the amount of money from your bank account
• The computerized system will transmit the message of payment to the receiving bank
• A fee may be imposed by the sending bank.

There are different types of bank wiring processing solutions available which vary in cost and immediacy of payments. Bank wires can also be used for credit card balance transfers. To find out more on how bank wire processing can serve your business as an effective payment solution, you are advised to consult with a professional consultancy firm.

DeltaQuest offers a wealth of knowledge with regards to online and offline payment solutions. To learn more about these options, please visit our Payment Solutions service page.

Features of offline payment solutions

An offline payment solution is the form of making payment transactions for goods or services which is not done through the internet.  Offline payment solutions such as POS terminals, telephone payments, direct bank transfers, cheques and cash payments are used primarily by retail outlets and individuals. These traditional methods of conducting payment transactions reduce the risk of fraud as well as identity theft, which is an increasing concern with online payment solutions such as credit and debit card payments.

An offline payment solution will be used in a physical retail environment, for example in a supermarket at the till. An offline payment solution cannot be used for online payments of goods or services. Offline payments often give consumers the confidence that their payments are safe and at little risk of fraud in comparison to online payment solutions.

It is important to acquire the assistance of a professional consultancy in order to understand the scope of offline payment solutions and how they can help your business cater to a wider clientele. By seeking the advice and guidance of expert consultants, individuals and companies are able to make sure that they obtain the offline payment solutions that will benefit their specific business purposes. Moreover, consultants will help you integrate and implement the payment solutions in your company so that you can begin payment transactions to your earliest convenience.