EFSAG offers many years of experience in integrating and implementing online payment solutions into businesses. For information about our services and how we can assist you, please Contact Us.

Reasons to Use E-Checks

Business entities that offer their clients the option to make online payments through e-checks are able to benefit from a number of features. Initially e-checks assist companies to save money as they have a low initial cost set-up. Furthermore, the cost of processing e-checks proves to be less than processing paper checques.

As an online payment option, e-checks are instantly processed in comparison to the paper cheques that are usually processed in batches (daily, weekly, monthly). The global appeal of e-checks make them an outstanding method of conducting payments as individuals are able to transact money from any bank and in any currency.

The enhanced safety and security of e-check processing, which uses the same network as Direct Deposit and Direct Payment, ensures that this method is feasible for businesses and does not pose risk of fraud. In addition to this, the lack of the human element in e-check processing allows these solutions to reduce the chances of error and mistakes as all procedures are recorded online.

Ultimately e-checks prove to be a popular online payment solution for merchants as they are able to easily integrate it into their business. Below is an outline of the benefits it offers to clients using e-checks to pay for goods and services:

• Enhanced Security – account details and information is encrypted to reduce risk or fraud and scam
• Instantaneous – all payments are instantly transacted from the account
• Worldwide Accessibility – individuals can make payments from anywhere in the world, at anytime
• Environmentally Friendly – the lack of paper makes this method environmentally friendly and green

EFSAG offers services in obtaining, implementing, and integrating a range of offline payment solutions. For information on how to set up postal payments, please view our Payment Solutions service page.

Reasons for Obtaining Postal Payments

Postal orders are considered to be a popular method of conducting payment transactions in a safe, easy and simple – especially in households. Individuals favor postal payments, despite them being offline, as they are an efficient means of paying for goods and services. As an offline payment processing procedure, postal payments enable individuals to benefit from a traditional method of paying as opposed to using the internet to make card payments, for this reason it is more trusted by customers.

The following is a brief outline of how postal payments are conducted:

• The individual simply obtains a postal order from their nearest post office facility
• The value of the postal order will be determined by the amount of cash the individual pays at the post office
• The individual will have to pay the post office the exact amount of money for the good/service and this will then be produced in the form of a post order
• The individual will then post the postal order to the company he/she purchased the goods from

Postal payments have a number of benefits, some of which include:

• Tracking – tracking code is issued to clients by the post office
• Confidentiality – No personal information is sent on a postal order, this ensures high levels of confidentiality and low risk of ID theft or fraud
• Security – Postal payments can only be cashed by the intended receiver, thus ensuring high levels of security

EFSAG offers many years of experience in obtaining, implementing and integrating offline payment solutions. For information about our services and how we can assist you, please view our Payment Solutions service page.

Reasons for Using Bank Wire Transfers

Companies that offer their clients the opportunity to pay through bank wire services are able to cater to a wider customer base. The primary reason for the popularity of bank wires is due to the high levels of security and safety they offer in terms of payment transactions across the globe.

Where a customer wishes to make a payment to a merchant in a different country, and the merchant does not offer online payment solutions, bank wires are considered to be the most efficient and safest payment method.

Other benefits of bank wires include the following:

• Simultaneous transactions – the money is transferred from one account to another at the same time, thus reducing lag and delays.
• Convenient – bank wires are a traditional method of money transferring, therefore it is available at places worldwide.
• Trusted – as bank wires have been available for many years, they are a trusted method of sending money overseas.

Business entities that wish to integrate bank wires as a payment method are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of experienced consultants, companies are able to ensure that the offline payment solutions they obtain and implement are successfully integrated in a professional and timely manner. Furthermore, expert consultants are able to offer reliable and insightful knowledge with regards to meeting the necessary criteria for these services.

EFSAG offers many years of experience and knowledge in terms of online payment solutions. For information about our services and how we can assist you, please view our Online Payment Solutions service page.

The Scope of E-Wallets

An e-wallet, often referred to as a digital or online wallet, is unique software that allows individuals to store information online. They offer enhanced security to protect the information stored in the form of passwords and encryption. It is highly advised to keep this information in a safe place as access to your password would enable unscrupulous individuals to view and exploit your credit card and contact details.

The following are examples of the information can be stored in an e-wallet:

• Credit and debit card numbers
• Pin code
• Billing address
• Contact details
• Bank details

In order to prevent unauthorized access of the e-wallet, users can employ add-on security measures as well as limiting the number of password failed attempts. This technology provides users with an easy to use and accessible method of making online transactions.

A number of browsers, including Internet Explorer, offer individuals to use their built-in e-wallet. This type of e-wallet is mass customized as it has been developed to cater to a large number of individuals. Browser e-wallets offer the basic e-wallet features and in order to benefit from specialized e-wallets, users need to download or buy the correct software.

In addition to the storing and safety features of an e-wallet, there are other benefits such as auto-fill of information when shopping online. Users do not have to provide the contact details, billing, shipping and card details for every transaction they make as the e-wallet will automatically fill out the form.

EFSAG boasts a wealth of knowledge with regards to implementing and integrating online payment solutions. For information about our services and how we can assist you, please view our Online Payment Solutions service page.

Reasons to Engage in E-Commerce

Business entities from around the globe have taken measures to integrate and adopt e-commerce solutions into their services to incorporate and cater to their global clientele.

To effectively engage in e-commerce, businesses must obtain, implement and integrate online payment solutions. Through these payment solutions, companies are able to accept payment transactions through credit and debit cards, as well as e-cheques and other online payment processes.

The following is a brief outline of the various benefits of expanding your business and employing e-commerce:

Accessibility

Due to the 24/7 accessibility of the internet, it enables companies to overcome obstacles of time and provide goods and services to their clients at any given time.

Geographical Restrictions

The barriers of distance between countries and continents is over come through e-commerce as it allows clients to visit company websites and avail services at anytime, anywhere in the world.

Search Engines

The growth of Search Engine Optimization and its integration into company websites ensures that the products and services of a specific business rank higher in search engine results thus reaching a wider audience.

Cost Effective

The cost of running a business is significantly lowered in terms of marketing, advertising, personnel and administration. There is no specific requirement of having a physical office as many businesses are able to run through an online presence only. 

EFSAG has many years of experience in integrating offline payment solutions for businesses worldwide. To learn about our services and how we can assist you with your business needs, please view our Payment Solutions service page.

Why Offer Offline Payment Solutions

Offline payment solutions allow retailers to accept payment transactions for goods and services through a more traditional method in contrast to online payment solutions. Offline payments include the following methods:

• Bank wire transfers
• Postal payments
• Cash payments
• Cheque payments

To accept the above mentioned payments, retailers are required to install and integrate POS terminals – which also allow the processing of online payments such as credit and debit card payments.

A company which accepts offline payments is able to monitor its income and clear payments in a timely manner. Offline solutions are considered to be a faster and more efficient method of payment as most of the transactions are between bank accounts or are direct payments made over the counter. There are a number of advantages of offering offline payment solutions to your clients, these are outlined below:

• Direct payments – offline payments are transacted directly from an individual’s account, for example: cheque payments
• Instant – payments made through cash are immediate therefore there is no lag time
• Not online – these payments do not require internet therefore they are not reliant on technology

Furthermore, many retailers trust the method of offline payment solutions more than online due to its traditionalist appeal however, with the growth of technology, online solutions offer a gateway to a much larger scope of customers. With the right preparation and setup, an online payment solution can prove to be just as secure as that of an offline solution.

EFSAG offers years of experience in obtaining PSP licensing and integrating PSP software. For more information about our services and how we can assist you, please view our PSP service pages.

Features of Payment Service Provider Software

When forming a PSP entity, it is important to obtain, implement and integrate the relevant software to provide the basis for communication between the merchant and the bank. The PSP software acts as the payment gateway that provides a communication tool between the merchant and the bank. It is software that is adopted by the merchant.

PSP software is integral for the operation of a PSP business because it serves as the interface that merchants use to see their usage of the payment gateway, as well as for them to interact directly with the payment gateway. PSP software can also contain functionality that allows merchants to use the payment gateway through the PSP software, including using a virtual terminal or batch processing software.

Obtaining a payment gateway is not sufficient for a PSP as they will need to take the data that the payment gateway processes and present it to the merchants. This is achieved using PSP software as it takes the data from the payment gateway and breaks it down into separate accounts for merchants to see their processing history, as well as statements and other reporting tools.

EFSAG boasts a wealth of knowledge with regards to online and offline payment solutions. For more information about our services, please view our Payment Solutions service page.

License for Issuing Pre-Paid Cards

Non-financial or authoritative bodies that wish to issue pre-paid cards must first seek approval from the relevant financial body and obtain the necessary license as stipulated by the country in which the company operates from.

It is imperative to obtain the relevant license as it demonstrates that the company is legally complaint with jurisdictional regulations. The license shows that the company observes the relevant standards of issuing pre-paid cards set by the regulatory authority.

The following is a brief outline of the requirements companies must meet in order to become pre-paid card issuers:

• Typically be a limited liability company (LLC)
• Evidence of the minimum start-up capital
• Implementation of anti-money laundering and anti-fraud measures
• Company must meet the requirements in terms of structure and internal and external operations to obtain the license
• Entities must have an effective control system

It is important that the issuing company understands the requirements involved to obtain a pre-paid card license. It is highly advised to seek the support and guidance of a professional consultancy firm that is experienced in pre-paid card requirements and implementation.

EFSAG offers many years of experience in implementing and integrating online payment solutions into business entities. For information about our services and learn about how we can assist you, please Contact Us.

3-D Secure Authentication and its Scope

As a security procedure, 3-D Secure Authentication allows individuals and companies to enhance their performance and catalyze e-commerce activity in international markets. Customers have the option and ability to approve online payment transactions prior to being processed by a payment gateway. The 3-D security adds an extra step to online debit and credit card payment processing, however, the additional security ensures safe transactions for customers.

The system works in the following manner;

1. The cardholder makes a purchase by completing a payment from for the merchant.
2. The merchant makes an authorization request to the payment gateway.
3. The payment gateway responds with a forward_url to the merchant.
4. The merchant redirects the cardholder to the payment gateway.
5. The payment gateway redirects the cardholder to the issuing bank and the 3-D secure form.
6. Once the 3-D secure form is complete, the issuing bank redirects cardholder to the payment gateway.
7. The payment gateway redirects cardholder the approval to the cardholder.
8. The cardholder is able to make the purchase from the merchant as the transaction has been approved through the 3D secure form.

The above mentioned procedure appears to be complex, however it is completed in a matter of minutes as the authorization requests and forms are completed by the customer entering their secure password and i-pin (internet pin).

EFSAG offers advice and guidance with regards to integrating and implementing online payment solutions into businesses. For information about our services and how we can assist you, please Contact Us.

The Global Reach of PayPal

PayPal is considered to be an alternative method to checks and money orders as the entire procedure is conducted online. PayPal acts as an acquirer, that is, a financial institution which allows credit and debit card payments to be processed to pay for goods and services.

There are a number of benefits of transferring money via PayPal, these are:

• It enables customers to directly pay for goods and services. The money is transacted from the customer’s bank account or their credit card
• PayPal offers enhanced levels of security to all their clients. The additional step of verifying bank account details ensures that all payments are legitimate
• All payments are transacted and transferred in a fast and efficient manner without any delays, regardless of the location
• The global outreach of PayPal makes it a money transfer service that is available to individuals and merchants across the globe
• It is a service which customers find to be reliable and secure due to its affiliation with a wide range of online retailers and service-providers.

In order to make payments using PayPal, individuals are required to make a PayPal account. This is free of charge and allows customers unlimited access to use their account. Individuals are also able to download a PayPal application on to their Smartphone to further enhance accessibility to the service.

PayPal is likely to charge minimal fees for receiving substantial amounts of money on behalf of other organizations, such as auction sites or online vendors. This fee is dependent on a number of aspects such as currency, amount and payment option used.