General Payment Archives | Starting Business

What is PayPal

PayPal is considered to be one of the safest and quickest options to transact online payments. As an internationally renowned e-commerce business entity, PayPal enables individuals and companies to conduct payments through the medium of the internet…

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What are payment solutions

Individuals and companies that offer goods and services to their clients are required to integrate payment solutions within their businesses in order to accept and process payments. By implementing relevant payment solutions, companies are able to offer their clients the most optimal method of processing payments…

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What is a Payment Gateway

Specific software that allows a direct connection between a company website and a banking institution to process and transact payments is referred to as a payment gateway. A payment gateway is largely considered to be an “e-commerce application service provider”, that is, software which permits…

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What is Western Union

Western Union is a financial services company based in the United States that enables individuals and companies to transfer money. The main services that Western Union offers to their clients include money orders, prepaid cards and business payments…

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What is an EFT

EFT is an abbreviation for Electronic Funds Transfer. It is a method of transferring funds electronically from one bank account into another, therefore eliminating the requirement for individuals and companies writing, issuing or depositing cheques. Individuals and…

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What is Skrill

Skrill, previously known as Moneybookers, is an e-commerce business entity that enables online payment transactions through the internet. As of 2011, Moneybookers has rebranded their services of e-money management to be represented as Skrill…

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What is Electronic Funds Transfer

EFT, an abbreviation for Electronic Funds Transfer, is a type of online exchange of money that is transferred from one bank account to another. This safe and secure method of transferring funds electronically enables individuals and companies to reduce the use of paper cheques…

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What is a chargeback

A chargeback occurs where an issuing bank forcibly initiates the return of funds into a customer’s bank account. In the event that a consumer files a dispute against a transaction that has been taken from their account, a chargeback enables them to regain funds back into their account…

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What is a payment processor

A payment processor is a company that is chosen by the merchant to oversee all online payments made to the acquiring banks. It is vital to obtain the services of a payment processor in order to begin the processing of online payments…

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What are payment solutions

A payment solution is the most optimal method of processing a payment that meets a company or individual’s unique requirements. There are two main ways of transacting payments, namely; online or offline transactions. Payment solutions…

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