How Startups Can Accept Online Payments Globally

Tag: global payment gateway


Accept Online-Payments-Globally

Online businesses are fast becoming the norm and the ability to accept global online payments is one of the prerequisites for this type of businessThere are multiple channels available for facilitating the online payment process. Before settling upon a particular channel, it is imperative that the business makes proper assessment of all the available options, evaluating them on different criterions. Further, there are other choices to be made such as deciding whether to set up in-house payment processing system or to opt for a third party vendor for specialized services. Following are some of the pointers in this regard: 

Rise in Online Payments: As eCommerce is becoming more and more prevalent, the volume of online payments is also rising. There is particular increase in the number of mobile payments as people are now gravitating more towards the use of internet on their phones. As per a report released by Price Waterhouse Cooper, the number of people choosing mobile shopping increased multifold between 2011 and 2017. While mobile payment is on the rise, people still use a variety of methods to make online payments. Therefore, it is important that your business offers a wide range of online payment options to the clients.  

Accept Debit and Credit Cards Online: Giving the facility of making the payment through debit or credit cards is one of the most basic services provided by an online business. For this purpose, you may have to open a dedicated merchant account. Alternatively, you may also choose to use an intermediary holding account. All these options come with their own pros and cons. Therefore, it is important that you carefully consider all the scenarios to reach at a conclusion. The most widely used credit card brands are Visa, MasterCard and American Express. However, there are several other credit card brands available as well. It is important to ensure that the clients are provided with the largest possible options for online payment. 

Go Mobile: Mobile payments are increasing at a faster rate than the overall rise in online payments. As the future belongs to mobile internet, it is imperative that your website allows for mobile payments. Mobile payments can take place in a variety of ways such as typing in a credit card number or swiping a card or dipping a chip card on a mobile device. You can offer these services through an app and the same app may allow you several other benefits such as accessing cash flow reports and dispatching invoices. As more and more people start using smartphones, mobile payments are all set to increase in their scope.  

Choose an Online Payment Gateway: In order to make it convenient for your clients to make online payments, you may simply add a payment form to your website. The form may be amended to provide the facility of storing data so that your recurring clients are not required to add information every time they place an order. This work may also be outsourced to companies which provide specialized services such as secure processing of the payments and hosting the payment form. Further, you may also customize the payment processing procedures to meet the specific requirements of your business and your clients. These services have the additional benefit of providing you the online destination which you may use for promotional purposes. 

As eCommerce widens its scope, the newer methods of making and receiving online payments are being introduced at a fast pace. To offer the best to your clients, it is important that you constantly update your online payment alternatives. Apart from ensuring that these methods are safe and secure, it is important that you pay due attention to the speed of processing as well.  

7 Online Payment Definitions You Should Know

7 Online Payment Definitions You Should Know

Online payment systems are a complex mechanism with very specific and specialized terminology. In order to fully understand the operations and working of online payment systems, it is important to be conversant with various terms associated with these systems. Here are some of the most important and widely used terms which you need to know to remain updated about online payment ecosystem.

  1. Merchant Account: This is the type of account which a business needs to acquire while entering into a contract with an acquiring bank. A merchant account has several features, the most important ones pertaining to the ability to process debit card or credit card payment system. Once an online transaction is executed, the acquiring bank proceeds to accept payment from the customer. The funds are then deposited into the merchant’s account after making due deductions. These funds are later paid into the merchant’s business account.
  2. Acquiring Bank: An acquiring bank is responsible for processing card payments, including debit and credit card payments for a business. Such banks are associated with different card networks including Visa, American Express, etc. The main function of these banks is to act as a middle person between issuing banks and the businesses. An acquiring bank carries out a large number of services such as accepting card payments from card issuing banks. It also carries out the verification of the transactions for approving or disapproving the payment.
  3. Issuing Bank: This bank is entrusted with the task of issuing debit cards or credit cards to customers. The name of such bank is printed on the card and thus is easily identifiable. An issuing bank is also known as card issuer. This bank is authorized to extend credit facility to its clients by implementing letter of credit process. Some of the major card issuers around the world are Visa, HSBC, MaterCard, Citi and Barclays.
  4. 3-D Secure: Ensuring safety and security of the sensitive information is very important in online payment ecosystems. 3-D Secure refers to Three Domain Secure protocol and helps in preventing fraud in online debit card and credit card transactions. This protocol establishes the identity of the card holder by assigning unique username and password to the cards. For example, Visa uses Verified by Visa service for this purpose while MasterCard uses MasterCard SecureCode to carry out 3-D Secure procedure.
  5. Chargebacks: A chargeback is a mechanism to ensure customer protection in the case of online transactions. It is done to provide security to customers in the case of disputed transactions. Under this system, the money is either reimbursed to the cardholder or to the merchant, depending upon the particulars of the transaction disputed. Some of the main events which may trigger charge-backs are the non-receipt of the goods, dispatch of wrong goods or the use of the card without being authorized by the card holder. Excessive charge-backs may lead to revocation of online payment privileges for the business organization. Alternatively, they may be saddled with high fines.
  6. Rolling Reserve: This term refers to the proportion of the transaction value which is kept in abeyance by the acquiring bank. The amount is later released in a staggered manner to the merchant. The main purpose of rolling reserve is to protect against various risks associated including chargebacks with online payments. Rolling reserve ensures that the merchant has enough liquidity to honor chargebacks. Acquiring banks carry out periodic review of rolling reserve ratio applicable to different merchants. Such limits are decided based on volume of online transactions and the risk profile of the firm. This constraint is not universal in nature and thus is not applicable to a large number of businesses.
  7. PCI DSS: This protocol refers to Payment Card Industry Data Security Standard, as defined by the PCI Council. The main purpose of this protocol is to improve the security factor of online payments. It enumerates various policies and procedures which need to be adhered to so that the sensitive information pertaining to the business and its clients is handled in a well-defined and recognized manner. The Council was created through the collaboration of various credit card companies such as Visa and MasterCard.

Though these are the most important ones, there are other terms also which are important to know in the context of online payments. The need of the hour is to keep oneself completely updated about the changing norms in online transactions.

How PayTabs is making it super easy to manage your online store’s payment process

How PayTabs is making it super easy to manage your online store’s payment process

For any brand that has e-commerce store, a good payment gateway partner is of paramount importance to realize the full potential of the business. A good payment gateway must have a great user interface, should be easy to integrate, non-intimidating, aid in the conversion process and finally, make the post-conversion process easy.

Now, there are quite a few payment gateway providers in the market. Which one you choose largely depends on your exact needs. Some provide to option to offer customized pricing. Others allow a simple a quick deposit of funds. Some allow you to get up and running under an hour. And others allow you to accept payments in multiple currencies. But the one provider that has been doing all of this and more is PayTabs.

Easy to integrate with Shopify, Opencart, Magento and WooCommerce, PayTabs offers everything you need to start running and stay in the business quickly and easily. In fact, it offers many native payment options like Alipay, Skrill, Ukash and giropay to ensure your local customers complete the transaction hassle-free.

One of the best features of PayTabs is its PayPage, which can be used for online invoicing. Even if you don’t have a website or CRM, you can simply send the payment link to your customer to receive payment via credit card or debit card. The system also comes with an invoicing solution which makes you look professional and also allows you to keep track of the payments received.

Track your payments on your phone

With the newly launched PayTabs app for both Android and iOS, it has become a breeze to keep track of payments on the go.

If you are a merchant using PayTabs, you can now access your PayTabs dashboard via the app. The app gives you the ability to request a withdrawal and also create PayPage invoices. To a merchant who is constantly on the go, these features come as a welcome relief from having to carry their laptop everywhere.


Take Christina, for example, who runs a specialist tour agency for women travellers. She does spend a few days in office but otherwise she is always on the trips she has organized. Her trips are popular because of strong word-of-mouth marketing and bookings for future trips keep happening everyday. This meant that Christina had to check her bookings daily and also spend time making invoices between her trip.

Then, she discovered PayTabs. Using the app, Christina is now able to check new bookings on the app and create invoices in a jiffy. She is able to accept payments without having to direct users to her website and just sending the payment link over an SMS or a messenger.


Andrea started her business in eco-friendly jewellery which took off like wild fire. The jewellery raw materials were sourced from the Ecuadorian forests and the artisans locally crafted the jewellery with the help of international designers. As a result, Andrea had many clients from different countries wanting to buy jewellery from her, place repeat orders with ease and pay easily.

Andrea adopted PayTabs, which allowed her clients to pay in their local currency. This lead to a higher adoption rate for her products as they were easier to procure compared to competitors. With PayTabs for iOS, Andrea was able to quickly check for payments, generate invoices on time and request withdrawals easily, helping save time and efforts.

As an entrepreneur, she could maintain her accounts easily no matter where her customers came from.

Built keeping in mind the most important requirements for an online store owner, PayTabs is here to make the payment gateway process simple and effortless. Try it out by downloading the PayTabs app now.

For iOS -You can refer to the link https://goo.gl/FwjVGv to download.

For Android – You can refer to the link https://goo.gl/hjo4ba to download.

The State of Global Payments: Part 2

The State of Global Payments: Part 2

In one of our earlier posts, we touched upon the upsurge in non-cash transactions across the world and how developing countries are driving the growth of online/digital payments. We looked at some hard numbers from Capgemini’s World Payments Report which justified the growth in non-cash transactions across the world.

In this piece, we will look at key trends that are key to driving global payments in 2017 and the future:

  1. Technology vis-à-vis International E-Commerce: It is indeed true that international transactions have increased in recent times but the subsequent pace of developing fast, secure, transparent and efficient solutions have not quite been there. Currently, there’s a need for more payments solution to cater to the growth in international e-commerce.


  1. Need for Agility and Pace: Whilst the growth in FinTech investments over the years, there is currently a tremendous hunger in the marketplace, for companies to deliver more instant gratification moments in terms of payments and flexibilities in payments solutions. Which means different types of payments solutions accepting multiple currencies.


  1. Enterprise Payments: As per the World Bank’s Cost of Sending Remittances report, checks are still prevalent in most organizations across the world, especially smaller organizations. As of 2015, 90% of small organizations across the world, used checks for making payments, primarily to freelancers and commission based sales force. Large banks and credit card technology companies still dominate the international payments space, which is plagued by complexities and very high fees. There’s a huge scope for new age payments solutions providers to solve some pressing international payments issue in the B2B space.


  1. The case of the Unbanked: According to a Citibank report in March 2016, there are still 2.8 billion unbanked and underbanked people in the world, especially in developing countries, where FinTech solutions have outpaced the penetration of legacy banking. The key to the growth of FinTech and Payments solutions has been because of the huge growth in mobile payments, aided by the tremendous penetration of mobile in developing countries.


  1. Banks and Technology need to be friends: Banks need to accept and recognize the fact that digital payments can do much more than automation. Digital and online payments solution providers shouldn’t view banks as their adversaries, rather recognize the value that they are adding to the global financial system, thereby cultivating opportunities for greater innovation and efficiency through collaboration.


  1. Transparency: There’s been a paradigm shift in the needs of the global payments market, in the context of more transparent pricing, flexibility in integrations and innovative customer service. It is an imperative for global payments solution providers to track all transactions in the entire payment process/cycle to ensure transparency.


Therefore, as you can probably gauge that despite growth in FinTech and digital payments, there remains a lot of opportunities/gaps in the marketplace that needs to be fulfilled/filled.

We would love to hear your viewpoints in the comments below and click here to experience a new economy payments solution that truly manages to fill existing gaps and adds tremendous value for your business.

Click here to read State of Global Payments: Part 1