The internet is the greatest thing that has happened to the human race. It as provided a lot of solutions to problems experienced in the past which includes payment solutions. As most people prefer to buys goods via the internet to visiting a local store. The only option of paying on some online stores in recent years is Credit card payment; some of them now accept other means of payment which includes payment processors. Making it possible for people without virtual or real credit cards make payment online with only few clicks.
DO YOU KNOW THAT YOU CAN PAY FOR GOODS AND SERVICES ON THE INTERNET WITHOUT HAVING A CREDIT OR DEBIT CARD?
This is made possible by what are known as payment processors. A payment processor is usually a company that allows anyone with an email address to send and receive payment (money) securely and safely over the internet. These companies are usually international, thereby allowing users from all over the globe. To open an account with any of these processors is FREE.
These companies have several types of membership/accounts ranging from a starter account to
a business account. There are conditions for opening each of these accounts. When you open an account with any of these processors, there is usually a phrase known as 'verification'. You need to verify your account, if you don’t; there is always a limit to the amount of money you can receive in your account. If you want to sell anything online, these processors can also help you receive credit card payment on your website. Most of them issue debit cards to their customers: those who meet certain criteria: only these set of people are allowed to order for the card thereby making withdrawal from your account easier.
a business account. There are conditions for opening each of these accounts. When you open an account with any of these processors, there is usually a phrase known as 'verification'. You need to verify your account, if you don’t; there is always a limit to the amount of money you can receive in your account. If you want to sell anything online, these processors can also help you receive credit card payment on your website. Most of them issue debit cards to their customers: those who meet certain criteria: only these set of people are allowed to order for the card thereby making withdrawal from your account easier.
These companies do not usually deal directly with customers in terms of funding their account. Customers fund their individual accounts through exchangers/resellers. Exchangers load your account with funds, for an exchanger to fund your account, you must have paid the equivalent of the amount you need in your account to the reseller’s bank account or other means of payment provided by the reseller. In short, a payment processor eliminates cash transactions; the only time you hold cash is when you are funding your account to pay up some bills and when you withdraw from your account. The balance/the amount you have in your account is otherwise known as e-currency which is usually in US Dollars ($) or any other supported currency, in most cases, some local currencies are supported…
(To Be Continued)
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