The evolution of payments has seen a shift from coins to paper money to plastic cards and online payments. The online transaction system has gained massive popularity in this digital era. Everyone wants to make easy and seamless transactions.
Providing seamless payment processing within a mobile application, SaaS product, or website can benefit a business in numerous ways. With the integrated payment acceptance method, companies can increase their revenue. Thus, in response to the continuous growth of rapid payments, open-banking requirements, and cloud technologies, banks are optimizing their core systems to current, new-generation cores and modernizing their payment processing infrastructure.
Payment processing helps expedite card transactions securely and quickly in B2B transactions. A payment processing organization facilitates the completion of a transaction between you and your vendor or business. Many parties are involved in the transaction to make it seamless. The five parties engaged in the deal are listed below:
- Transaction processor
- Payment gateway
- Bank of the customer or the credit card
Keep scrolling through to learn how you can ensure seamless payment processing for a business.
- Mobile payments
Mobile payments have gained immense popularity during the COVID pandemic. With several UPI apps, it has become easy for businesses to make payments with just a few taps on their smartphone. Due to the adoption of mobile wallets, contactless payment has become possible. Offering wallet transactions will ensure smooth and instant payment processing for businesses.
- Credit card payments
Many consumers prefer paying for expenses via a plastic card, i.e., a credit card. Any type of business accepts credit cards quickly and easily, and you can process purchases either in person or online. However, whether you accept card payments in person or online, the process usually entails three fundamental payment processing steps:
- The customer enters their credit card number into the payment processor by swiping, inserting, or tapping their credit card or mobile device
- To confirm available money or the credit limit, the payment processor gets in touch with the card’s issuing bank to look for probable fraud
- The payment processor debits the customer’s account and credits your merchant account with the transaction amount if the bank confirms the transaction
- Buy now, pay later
Buy Now, Pay Later (BNPL) is the best alternative to credit card payments. This payment processing option lets the user access their product first and make the payment later. Likewise, it also allows businesses to purchase the products without making a single huge payment. With the BNPL option, companies can stay stress-free as this payment method offers them the advantage of making small monthly payments for their purchases.
- NFC – one-tap transactions
Near Field Communication, also known as NFC, is the technology used in various payment processing transactions. With NFC, a transaction can be completed across short distances within microseconds using phones or cards with chips. In addition, since the transaction is encrypted and credit cards are not used as card readers, it is believed to be a more secure payment method than traditional swipe credit card terminals.
Integrating payments with EnKash
In this digital era, all transactions are shifting to online modes, thus making it essential for businesses to adapt to the changing needs. Therefore, having a flawless payment process is the need of the hour.
EnKash is one of the best spend management platforms and also offers a card API suite CardX with a plug-and-play integration. These cards are developer-friendly and can enable multiple use cases of credit cards, prepaid cards, and wallets. They have a complete card management suite and integrated functionalities such as real-time KYC solutions, fraud and authorization controls, reward management, and multiple credit products.
With the help of EnKash’s open API stack, businesses can issue credit and prepaid cards to their customers, users, agents, and vendors, to help them make safe and secure payments. CardX offers a low-code modern stack and innovative payment processing solutions around KYC and compliance, which helps companies drive their transactions faster.
In addition, they offer customizable services as per business needs. So, what are you waiting for? Connect with EnKash today to get the best payment processing solutions and see your business grow!