Internet acquiring – what is it?
Technological progress and the development of commodity-money relations gave impetus to the creation of one of the most popular inventions for a person – a bank card. Today, most people have them.
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Initially, their purpose was to facilitate the process of cash withdrawal, but after a while the functionality of the cards underwent a number of changes, was significantly expanded, and due to this acquiring appeared. For many, this is still an unfamiliar term, which is actually a popular service, especially acquiring via the Internet. But what is it all about and why is it so popular today?
Internet acquiring is a service that provides the ability to pay for goods and services using a bank card on the website of an online store. If initially the goal of creating a global network was an information function, now, using the Internet, we can not only find out all the information we are interested in, but also make any purchases in online stores without leaving our favorite couch. And here, by the way, you have to acquire online online acquiring. As the number of purchases through the global global network is growing every year, this type of e-commerce is very popular and has a number of advantages, both for the buyer and for the selling site.
Advantages of Internet Acquiring
1.Significant growth in potential customers.
Significant customer growth occurs due to the fact that most people prefer to make purchases on the Internet, and they will have an additional service in the form of card payments. In addition, you can accept payment both from a real card and from a virtual one, which significantly increases the client base, attracting owners of electronic wallets.
2. The risk of returning goods is reduced to zero, since the buyer is delivered to him already paid.
3. Online acquiring services connected in the online store help to increase the number of spontaneous sales.
It is enough for the client to have a bank card or electronic wallet in his hands and access to the virtual network, then select the product, enter the card details. As a result of simple actions, payment can be made on the spot.
4. You can increase the range of goods or services provided.
5. There is completely no risk of accepting fake notes.
6. The uninterrupted work schedule of the online store 24/7 (without breaks and weekends).
7. The Internet acquiring system is reliable and secure.
Thus, based on all the advantages, we understand who needs Internet acquiring – all online stores and selling sites. This is not just a fashionable option! The use of this method of payment is dictated by time. And if an entrepreneur is looking to the future, then he will immediately start connecting Internet acquiring to his site.
How does internet acquiring work?
The payment system of Internet acquiring is quite simple. The participants in this action are: an online store, a bank that has permission to provide acquiring, a processing center, an international payment system, an issuing bank.
How is everything going?
To begin with, the buyer determines the necessary goods or services and chooses the payment method, in our case, by credit card. Then, in the interface that appears, the client must enter the details of his card. After that, the data is redirected to the issuing bank and the buyer passes authentication (verification procedure). All data goes to the Processing Center, which sends a request to the international payment system. After the verification process is completed, the Processing Center informs the Provider about the result – approval or rejection. The provider, in turn, notifies the store and the buyer. When all these stages of verification are overcome, the store can issue a sale. The request is canceled if a refusal is received. Further, the calculated data is sent to the bank, and it already transfers the amount for the transaction to the account of the store itself. Thanks to the use of the latest electronic systems, this whole mechanism of work and the implementation of translation are carried out in a matter of seconds. Therefore, payment by Internet acquiring is not only convenient, but also fast.
How to connect Internet acquiring for a site?
The task of each online store is to provide its customers with a comfortable shopping experience, and a profitable online acquiring. So before you connect this service to yourself, you need to analyze all the available providers of this service. View reviews of different companies about Internet acquiring and choose the most suitable option for your selling site. You can connect it using an acquiring bank, which will provide the whole range of services independently or a payment provider acting as an intermediary between the selling site and the bank. But the service provider has a significant advantage, organizing work not with one but several banks at once, which significantly increases the efficiency of the payment system, and also makes it more reliable. In order to order the best Internet acquiring, you need to contact the processing center. After all the nuances are agreed, an agreement is concluded with the bank. The processing center develops a special web-interface for calculating cards on the company’s website. From the store’s website, the client will be automatically redirected to this interface and fill in information about his card. As part of the Internet acquiring service, providers provide a number of services: a virtual terminal, a personal account, and, of course, all the necessary methods to prevent fraudulent activities. Also, during the connection, chargebacks are formed, and it becomes possible to exchange Internet acquiring.
The cost of Internet acquiring depends on many factors. The commission is calculated individually, where the following indicators are important: company turnover, activity, customer geography, legal package of documents. In current trading, the introduction of new technologies has a beneficial effect on the image of the selling site. If Internet acquiring is connected to an online store, this will expand the business opportunities, expand the customer base and increase the company’s turnover. For this reason, Internet acquiring for a company is a very effective tool for attracting customers.