Classical vs. Collaborative Payment Processing
In this infographic, we will navigate you through the difference between classical vs. collaborative payment processing. Every payment gateway, processor, or bank uses its own payment system (often a unique one). In order to establish a new payment gateway or payment processor relationship, your business has to go through a labor-intensive and time-consuming integration process. That allows you to get certified by the respective gateway or processor and start processing...
UniPay-to-UniPay Integration
UniPay-to-UniPay integration provides a conceptually new approach for merchants and payment facilitators that face the need to integrate with some payment processor.
Integration “from scratch” involves multiple phases: each function (such as real-time and batch processing, tokenization, merchant on-boarding, and others) has to be re-certified with each new bank or processor the business integrates with.
However, this is not the case when a UniPay-based payment processing platform user integrates with another user...
Collaborative Payment Processing
Due to the evolution of payment methods, collaborative payment processing has become a new standard recently. When companies plan on selling online, they will need payment processing platforms and it should be scalable as well.
When the volume is low, integrating with a third-party payment gateway makes more sense. However, when the sales increase, the original payment gateway cannot accommodate all the needs and hence, they make use of several partner...
Terminal Cloud Solution
A payment cloud terminal solution just looks more organized than a non-cloud solution, does it? That’s because modern cloud terminal solutions have learned lessons from the past and now bring credit card processing into the future. With the cloud approach, a credit card terminal can open a channel with a server and leave it open indefinitely, improving data flow. And many terminals can connect at one time and send messages...
Handling Bank Account Transfers Worldwide
Bank account transfers are widely used by businesses all around the globe. But the process of transferring money between bank accounts differs depending on the country. And if you want to add this functionality to your payment gateway you need to be aware of the peculiarities of the one or two-phase systems for professing of bank account transfers.
The diagram below describes step by step how processing of bank account transfers is...
Payment Gateway Monitoring
Online businesses are constantly emerging. And all of them need to rely on some payment gateway in order to accept payments online. Taking into account the international nature of modern businesses it is extremely important for a payment system to be available 24/7, but problems may occur from time to time. So a payment gateway should support effective monitoring mechanism which will allow detecting problems within a short period of time...
Benefits Of A Commercial Open Source Payment Gateway
A commercial open source payment gateway has many benefits over proprietary commercial software or building your own payment solution. Creating a fully functional payment gateway can be a real challenge when you try to build something of your own and go it alone, but choosing open source means choosing a world of assurances and support. Open source payment gateways feature frequent updates based on your needs and the needs of others as...
Costs Of Becoming A Payment Service Provider
A payment service provider (PSP) is a company which provides merchants with individual merchant accounts, helps them with merchant underwriting and payment processing but does not fund merchants directly. In order to become a PSP one needs to build or license some payment processing software, integrate with different banks and processors, undergo multiple audits and certifications. If you want to plan your budget correctly you need to be aware of the costs involved. The...
5 Tips For Web-Based Merchants Choosing A Payment Gateway
Web-based merchants considering their payment gateway choices must keep several things in mind to make the best possible decision. It’s important to keep fees, ease of integration, customer awareness, brandability and funding speed in mind when choosing the best payment gateway for your business. Have you considered all the variables?
Practically all web-based merchants use third-party payment gateways, but not all available choices have the same level of functionality and ease...
Third Party Payment Processors
To accept payments online, businesses must rely on a third party payment processors. There are three types of these: a payment service provider, a payment facilitator and a payment aggregator. So what are the differences between these payment processors?
A payment service provider (PSP) is a company that provides merchants with individual merchant accounts and helps them with underwriting and payment processing but does not fund merchants directly. This is done...
Questions To Consider When Choosing A Payment Gateway
One of the most frequently asked question is how to choose a payment gateway which will meet the specific requirements of your business from the great amount of the available ones. There are a lot of things which you need to analyze carefully in order to make the right choice, for instance, payment types supported, costs, the ease of integration with other software, etc. Ten the most important questions to consider...
Integrated And Semi-integrated Solutions Diagram
The key difference between integrated and semi-integrated payment terminal solutions is as follows. In an integrated payment terminal solution cardholder data is transmitted from the point of card entry (i.e. payment terminal) to the point-of-sale (POS) application, which then passes it to the payment gateway. In a semi-integrated solution (offered, among other providers, by UniPay Gateway platform) card data is transmitted from the terminal straight to the payment gateway. This...
Point To Point Encryption Diagram
The two most significant advantages of point-to-point encryption (P2PE) are as follows. If card data, transmitted from the terminal to the POS application (and on, to the payment gateway), is encrypted, the merchant application does not handle card numbers and the merchant’s PCI scope is reduced. Also point-to-point encryption provides an additional credit card fraud protection mechanism. Consider the diagram below to understand better how point-to-point encryption works and what...
Processing Lifecycle Diagram
Transaction processing lifecycle involves several key stages. UniPay platform is involved in most of them. Payments of different types are submitted to the system using various entry modes (chipped card, magnetic swipe, etc.) and devices (payment terminals, mobile devices, etc.). Recurring billing is handled by the special UniBill module within the system.
All other transactions are streamlined to UniCharge module, which also handles merchant funding and provisioning, as well as exchanges...
Recurring Billing Lifecycle Diagram
In essence, recurring billing is a cyclic process, involving several key stages. These include invoicing, balancing (outstanding debts are balanced against the invoices), billing itself, processing of the claims, handling of declined payments, and assessment of fees (such as late fees or decline fees).
Each stage has its own peculiarities, and, depending on a specific payment, the number of stages in the recurring billing lifecycle may vary (as declined payments have...