Before onboarding merchants, all payment providers are responsible for conducting due diligence on those merchants to verify their identities and to guard against fraudulent or criminal activity.
Despite a challenging year so far, small and independent businesses are off to a solid start as holiday shopping begins. That’s according to Shopify, which reported that its merchants saw record sales of more than $5.1 billion over the BFCM shopping weekend.
PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
Whether a transaction originates online or in person, completing it safely requires connecting to and securely sharing data among merchants, banks and card networks. Payment processors are the technology companies that sit in the middle of this process.
Before onboarding merchants, all payment providers are responsible for conducting due diligence on those merchants to verify their identities and to guard against fraudulent or criminal activity.
In the traditional world of payment processing, a salesperson might go directly to merchant locations, applications in hand, seeking to sign up new customers. If they were successful, the process to onboard that customer could take weeks while the merchant completed and submitted a lengthy application, the payment provider completed underwriting, and payment devices were delivered to the merchant and set up.
The process of moving money from one party to another involves several entities, all with specific roles to play in moving the transaction along its way. Standing at either end of the transaction are two critical players – the acquiring bank and the issuing bank. What is the difference between the two?
PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from...
SafeCharge has joined with Visa to introduce alternative ways for small businesses to accept digital payments in response to the pandemic. The new solution is called SafeCharge Local, and it enables merchants to accept payments without having to have an online store or a physical POS terminal. I
As small businesses grapple with the economic conditions brought on by the pandemic, their payment partners must be careful to avoid making the hardship worse.
In the traditional world of payment processing, a salesperson might go directly to merchant locations, applications in hand, seeking to sign up new customers. If they were successful, the process to onboard that customer could take weeks while the merchant completed and submitted a lengthy application, the payment provider completed underwriting, and payment devices were delivered to the merchant and set up.
Before onboarding merchants, all payment providers are responsible for conducting due diligence on those merchants to verify their identities and to guard against fraudulent or criminal activity.
