Online Payment Solutions
Just like everything in history is bound to evolution, the method of payments for transactions whether in goods or service has also not stood stagnant. In fact, it is arguably one of the most advancing systems in the world even in this decade with online payments being the trending one. Lots of companies have come to life and rose to become a unicorn while proferring solutions to payment method.
In this article however, we’ll be expounding in details the basics of online payments and it’s greatest importance which is the globalization of business.
Basics of Online Payments
Creating an online payment solution for businesses is not as easy as we could have imagined it to be. In fact, what most people think is hard – the process of writing codes- programming the online website is probably the easiest. The hardest being having to convince all parties involved to trust and transact on the platform.
Writing the program code for the platform is a combination of what the online payment solution pioneer has envisioned and the skills of the software engineer. Most times, these two personalities might be the same person. Usually, an online payment solutions platform should be User Centric. This means that the developers must understand that the problems they are about to solve should not only be done in the light in which they see it. They should endeavour to create the product from the needs of their proposed consumers. Another important thing is security. Users will not associate their savings with any payment solution that is not putting a guarantee both in goodwill and insurance on their money.
The parties involved in setting up a payment solutions platform includes the users, commercial banks and the payment platform themselves serving as the intermediary. Having a commercial bank accept that you process payment and receiving of funds for their customers takes a lots of meetings and background security checks. In the end, when all parties agree on the process of operations and the possible fee that will be charged, the payment platform starts to get shape and now all the developer has to do is maintain the relationship with relevant stakeholders and consistently improve their service platform.
A complete payments platform engineered for growth – Online Payments
Whether you’re looking to bill customers on a recurring basis, set up a marketplace, or simply accept payments, do it all with a fully integrated, global platform that can support online and in-person payments. Stripe combines a payments platform with applications that put revenue data at the heart of business operations.
The Globalisation Of Business
Companies expanding their operation outside of the shores of their country tend to need a more seamless payment system especially if their financial operations has to be conducted from a universal account. Online payment solutions can also extend across industries where various businesses embed the payment solutions network into their framework such that making payments becomes easy regardless of what business it is or the location of any of the payment stakeholders.
Today, there are lots of online payment solutions that process inbound payment and across borders. However, in the spirit of evolution, just like the opening of this article, the blockchain technology and cryptocurrency is already creating another payment network that could possible change the face of online payments forever.
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