Top online payment systems in the UK

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

By Mariana Almeida Marques

[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”]

The payments industry is regularly welcoming new market players with innovative solutions. Therefore, it is worth keeping up to date with the available offerings and ensuring that your partners are the most suitable ones for your business. If you would first like to gain a broader understanding of payment systems and how they work, have a look at our previous articles.

Whether you are an established company or just setting up your own business, having a fully operational and modern payment system is fundamental. Below is a list of some of the best options in the market for UK businesses, including their features and pricing.  

 

Stripe

Stripe is now one of the most popular online payment systems worldwide, despite having been up and running for only 12 years. The company is headquartered in both San Francisco and Dublin, and has a strong presence in the European market. It is most known for its easy-to-use features, simple platform and transparent pricing.

Stripe fees

Stripe doesn’t charge set up fees or additional hidden fees. It only charges the usual fee per payment, composed of a percentage of the transaction and a small sum. Its current fees are:

  • European cards: 1.4% + 20p per transaction
  • Non-European cards: 2.9% + 20p per transaction
  • SEPA Direct Debit: 1% + 20p (£5 cap)

[/et_pb_text]SEPA payment system in Europe [et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Worldpay

Worldpay, now called FIS Global, handles 40% of all card transactions in the UK and it is one of the most popular companies in this country. Besides offering payment processor services, it offers a payment gateway and merchant account for all businesses, which simplifies their operations. It currently supports more than 116 currencies and also offers a Pay By Link feature. 

Worldpay fees

Worldpay offers four types of pricing plans:

  • Pay As You Go: £25 setup fee + 10p per transaction (gateway fee) + authorisation fees
  • Fixed Monthly: fixed £49.99 monthly fee includes all transactions up to a certain threshold
  • Gateway Standard: monthly gateway fee of £19 + 10p per transaction
  • Gateway Advanced: monthly gateway fee of £45 + 10p per transaction

It also offers a Pay By Link feature for £9.95 per month, and PCI annual management for £29.99 per annum.

 

Shopify

Shopify is extremely popular for ecommerce and it offers a complete ecommerce platform for businesses. Its services include shipping tools, customer engagement support and Shopify Payments, a built-in payment processor which any business with a Shopify account can access. It offers a 14-day free trial for businesses who would like to try out its services before committing. 

Shopify fees

Note that the three plans below are significantly different, so it is worth heading to Shopify to check which plan is best suited for your business. 

Basic: $29 monthly fee and 2.2% +20p per transaction (online credit card rates)

Standard: $79 monthly fee and 1.9% +20p per transaction (online credit card rates)

Advanced: $299 monthly fee and 1.6% + 20p per transaction (online credit card rates)

 

Opayo

Formerly SagePay, Opayo is another trusted payment system in the UK whose list of clients include EasyJet and Europcar. It accepts all kinds of online, card and MoTo payments and offers payment infrastructure for businesses as well. Unlike most of the other payment systems available, Opayo doesn’t charge a percentage per transaction, only a flat monthly fee for its services.

Opayo fees

Opayo offers three pricing plans:

  • Flex: £20.90 a month, includes 350 transactions per month, fraud prevention tools, online support, eInvoice and phone payments
  • Plus: £45 a month, includes 500 token purchases per month, fraud prevention by American Express SafeKey, Fast-Pass support and a range of local European payment types
  • Corporate: bespoke pricing, includes more than 3.000 transactions per month, bespoke fraud screening tools, support services and an account manager

 

 

[/et_pb_text]SEPA payment system in Europe [et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”]

 

Adyen

Adyen is a Dutch payment provider and a big name in the European payments market, with clients such as eBay, Uber and Spotify. It works as a processor, gateway and risk manager for businesses in order to unify and streamline their payment processes. It supports a wide range of payment methods and currencies, and has all the standard features of a payment system, such as fraud prevention tools and PCI compliance.  

Adyen fees

Adyen charges a processing fee and payment method fee per transaction. The payment method fee varies widely, so it is worth checking Adyen’s pricing list for more detailed information. The processing fees are as follows:

  • Middle East, Europe, Africa: €0.10
  • North America, Latin America, Asia Pacific: $0.12

 

How Imburse can help

Imburse can connect you to any of online payment systems mentioned above, and any other you can think of. Through the Imburse platform, you can connect to as many payment partners and deploy as many technologies as you would like, without the hassle of single integrations. Our mission is to enable companies to easily and quickly access the technologies and tools they need to deliver best-in-class payment experiences and continue to successfully grow their business.

Enjoy the freedom of expanding your operations to anywhere in the world whilst continuing to improve customer service, acquisition and retention. If you are interesting in knowing more about what Imburse can do for your business, drop us a message below. Our team is happy to answer any questions and offer you a free demo.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

Understanding deferred payment agreements

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

By Mariana Almeida Marques

[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

Almost 37% of UK residents have used a “Buy now, Pay Later” scheme to purchase products. This type of payment is becoming increasingly popular across the globe, especially amongst millennials. In this article, we will discuss the advantages and disadvantages of using deferred payments and how they translate in your balance sheet.

What are deferred payments?

Deferred payments are payments that are partially or fully postponed for a certain amount of time. Individuals will not pay interest in the deferred payment for the time agreed, however, this loan starts accruing interest if payments are delayed. One of the most popular types of deferred payments is the “Buy Now, Pay Later” or BNPL scheme.

The term ‘deferred payments’ can also be used in other industries such as in real estate and education. Though the usage of this term may vary, the meaning stays substantially the same. Deferred payment agreements state the conditions that the seller and the buyer agreed on before the purchase.

 

What deferred payments mean in accounting

Deferred payments have implications in a company’s balance sheet, which are relevant for accountants and finance teams.

For example, for sellers and lenders, a deferred payment is seen in their balance sheet as “accrued revenue”: they have provided the goods or services to the customer, but haven’t received the payment yet. In this case, the delivery of goods comes before the payment. For borrowers, a deferred payment is seen in their balance sheet as “accrued expenses”: they already have the product, but haven’t paid for it yet- so it is still a pending payment.

Deferred revenue is, naturally, the opposite of accrued revenue: when companies get their payment first, and provide the products after. Deferred revenue is seen as a liability for companies, because they haven’t yet provided the service to customers. An example of deferred revenue is prepaid insurance policies, where customers need to pay before getting anything in return.

[/et_pb_text]deferred payment agreements have implications on the balance sheet.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Who is eligible for deferred payments?

Companies are likely to perform a soft search on your credit report to find out if you are eligible for deferred payments or not. Soft searches will show up on your credit report for a period of 6 years, but won’t actually affect your credit score in any way. Only you are able to see these soft searches- companies aren’t. Therefore, it doesn’t matter how much soft searches you have in your report.

The higher your credit score is, the bigger chance you have of being approved. Providers set up a spending limit based on your credit rating. You may get a lower limit at first if you are a new customer. This limit is likely to grow overtime if you continue paying your credit bills on time.

 

Advantages and disadvantages of deferred payment agreements

Deferred payments allow customers to purchase products when they may not have the funds yet to pay for them in full. Spreading out a payment over the course of weeks or months may make it easier to manage your cash flow. When paid on time, deferred payments may also increase your credit score, as they show lenders that you are reliable and can pay your credit bills on time. 

However, deferred payments are never written off and still need to be paid in full, so it is important to consider if you will have the necessary funds in the future. Deferred payments also acquire interest over time, usually on a compound basis. This naturally means that you will end up paying more than the initial cost. On top of that, companies or banks may charge you late payment fees, or a lump sum of accrued interest.

 

How much does a deferred payment agreement cost?

Usually, a deferred payment doesn’t cost anything. Every company or financial institution that offers deferred payments has its own terms, so payment periods may vary. For example, you may get an interest-free deferred payment agreement for 30 days or several months. If you don’t pay within this time period, you will face some kind of penalty: usually accrued interest or late payment fees.

You may also be able to borrow for longer periods of time. For example, a bank may offer you a deferred payment of two years, during which you will pay interest monthly until you pay back all your credit.

[/et_pb_text]BNPL services let customers pay later for their purchases.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

 

Companies that offer a “Buy Now, Pay Later” scheme

The most popular BNPL company is Klarna. From January 2020 to July 2020, Klarna had  986,000 downloads in the UK (Finder report), and currently counts with around 8 million UK users. The Swedish company is followed by My Argos Card, Clearpay, Laybuy and Openpay.

PayPal has also launched its “Pay in 3” feature, allowing companies to give their customers the option to split their payments into three installations. Some companies work exclusively with one third-party BNPL provider, so customer’s options may be limited. The UK retailer M&S, for example, only offers Clearpay services to their customers.

 

About Imburse

Imburse connects companies with the entire payments ecosystem. Through Imburse, your company can easily and quickly connect to any payment provider or technology of your choice, avoiding the hassle of single integrations. This means you can support any payment methods and schemes all across the globe, including BNPL. If you are interested in knowing more about Imburse, reach out to our team below. 

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

Payment software for large enterprises

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

By Mariana Almeida Marques

[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

Any business, no matter the size, needs efficient and modern payment software to meet customers’ expectations. For small businesses who are just starting out, the payment software is critical to gain fraction in the market and attract customers. For larger businesses, deploying modern technology means they can keep up with digitalisation and customer demand. In this article, we will discuss some of the best payment software for large businesses in 2021.

 

What are Online Payment Systems?

We have discussed how online payments systems work previously, should you be interested in understanding it in more detail. Essentially, online payment systems are platforms that enable merchants to take online transactions. A regular payment system is composed by a payment processor, a gateway and a merchant account. However, this is a broad term that can englobe more than just these technologies.

You can set your payment system in-house or outsource it to a third-party company. Doing everything in-house means that you will have to make your own single integrations with the providers of your choice and deploy technologies by yourself. It will likely require a team of professionals and take a few months to be completed. Companies partner with third-parties because they make it much easier and faster to set up a payments system.

[/et_pb_text]Payment Service Providers help merchants to accept payments and manage their transactionss[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Features and benefits of payment processing software

Whilst payment system englobes more than one feature or technology in a platform, payment software can be just one single technology. For example, a payment processor and gateway are different software that you can integrate separately or together, should you select a company that offers both.  

Each company has different needs. For large enterprises, the priority may be to ensure efficient customer service all over the world, to expand the business into new countries or to modernise a now outdated payments system. It is fundamental that you choose the type of payment software that best suits your company’s plans.

Payment software should help you simplify your payment system- never complicate it. Therefore, there are a few aspects to look out for when choosing a payment software for your business. Have in mind, for example, the countries you operate in and the currencies you need to support, the types of payments you would like to offer your customers and the security tools you need in order to comply with all regulations.

 

How Imburse can help you

Imburse connects you to the entire payments ecosystem. By connecting to Imburse, your company can have access to all payment providers and technologies across the globe, including all of the payment software mentioned below. Choose as many PSP to integrate as you would like, and deploy technologies in a few minutes and at no additional costs. If you would like to know more about Imburse or gain access to a free demo, reach out to our team by clicking the contact button at the bottom of this page.

[/et_pb_text]deferred payment agreements have implications on the balance sheet.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”]

 

Some of the best payment software and platforms for your company

Particularly if you are a large business, there are quite a lot of elements to take into consideration when choosing payment software. These are just a few of the payment players and software that Imburse can instantly connect you to.

 

GoCardless

GoCardless specialises on recurring payments, so if recurring payments is a big part of your business, then you can consider partnering with them. GoCardless works with over 55,000 companies worldwide, including some recognisable brands like TripAdvisor, The Guardian and DocuSign. It aims at making direct debits easier and faster, reducing payment failure and helping to boost payment volume. However, note that you still need a payment gateway.  

 

Wise

Previously TransferWise, this company is known for facilitating international transfers for both individuals and businesses. Wise enables businesses to pay 1,000 people at once in more than 70 countries- an appealing offer for large companies with offices spread across countries. There is a fixed fee of £16 for setting up international banking, which includes sending or taking payments globally.

Note that Wise is merely a money transfer service that you can connect to- not a payment software that you can deploy. You still need a payment processor, gateway and merchant account to take payments. However, you can use Wise to withdraw your funds from platforms like Shopify and Stripe. If you operate in various countries, Wise might be of help.   

 

BlueSnap

BlueSnap allows merchants to accept over 100 payment types including digital wallets and Click to Pay in the US. It also supports more than 100 currencies which, again, is a critical feature if you operate internationally. The platform comes with security and fraud prevention tools, reconciliation and reporting features and technical support. The pricing varies as it is tailored to each company, but generally there is a fee of  2.75% + $0.30 for each successful payment.

 

Global Payments

Global Payments offers payment processing services to enterprises worldwide. It is a well-known and established company that, similar to BlueSnap, supports a wide range of currencies and payment types. It also partners with over 1,300 financial institutions globally to facilitate cross-border payments and boost companies’ growth. Global Payments offers online payments processing, as well as payment infrastructure for businesses that operate physically.   

 

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

A guide to NFC contactless payments

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

By Mariana Almeida Marques

[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

In 2002, Sony and Philips co-invented NFC and only one year later, this technology was approved by ISO as an industry standard. NFC was officially available in the market in 2006, when Nokia 6131 launched this functionality.

We have come a long way, as mobile payments are now amongst the most popular types of payments in the world. Most people are aware of contactless payments and how they work, but NFC is a more unknown term. In this article, we will discuss all about NFC, including its applications and advantages.

 

What is NFC?

NFC stands for Near-Field Communication, and it is one of the technologies used to make contactless payments. It uses radio waves to transfer data wirelessly between devices so, unlike Bluetooth, NFC doesn’t require device discovery or manual syncing to transfer data. NFC is supported by mobile wallets such as Apple Pay, Google Pay and Samsung Pay, as well as contactless debit and credit cards, tablets and smart watches.

NFC is based on RFID (Radio Frequency Identification) standards, though these technologies are slightly different. RFID is a more established technology that allows you to identify and track inventory via radio waves. It is used, for example, to scan codes of products in a shop. The main difference between the two technologies is that RFID allows tags to be read from a much longer distance, that ranges from a few centimetres to over 20 metres. NFC, on the other hand, requires a maximum distance of 4 centimetres for the data transaction to work properly.

[/et_pb_text]Contactless payments can be made through mobile wallets such as Apple Pay.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Applications of NFC

Besides allowing contactless payments to be processed, NFC has many other uses. The extensive array of applications includes social networking, such as sharing contacts, messages or links to photos; wireless pairing, to quickly connect two devices via a NFC tag; scanning a boarding pass for travelling or even marketing purposes. Companies and organisations can add a NFC tag to their website or a flyer, for example, so individuals can use their phone to scan it and be directed to a specific online page.

To sum it up, NFC can be used in three different modes:

  • P2P communication

This mode is used to establish connections between two NFC-enabled devices, so individuals can communicate or exchange data with their peers.

  • Read and Write

This mode allows individuals to interact with various sources and companies. You can scan a NFC tag to access a page or download information, for example.

  • Card emulation

With card emulation, customers can use a NFC-enabled device instead of their card for a variety of applications, including contactless payments, ticketing and access control.

[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”]

 

Advantages of contactless payments

 

  • Speed

With contactless payments, customers don’t need to insert their physical debit or credit cards into a reader, add their PIN number or sign- all they have to do is tap their card close enough to the card reader. Contactless payments are up to 10 times faster than any other Card Present transactions (MasterCard report). The faster the payment is, the more satisfied your customers will be.

  • Security

Mobile wallets only store encrypted bank information, so even if your phone gets stolen, nobody can access your real details. Besides, mobile phones come with a range of security protocols to verify each user, such as face and fingerprint identification.

NFC also requires a distance of 4 centimetres or less to connect devices and readers, so criminals can’t extract data from your card from a long distance. If your contactless card gets stolen, you can block it immediately on your mobile phone and your bank is likely to cover any amount that was stolen.

  • Convenience

Customers don’t need to have their wallets with them all the time, as they can use their mobile device to pay for goods. Not only are they fast and safe, contactless payments are also extremely convenient.

The only downside is that there is a £45 cap to all contactless transactions in the UK, meaning you can’t use your mobile wallet or contactless card for any big purchases. In the US, the maximum amount of money you can spend with each contactless transaction is $100. Limits vary depending on the country.

[/et_pb_text]NFC also allows for Peer to Peer communication, including sharing images.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

How to accept NFC payments

You need a NFC-enabled reader in order to accept NFC payments. A lot of PSPs offer their own payment infrastructure, such is the case of Square, SumUp and PayPal. Pricing vary for each reader, though they tend to be around £20 for the smallest reader, up to around £150 for a terminal with more functionalities. Square, for example, sells its small reader for £16 and its terminal £149.

You need to take into account both the reader’s set fee and the ongoing fee for payment processing, as they may differ. Each PSP also comes with a different set of functionalities, so you should select the ones that better suit your business’s needs.

 

How Imburse can help

Imburse connects you to the entire payments ecosystem. By connecting to Imburse, you can deploy any payment technology or PSP you want into your payments system, free from integrations and at no additional costs. Whether you are a fully digital business or operate in physical branches as well, Imburse allows you to optimise your operations and future-proof your payments system so you can offer your customers best-in-class payment experiences. If you are interested in knowing more about our solution, do reach out to our team below.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

What is a CHAPS payment?

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]By Mariana Almeida Marques
[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]CHAPS, Bacs and Faster Payments are the three most popular payment schemes in the UK. We’ve discussed what are Bacs payments and how do Faster payments work in previous articles, so now it’s time to dive into CHAPS.

What does CHAPS mean?

CHAPS stands for Clearing House Automated Payment System and it was originally established in 1984 in London by the Bankers Clearing House. It is fully operated by the Bank of England since 2017, who is responsible for setting all CHAPS standards and managing the system across the whole of the UK.

This system allows companies and individuals to make bank-to-bank payments transfers on the same day. If the payment is initiated during working hours, then it is processed instantly. If it is initiated anytime outside working hours, then it will take one working day to process. The standard working hours stipulated by the Bank of England are 6am to 6pm. However, cutting-off hours may vary from bank to bank so you will need to check with your bank before initiating the payment. Bank holidays and weekends may delay the payment as well.

Advantages of using CHAPS

A great advantage of CHAPS is that there are no limits to the amount of money you can transfer, so this payment system is commonly used to make high-value (over £10.000), one-off payments. There is also no minimum amount required, though Faster Payments and Bacs are better schemes for low-value payments.

CHAPS is operated by the Bank of England and undergoes strict banking standards, so it is considered a safe and secure payment scheme. It is also settlement risk-free, as CHAPS payments are made in real-time and are irreversible.

Another advantage of using CHAPS is, of course, the quick settlement time. Though CHAPS is known to process same-day payments, most of the times the payments are actually settled immediately and, in all cases, they won’t take longer than one working day to be cleared.
[/et_pb_text]CHAPS is one of the most popular payment schemes in the UK.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]There are over 30 direct participants in CHAPS–  the list includes all the most popular traditional banks such as Santander, HSBC, Lloyds Bank and Barclays UK, as well as challenger banks, PSPs and other financial institutions. There are also over 5.000 financial institutions who support CHAPS indirectly via one of the direct participants, also called third-party sponsors.

Disadvantages of using CHAPS

There may be a few disadvantages to using CHAPS depending on the purpose of your payment and how urgent it is. Firstly, cutting-off times can be troublesome and delay your payment. You also need to ensure you don’t initiate a payment after the cutting-off time on a Friday, for example, as that means it can only be processed on the following Monday. Another disadvantage of CHAPS is that payments are irreversible. Therefore, if you make a mistake and send the money to the wrong account, it will be very difficult to get your money back.

There is a set fee for CHAPS payments, that usually varies between £15 to £30 depending on the bank. It can also vary depending on the type of account you have with the bank. HSBC, for example, charges £17 for payments made via Business Internet Banking and £12 from a Clients Deposit account. Virgin Money, TBS and Lloyds charge a £30 set fee, whereas Barclays doesn’t charge any fee for Personal, Premier or Platinum customers.

What is CHAPS used for

Though there is no minimum amount of money required, low-value CHAPS payments aren’t popular due to the fees involved. Therefore, and because there isn’t a maximum limit either, this system is more often used for high-value and time-sensitive payments. In 2019, the CHAPS system settled close to 200.000 payments every day, with an average value of £1.7 million each payment. Yearly, that corresponds to £83.4 trillion transferred (Bank of England data).

CHAPS can be used by large corporations to pay their taxes or suppliers, or by individuals when making a down-payment for a house or purchasing a car. Solicitors and conveyancers may also use this system to complete housing transactions, and large financial institutions use CHAPS for foreign exchange transactions. As we can see, all of these transactions are very high in value, so CHAPS isn’t the type of system to be used regularly by individuals.
[/et_pb_text]CHAPS payments have no transfer limit.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

Differences between CHAPS, Bacs and Faster payments

The main difference between these three types of payment schemes is their settling times. Whilst Bacs payments take three working days to settle, CHAPS payments are processed on the same day and Faster payments are processed immediately. CHAPS and Bacs can only be processed on working days and have strict cut-off hours, whereas Faster payments can be processed at any time of the day, 24/7/365.

They are also used for different purposes. Bacs, for instance, is mostly used by companies to pay salaries or pensions, whereas individuals often use Faster payments to make regular bank-to-bank transfers to pay for goods. Both Bacs and Faster payments have transaction limits, whereas CHAPS payments have no minimum or maximum amount limits.

How Imburse can help

Imburse enables companies to connect to the entire payment ecosystem- including all providers and technologies available worldwide. Therefore, by connecting to us, you can easily connect to banks and providers that offer CHAPS, Bacs and Faster Payments in the UK. We give you the flexibility you need to expand your business and operate efficiently anywhere in the world, at no additional cost. If you would like to know more about Imburse or request a demo, do drop us a message below and our team will be in touch.

 

 
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

Payfacs: what are payment facilitators?

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]By Mariana Almeida Marques
[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]Digitalisation has made life easier for everyone. In the payments industry, however, digital advancements force companies to keep updated with the latest payment technologies in order to meet and exceed customer expectations. As the range of payment services and tools continues to expand, it becomes necessary for businesses to simplify their operations.

What are payment facilitators?

Payment facilitators, payfacs or PF can be compared to a master merchant processing account. They offer each merchant a sub-merchant platform where they have access to all the services they need to process payments. Merchants that are signed to a payfac don’t need to have their own Merchant ID, as transactions are aggregated under the payfac’s master ID.

Payfacs act as an mediator between companies and all the payment services, tools and technologies available. They make it easier, faster and cheaper for companies to deploy payment technologies and functionalities, as companies don’t have to individually establish and maintain partnerships with payment players. Some payfacs like PayPal have their own payment gateway, processor and merchant account, whilst others work simply as a middleware for businesses and providers, such is the case of Imburse.

Advantages of using Payfacs

Traditionally, companies would have to establish individual partnerships with each payment service, and deploy technologies in-house using their own resources. As the payments industry advances, it becomes increasingly harder to manage multiple partners and services, as each integration requires a lot of time, heavy paperwork, human and financial resources.

Enter payfacs. There are multiple advantages to using a payfac rather than doing all the integrations on your own: saving money, time and resources are a few of them. Payfacs like Imburse, for example, do all the heavy work so companies don’t have to. This means your company can connect to any payment service and deploy technologies without the hassle of integrations.
[/et_pb_text]Payment Service Providers help merchants to accept payments and manage their transactionss[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

Tools and functionalities

Besides, some payfacs are packed with a lot of essential tools to optimise your payments system- take auto-reconciliation for example. Reconciliation is a laborious accounting process that requires a lot of human resources and is prone to manual errors. By making this process automated, you can save a lot of time and resources, but also make it easier to spot errors, comply with regulations and better monitor your cash flow. Other functionalities can include mandate management, data analysis and tokenisation- all of them highly useful for your company to enhance its payment system and internal operations.

Compliance with regulations

Compliance with regulations is a matter of high concern for any financial company. As regulations are constantly being updated, it is critical to ensure full compliance with all the latest directives so you can protect your customers and prevent reputational damages. All payfacs should be PCI-compliant, which means that you won’t have to do anything yourself in order to comply with PCI- the payfac takes on that responsibility for you. Some payfacs also offer the possibility to white label their services, so that customers can only see the merchant’s name and won’t see any of the payfac’s information. This is naturally beneficial for your company to keep its name recognisable.

Types of platforms that use payfacs

Any company that takes payments can use payfacs. Though Imburse works closely with the banking and insurance industry, we are happy to partner with companies in any market. Other industries that can benefit from partnering with a payfac are retail and e-commerce, travel, booking and on-demand services, amongst others. Essentially, any company that sells products or services online.

Though it may not be the main business focus for companies, payments is an increasingly important area to nail. Having an efficient and modernised payments system will allow your company to provide seamless checkout experiences, effective customer service and, ultimately, to differentiate yourself from the competition. Not having it, on the other hand, may make your customers choose other companies to buy services from.
[/et_pb_text]ecommerce stores need payfacs to optimise their payments system.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”]

How Imburse can help you 

Imburse connects you to the entire payment ecosystem. Once you connect to us, you can integrate any payment technology or provider into your own payment system, avoiding the hassle of single-integrations. Our solution allows companies to have the freedom they need to keep up with a rapidly changing market, ensuring they provide the best possible customer service at all times.

Aside from being able to connect to any payment player, our platform offers you a broad range of management tools and functionalities to fully enhance your payment operations. From smart routing to auto-reconciliation and data analytics, you can access all the tools you need from day one. This is particularly helpful for your company’s treasurers, who will be able to work more efficiently at zero cost.

Payments is an essential part of any company, but we understand that your resources may be better allocated to other business areas. That’s why Imburse takes the responsibility to make it all work for you, and gives you a fully flexible platform that can fulfil your business’s needs and growth plans. If you would like to know more about Imburse or request a demo, do reach out to our team below.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

What is a payment platform?

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

By Mariana Almeida Marques

[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

The payments industry is jam-packed with innovative and truly enriching services. Besides being quite an overwhelming task to individually select your partners and technologies, companies also have to ensure that all of these technologies are compatible. Payment processors support a finite number of gateways, for example.

 

Payment platform definition

Payment platforms are simplifying the process of connecting to multiple third-parties and technologies. Various payment processors or PSPs already offer their clients a gateway service and merchant account- such is the case of PayPal and Stripe. A payment platform is therefore a platform that offers more than one payment service, so that merchants only have to liaise with one company rather than multiple ones.

The only downside to connecting to a payment platform that offers both processor, gateway and merchant account is that, naturally, merchants have to stick with what the company offers. Each payment gateway, processor and merchant bank has unique pricing plans and additional features. Therefore, merchants may be better off partnering with different companies depending on their needs.

[/et_pb_text]online payment systems[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Advantages of payment platforms

By offering a bundle of essential payment technologies, FinTechs are reducing the merchant’s work of having to select different technologies and then having to connect to them separately. Single integrations are a huge burden for any company, particularly for traditional ones whose IT systems are incompatible with modern technologies. Aside from the paperwork involved, these integrations take months to be completed.

FinTechs companies have noticed this problem, so we see a lot of payment providers expanding their services and offering an increasing number of payment tools. Payment platforms can also improve your company’s own internal operations. They help you to better manage transactions, monitor data, ensure compliance with security standards and keep track of fees.

 

Payment platform tools

Payment platforms typically include a gateway, processor and merchant account. Besides these main technologies, they offer some of the following tools:

 

  • Security and Compliance

Security is a top priority for any company, particularly financial companies. Payment platforms often offer high security tools such as Strong Customer Authentication, along with machine learning and AI-based security technology. They should also be compliant with all financial regulations, including PSD2 and PCI DSS.

 

  • Data Monitoring and Reporting

Data monitoring becomes easier if you have all the data organised and compiled into one platform. Faster reconciliation and real-time reporting allows companies to get instant insights into payment trends, customer behaviour and their own business performance.

[/et_pb_text]payment processors are key to every business.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”]

 

  • Reconciliation reports

Payment platforms can provide merchants with reconciliation reports via a digital spreadsheet, so they can more easily identify problems in reconciliation, understand the causes of it and add outstanding invoices to record the payments against. Some platforms also offer automated reconciliation, which can save companies a lot of time and resources, as well as reduce the margin of error from manual reconciliation.

Payment platforms can be really useful to simplify and optimise your payment system. However, you may want to connect to more than one platform or simply use different technologies and providers to best accommodate your company’s growth plans. In which case, you still have to do multiple integrations to each platform, and possibly wait months until the integration is complete. That’s when Imburse comes.

 

Imburse- your payments marketplace

Imburse offer integration-free connectivity to all payment services and technologies worldwide, including payment platforms like Stripe and PayPal. By making a single integration to Imburse, you can easily and quickly connect with any payment platform you want. Moreover, you can do so in a cost-effective and quick timeframe, so there is no time wasted.

The freedom to adapt to your business’s needs and what your customers want is now an imperative. Our platform lets you deploy all of the latest payment technologies and partner with innovative providers so you can scale your business to other countries. With our solution, you have access to all the tools you need to provide the best payment experience to your customers and fully enhance your internal operations, from auto-reconciliation to smart routing.

Get in touch with us if you are interested in knowing more about what Imburse can do for your business. Our team is happy to guide you through Imburse’s functionalities and provide you with a free demo.

 

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

The best payment processing companies

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]By Mariana Almeida Marques
[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

Payment processors are key for every business that takes payments. We have touched on how to choose the right payment processor for your business, so now it’s about seeing what are the best options on the market. There is an overwhelming number of payment processors to choose from, each with their own set of functionalities.

We have put together a list of some of the best payment processing companies. You can connect to any of these companies through Imburse in a matter of just a few weeks:

 

  • PayPal

PayPal is a distinguishable brand with more than 295 million PayPal customers worldwide. It allows merchants to accept one-off online payments as well as “Pay in 3” split payments, Recurring Payments and invoices.

You can also take card or contactless payments in person. For Card-Present transactions, merchants can either use a Zettle card reader or a QR code scanner. Besides the standard pricing, PayPal charges additional fees depending on currency conversion rates, where your business is based and where the payment was sent from (cross-border transactions have a separate fee).

 

  • Stripe

Just like PayPal, Stripe also includes both payment gateway and payment processor. The company was founded in 2010 and it now powers a considerably long list of renowned brands including Lyft, Pinterest and Deliveroo. Stripe allows merchants to accept a wide range of debit and credit cards, mobile wallets and bitcoin wallets. Its “radar” feature uses machine learning software to monitor data, detect fraud patters and predict fraudulent activities.

In terms of pricing, Stripe offers a fixed fee per transaction of 1.4% +20p for European cards and 2.9% + 20p for non-European cards. You can choose between a fixed or customisable pricing plan that takes into account your volume of payments and country-specific rates, amongst other factors.

[/et_pb_text]payment processors are key for every business.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”] 

  • GoCardless

GoCardless focuses exclusively on offering recurring payments for businesses. So, if your company deals with recurring payments on a regular basis, this may be a processor to look out for. Merchants can customise a pre-built hosted payments page or integrate it with their website checkout and allow customers to choose their own collection dates.

GoCardless promises to deliver 97.5% of successful collections and offers a Success+ features that collects an average of 76% of payments that initially fail. They also offer a bookkeeping feature that allows merchants to record and monitor all transactions in real-time. Because it’s a direct debit payment method, this naturally solves the issue of late payments and slow cash flows.

 

  • Worldline

Worldline is a leading payments company in Europe and processes around €1.5 billion in transactions per annum. It operates in 29 countries and its clients come from a range of sectors, including health, transport, retail and finance. Besides the typical online payment methods, it offers a unique “Pay by Link” feature that lets merchants take payments through a link that can be sent via message or email to their customers. This may be a good additional feature to have if your company sells products via social media channels.

Wordline also offers customer support features such as video interaction tools and an omnichannel customer interface to optimise customer care, alongside more traditional monitoring features and risk management. Its fees are not published online, so companies have to contact Worldline directly for pricing information.
[/et_pb_text]Payment Service Providers help merchants to accept payments and manage their transactionss[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” inline_fonts=”Lato”] 

  • Bottomline

Bottomline is a UK-based company that provides electronic payments, invoices and automation solutions to banks and corporations worldwide. It allows businesses to accept Bacs, Faster payments, cheques, international payments, direct debits and one-off payments between bank accounts. The payment processor comes with a range of features that include payment management, fraud detection and data analytics. Bottomline’s fees are not available online so, just like with Worldline, you would have to contact the company directly.

 

  • Braintree

Braintree is owned by PayPal and promises to deliver higher conversion rates, larger customer reach and streamlined operations. It aims to be just as easy-to-use as PayPal itself and it holds a lot of additional features besides its processing service. Braintree supports credit or debit cards and mobile wallets such as PayPal, Apple Pay or Google Pay, which may be a good advantage if your customer base is mobile-driven.

Braintree’s standard pricing is a 1.9% + 20p fee per transaction, dependent on factors such as currency conversion and type of card. For American Express card payments, the fee changes to 2.4% + 0.20p, unless merchants have an Amex account themselves. Merchants also have to pay 1% more for transactions from cards issued outside the EU/EEA.
[/et_pb_text]payment processors are key to every business.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”] 

  • Adyen

Adyen covers 18 payment methods including debit and credit card networks and mobile wallets. It has 24 offices around the world and processed €303.6 billion in volume in 2020- making it one of the most popular payment processors worldwide. Besides the processing services, Adyen offers a Point-of-Sale terminal range for physical branches and shops to take Card-Present payments, along with dashboards for data reporting and AI-based fraud protection tools.

In terms of pricing, the processing fee is fixed at €0.10 for Europe, Africa and Middle East, and $0.12 for Latin and North America. There is also a percentage per transaction fee that depends on the payment method used and can vary substantially.

 

How Imburse can help

Each payment processors have unique features and services that may be very valuable to your company. In order to fully optimise and scale your payments system, you may want to connect to various payment processors that offer all the features your customers are looking for.

Imburse offers connectivity to all payment processors worldwide, including those discussed above. This way, you can connect to the ones that best suit your business’s needs and add as many as you’d like to ensure best-in-class customer service at all times. Connecting to payment processors through Imburse takes a few minutes and is a cost-effective, hassle-free process. Reach out to us below if you would like to know more or request a free demo.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.4.4″ max_width=”500px”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_button button_text=”Contact Us” button_alignment=”center” module_class=”sg-popup-id-612″ _builder_version=”4.4.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#ffffff” button_bg_color=”#0937f2″ button_border_radius=”8px” button_font=”Lato|300|||||||” button_use_icon=”off” custom_padding=”8px|15px|8px|15px|true|false”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]