Card-Not-Present (CNP) Transactions and Why They Matter
It’s critical to provide your customers, both in-person and online, with various payment options. To make the buying experience easier for your customers, you must provide them with as many options as possible. Not all payment methods are made equal. Card-present transactions (CP) and card-not-present transactions (CNP) are the two basic payment types. If you […]
Current E-Commerce Trends
COVID-19 changed the world, and it has had a lot of impact on the economy globally. During the lockdown or movement restrictions, many retail businesses found a way to thrive even while hoping an end to the pandemic would come. While physical stores were closed, companies began to look at e-commerce alternatives. They were able […]
What Is IMPS – Immediate Payment Service?
Immediate Payment Service (IMPS) is a money transfer system in the Indian banking system. It allows you to make 24/7 real-time electronic interbank funds transfers like the existing RTGS and NEFT facilities. Users can use the facility through multiple channels, including ATMs, mobile phones, SMS, and the internet. The system is built on the NFS, […]
What Is UPI Payment?
UPI payment is a single-window interface that allows you to transfer money between bank accounts. This will enable you to send or receive money or scan a quick response (QR) code to pay an individual, trader, or service provider to shop, settle bills, or authorize payments. It is a simple, free, and instantaneous mode of […]
What Is Refund Fraud and How Can You Detect It?
Among the many challenges e-commerce businesses face, none are as problematic as the issue of fraudsters. Companies have to be on alert and have different strategies for fighting fraud. One of the most common ways fraud is committed is through illegitimate returns. Recent reports show that the rate of online returns was to reach 10% […]
Acquiring Bank vs. Issuing Bank: What’s the Difference?
Multi-billion credit/debit card transactions happen every year, and acquiring banks and issuing banks are the two driving forces, ensuring money from these transactions gets to the intended destination. Any business that collects payments for services or goods must understand these important systems and how they function in the transaction process. So, what is an acquiring […]
EPOS Systems Explained
New solutions are discovered every time to make it easy for businesses to handle their transactions. The EPOS system is one of the latest innovations that has proven not only to be efficient or effective. While many new businesses are beginning to imbibe this up-to-date technology, we will be looking at its benefits and how […]
What Is an E-Wallet?
An E-Wallet is a type of electronic card. Transactions made via computer or smartphone can be made using an e-wallet. To use it like a credit or debit card, you’ll need an account, and when making payments, an E-wallet must be connected to a bank account. Digital wallets and E-Wallets serve a similar purpose, but […]
Card-Not-Present (CNP) Transactions and Fraud Risk
According to research conducted by the Federal Reserve in 2018, card-present fraud decreased from $3.68 billion in 2015 to $2.91 billion in 2016. However, eCommerce card-not-present fraud climbed by $1.17 billion during the same period. With the broad implementation of EMV (chip) technology across the country, this number is expected to rise. Fraudsters are shifting […]
What Are Recurring Payments?
A recurring payment is not a strange, complex concept. It is simply those predictable, repetitive payments you make weekly, monthly, or yearly. This can be for all kinds of stuff, ranging from utility bills to entertainment subscriptions like Netflix. The money you keep having to pay so that you continue to have access to a […]