Surepay88.com – Third-Party Payment System, Third Party Online Payment Solution, What Is A Third-Party Payment Processor?
The payment ecosystem is crucial for anyone considering a new payment system or starting an entrepreneurial venture. The volume and length of your contract will determine whether your choice will save or cost you thousands of dollars.
Your first choice is a merchant services provider or a Third Party Online Payment Solution. This post discusses third-party payment processors & their advantages.
Benefits of Third Party Online Payment Solution
Reduced effort and startup costs
Third-party payment processors don’t require an underwriting process like you do when you open your merchant account, so starting to accept credit cards is easier.
Simpler, shorter, and more flexible contracts
Most third-party systems have a simple agreement and don’t lock you in. If they do, the contracts are usually month-to-month and are not restrictive.
Short-term cost is generally lower
A third-party payment processor earns its money exclusively through transaction fees, typically higher than those charged by MSPs or acquiring banks. As transactions are how they make money, there aren’t usually any startup or recurring fees.
FAQs about Third Party Online Payment Solution:
How does Third Party Online Payment Solution work?
Third-party payment processors deposit card payments into aggregate merchant accounts, which several merchants share. After processing fees are deducted, a small business’s bank account is then credited with the remaining funds.
What payment methods use third parties to process payments?
Many entities offer third-party payment processing services. Examples include Cashfree, Billdesk, PayPal, CCAvenue, and Payu.