Merchant Services In Modern Business

The world has long shifted from cash payments to a more civilized, elegant, and convenient manner of conducting transactions – in the digital realm. With the 100 years anniversary of the cancellation of the gold standard encroaching, it is fitting and gratifying to see that another change is encroaching onto the entire payments and monetary industry as a whole.

The global digital payment market size was estimated at $58.30 billion in 2020, and is expected to reach $68.09 billion in 2021. The market is also expected to grow at a compound annual growth rate of 19.4% from 2021 to 2028, benefiting from the high adoption rate of smartphones, the rise in e-commerce sales, improved internet penetration on a global scale, and the Covid-19 pandemic, which has forced retailers and other merchants to rely on digital payment gateways for transaction processing.

Such an increase in global transitioning to the digital space has given an immense impetus for the development and evolution of merchant services catering to businesses. In addition to fiat payments, merchant services are starting to offer their clients more advanced gateways entailing the processing of digital assets, such as cryptocurrencies, as means of payment.

What Is a Merchant Service

Merchant services form a broad layer of financial services catering to businesses. Mostly, such services act as intermediaries between retailers or businesses and banks, acting as gateways and facilitators of various operations. Apart from processing operations, merchant services also provide businesses with the necessary software and hardware solutions for streamlining payments and reducing associated expenses.

Merchant services in the digital payments industry often provide businesses with convenient means of accepting payments from clients. Such solutions often include POS terminals, digital accounts and servicing, Pin Entry Devices, and even mobile phone applications for contactless payments.

Why Businesses Need Merchant Services

Businesses largely rely on merchant services for simplifying and streamlining the process of interacting with banks. Traditional bank transfers and banking solutions for accepting payments are often cumbersome and require businesses to spend time and resources on maintaining and servicing accounts and individual transactions.

Merchant services vastly simplify the process of accepting payments and provide ready-made, convenient technical and software packages tailored for various types of payment acceptance channels. Businesses often find it cheaper, more effective and efficient to turn to merchant services and acquire their solutions with subsequent client servicing and equipment maintenance than to conduct individual transactions and set up payment gateways themselves.

In addition, merchant services often provide more advanced payment acceptance solutions than banks, as is the case with cryptocurrency payments, which cannot be processed or accepted by virtually any bank in the world due to legislative restrictions.

Conversion

The ultimate benefit of merchant services for businesses is the conversion rate of client visits to payments. The convenience and ease with which a client can pay is key when related to the issue of whether a purchase will be made. Online businesses rely entirely on the payment channels they provide on their websites, thus having gateways that facilitate the transaction and allow the client to choose from a broad range of available services is critical.

Merchant services that offer a wide selection of connections to online gateways, such as bank card payments, or online services like PayPal, are in high demand and automatically grant their clients streamlined solutions for catering to buyers.

How Merchant Services Operate

The basic mode of operation that merchant services provide is based on a specific software that is integrated into the business’ site, which is called a merchant’s payment gateway. The task of the software package is to control the acceptance of payments. The algorithm of payment acceptance is also straightforward:

• Buyers make payments via the method convenient for them;
• Once the funds are received by merchant services provider, the system converts the received funds into the currency of the product or the specified currency of the business;
• The business receives an encrypted notification that payment has been received and processes;
• Once payment is completed, the buyer receives a notification and claims their purchase.

In case the buyer selects cryptocurrencies as their payment method, they are provided with a wallet address, to which the funds from cryptocurrencies they already own. The buyers can also buy cryptocurrencies on any of the trusted exchanges that work with bank cards and use them as means of payment.

All businesses operating with merchant services are assigned a unique Merchant Identification Number, or Merchant ID, that identifies their business and prevents transaction mismatch. The number is directly linked to the business’ account in the system that will be receiving the payments.

Why Work With Okipays

There are numerous merchant services on the market, all offering various solutions for facilitating transactions. Okipays has been operating on the merchant services market for over 5 years and the development team has intimate knowledge of all client pains, as well as the solutions necessary for alleviating them on the payments frontier.

The security and safety of our clients’ payments is our top priority. As such, the services of Okipays have a high degree of protection and have passed rigorous security checks from Security Expert. In addition to providing streamlined and convenient gateways, Okipays specializes in blockchain technologies, ensuring the provision of a complete range of payments related to cryptocurrencies, all from ensuring performance to implementing the highest levels of protection.

That is why Okipays caters to the cryptocurrencies payments market, basing its solutions on extensive expertise and market knowledge, providing clients with the fastest and most cost-efficient digital payment acceptance services available.

How to Connect Okipays

Connection to the Okipays service is a straightforward and convenient procedure that requires clients to connect the Okipays API to their website and the availability of a digital wallet address for receiving payments.

The connection process is fully guided by the support team of Okipays, which also provides configuration and setup services. All clients are assigned a personal manager that is on standby and ready to assist at any time or answer any questions the client may have.

Conclusion

When it comes to ensuring the convenience of client payments, modern businesses find it easier and cheaper to resort to merchant services. For acquiring a full range of advanced, highly secure and convenient digital payment acceptance gateways, look no further than Okipays.