The pandemic has impacted how we pay for goods and services, with many businesses recommending payment via electronic means, whether by card, digital applications, or contactless payment systems. Some of the best Payment processing companies are Amazon Pay, Google Pay, and Samsung Pay. Additionally, Shark processing is also one of the thriving companies when it comes to payment processing and high-risk payment processing services.
Today, many options are available, but this was not always the case. Payment methods have developed over the years to provide us with numerous possibilities today. Hence, it is imperative to invest in the absolute best payment processing company.
The payment system has evolved from the past to now. Beginning with the birth of the agricultural/livestock culture in the Neolithic, evidence of the presence of a barter system is available. The exchange of material items or services for other goods or services is known as bartering.
Then there are the coins, which first appeared in Turkey between 680 and 560 BC. Because bartering has its complications at times and certain kinds of payment were perishable, one couldn’t stockpile them, the usage of coins grew. As a result, coins made of precious metals began to appear.
Paper money and banknotes replaced coins since carrying vast amounts of coins was inconvenient. Banknotes were first utilized in China in the 7th century, although they were not made official until 812.
The system bills of exchange and checks came. On the other hand, Cheques have a history dating back to the 18th century and are related to the English Crown.
The first credit cards appeared in 1914 when Western Union introduced a loyalty card for its most affluent customers that gave them access to a line of credit with no fees.
People started selling goods and services over this new communication channel known as digital payment when the Internet and the World Wide Web system came in 1990. Paying with a mobile phone or a digital watch is now feasible.
Wei Dai suggested constructing a decentralized sort of currency based on cryptography as a control mechanism in 1998. The concept of cryptocurrency was born as a result of this.
The Importance Of Fast Payments
While there are always costs and dangers associated with introducing new technology, Fast payment solutions with a broad reach and high-security standards could result in several benefits for society as a whole.
Faster payments provide consumers with more flexibility, such as making last-minute or emergency payments. Consumers can avoid late fines, account overdrafts, and credit score loss if they have this capability.
The following are some of the specific use cases that could benefit the most from speedier payments:
- Certain types of person-to-business payments, such as emergency bill payments or rent payments, business-to-person payments, for example, wage payments for temporary workers or medical insurance claim payments; and
- Certain types of business-to-business payments, for example, just-in-time supplier payments.
In the long run, a quick, secure, and ubiquitous payment system might benefit society by increasing payment system efficiency, offering a fast payment framework, and fostering global competitiveness and interoperability.
The payment message and the funds are available to the recipient in real-time because these payments take place online. The mobile phone networks and QR codes provide a convenient and user-friendly experience, which is even more appealing now that millions of people must adhere to social distance requirements.
5 Companies That Are Famous For Payment Processing
a) Amazon Pay
The Headquarters of amazon pay is in Washington, The United States. Founded in 2007, its global users are about 33 million.
Amazon Pay is an online payment processing system that Amazon established. Because Amazon is such a well-known e-commerce brand, Amazon users are becoming increasingly reliant on the Amazon Pay system. This payment processing system is for online payments and other tasks like cell phone recharges and bill payments. As a result, you can use this option because this payment method receives a lot of traffic.
Razorpay came in 2014. Harshil Mathur and Shashank Kumar created it.
Its Headquarters is in Bangalore, Karnataka.
Razor Pay is an up-and-coming payment processing company in India with a medium-sized and well-organized customer base. Razor Pay accepts all payment methods, including debit and credit cards, and it is India’s only mobile wallet that allows businesses to take payments through a product suite. As a result, Razor Pay will undoubtedly be the ideal option for you if you own a business in India. The payment gateway as a whole stands out for its secure payment services and prompt customer care.
Paypal came in 2008. Its Global Users are about 305 million active, and valued account holders are on the list at the end of 2019.
PayPal is a well-known payment processing company that caters to all sizes of internet businesses. If you integrate PayPal into your business, your consumers will profit immensely. The seller can only receive payment from clients if they provide their PayPal account number rather than their personal credit/debit card information. As a result, the consumer will be pleased with the simple payment process, and you will have a better chance of obtaining more customers in the future.
d) Apple Pay
Apple Pay was founded in 2014 by Apple. Its Global users are about 382 million users.
Apple Pay is now expanding worldwide because of its excellent payment processing capabilities. Because of its secure transaction capabilities, Apple is a well-known brand worldwide. Meanwhile, Apple Pay has grown in popularity due to its sophisticated payment processing capabilities. Like Google Pay and Amazon Pay, Apple Pay has a global community of users that trust it.
e) Google Pay
Google Pay was founded in 2015 by Google. The Headquarters is in California, United States.
In 2015, Google merged two massive services, Android Pay and Google Wallet, into a single brand, Google Pay. Google Pay is well-known for its user-friendly interface suitable for all customers. The merchant can receive clients’ payments using only their registered phone numbers. Google Play currently has a high volume of traffic and assists clients in completing a quick and secure payment transaction. Its Global users are about 55 million monthly active.
To summarize, one of these five payment processing businesses will undoubtedly assist you in making your online transaction more efficient and secure.
The blog’s goal is to show the audience the quality and variety of available payment gateways. You need to choose the best payment processing company from the five options mentioned above. To create an SEO-friendly online business, invest in the best e-commerce software. Purchased Commerce will provide you with various customized plans to help you get the best ecommerce platform for your needs.
Purchase Commerce has the advantage of supporting different payment gateways like PayPal, Apple Pay, Google Pay, Amazon Pay, Paytm, Razorpay, and more. So, you can choose the best payment processing system.