WAYS TO ACCEPT PAYMENTS

There are various ways in which a merchant account holder accepts payments. A customer also has many ways to make bill payments to the merchants. The banks that provide merchant account for the applicants also provide the internet banking services to the customers. Bill payments can be easily done through secure online payment gateways.

When a new account is opened, the customers are provided with a user-id and a password which is unique. This user-id and password is unique in the sense that each customer’s id is different than the others. The customer has to use the bank’s website to access his internet account. If any customer faces problem while using the services, then, a customer support is available 24 x 7, who helps the customers who faces problems. The user-id and password, which is provided to the customer, is required while logging in to the internet user account. To make payments through the online services, the customer has to select the Bill Pay option from the menu list. The customer has to register as a biller while choosing the main option. Perhaps, this is a onetime setup at the time of opening a new merchant account. The customer can easily make bill payments through the internet banking services.

Another way in which the merchant account holder accepts payments is by the Auto-Debit system. The payments are accepted on a monthly basis. The amount that is to be paid is automatically debited to the customer’s bank account. The customer has to repay the bank at the month’s end. When a customer wants to make bill payments through the electronic checks, then firstly, he has to log in to the bank’s login page which is obtained from the website. The customer has to click on the option “Click to Pay” to make payment by the electronic online check. The system immediately prompts for the check number and code. They contain the transaction code and IFS code, which is provided by the bank while issuing the merchant account to the applicant. These codes bear the bank’s location and area. The first six digits mean the unique bank location code. The customer can, then, make payments through the online check payment gateways. The amount which is calculated is called as minimum due or the total amount due. A customer can choose from lots of products that are available on the internet.

The customers can make bill payments, to the merchant’s bank account, directly through the mobile phone which we use every day. During the early period, this transaction used to take about 3 consecutive days to be completely cleared but in the recent years, because of the internet banking facilities, it is fast and accurate. Bill payments can be made easily through the mobile banking services. Therefore, it is the most convenient, reliable and fastest payment medium. The other way of making bill payments is by using the credit cards directly. He/she can make the bill payments through the online payment gateway systems.