John Jacobs, Negosentro | Instant gratification is the order of the day in online buying which is the prime motivation for online buyers. People are eager to lay their hands on anything and everything they desire to possess with the intention of acquiring it at a click. While consumers would be happy to get the materials instantly, sellers are equally anxious to receive the payment upfront. Credit and debit cards are the most popular methods of making online payments, and it creates a win-win situation for both buyers and sellers. Immediate payment reinforces the customers’ claim to the product, shipped almost immediately, subject to availability.
Vulnerability of cards
However, people are often sceptical about the use of cards for online transaction fearing its misuse arising from the breach of safety by hackers and unscrupulous entities. Concern for safety and protection of personal data are now driving people to explore other viable options of online payment that does not require sharing of personal data either with merchants or with payment facilitators like Netgiro.is. The company that facilitates the payment provides the necessary tools to both individuals and businesses for conducting online transactions with the assurance of immediate online payment. In this article, we will discuss the way the payment solution works.
Both buyers and sellers registration is necessary
Buyers who intend to avail the payment facility through a payment facilitation business must register with the company first. The process of registration does not require sharing of any sensitive information. Similarly, sellers can apply for access to the facility to start the process of accepting payments. Several retailers acknowledge the credentials of the payment company as a guarantee for all payments and gladly accept the payments made by using the facility. Retailers are happy because they do not have to worry about the payment that the payment company assures on behalf of customers. On the other hand, customers enjoy interest-free credit for the money they borrow from the payment company for a stipulated time, which gives some elbow room for managing their finances better.
Sellers get more exposure to the market
When sellers declare that they accept the specified card less payment mode, they instantly get exposure to the network of buyers registered with the payment facilitation company who might not have been customers before. It is an excellent opportunity to expand the customer base without any efforts. Sellers can link the payment account with their bank accounts for transferring the funds received through sales.
Safe and straightforward payment
The payment facilitator acts as a bank though functionally it is far different from it and not governed by the rules and regulations of banks. However, there are safeguards in place that protect the money that you transfer to your bank account. It does not diminish the trust level of the financial company in conducting monetary transactions to assist buyers and sellers because of its compliance with certain financial and banking regulations.
The alternative payment system is rapidly gaining popularity, as it is free from the vulnerabilities of other online payment methods.