Payment aggregation is also known by the term merchant aggregation. This business model allows a third-party provider of payments, also known as the ‘payment aggregator’, to sign up merchants under its merchant identification number (MID) in order for them all to be processed through one master account. Examples include Google Pay, Amazon Pay, Pa

If you’re an online business owner and set up your items to be displayed on the internet, choosing the right Payment Gateway is crucial. When the products purchased have been added to an online shopping cart, the buyer can then checkout. This is where the function of the Payment Gateway comes into play. It allows […]

The Merchant Category Code (MCC) classifies a company’s category. Payment systems use merchant category codes to distinguish and categorize retailers and companies based on the services/goods that they sell. For example, retail stores use one code, while booking sites will use another. The standard ISO 18245 defines the professional business code. Thes

India has taken an important step toward creating an economic system that is cash-free through the introduction of the Unified Payment Interface (UPI). The new payment system allows users to use their smartphones as online debit cards. It also makes the transfer and receipt of money instantly. The QR code concept eliminates the need for […]

If you’re a business that is looking to operate in the digital space, then you must have heard about payment gateway and its importance. In today’s digital first market, it is quite difficult to offer a good checkout experience without a reliable payment gateway.  But there are several misconceptions regarding payment gateways for which you […]

An online payment system facilitates electronic payments for transactions online. It has grown in popularity because of the increasing use of online shopping and electronic banking.  A transaction that is online usually is the process of transferring funds from a client’s account to the merchant’s bank account. The online transaction can be made

Have you ever thought about how many credit card accounts exist around the globe? Based on rough estimates there are more than 3 billion and that number is growing. The number of fraud cases keep on increasing, too. In fact, the total amount of losses from card fraud globally are predicted to be over $35 […]

The merchant ID number can be described as a minuscule code that plays an important role in every transaction. The MID determines the process of transferring funds from the bank that issued the check through the trade account. It is also crucial in preventing errors in the transfer funds. What is a Merchant ID? A […]