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Top latest 5 Merchant Services You Need to Know About

As consumers, people always look for better options to make their payments. Something that does not require them to be physically present or have any contact. Credit card information is also a hassle as they will have to input CVV every time. Therefore it is best to try out these merchant services to grow your business.

Why go for merchant services?

Offline payments are way overrated. Especially during these times, it is best to avoid any kind of physical transaction and even offshore merchant processing. Consumers are following up on many new trends that are coming in the world and hence looking for merchandise and other collectibles. Moreover, they are interested in many other products that may be available internationally. Nonetheless, we see that they are reluctant to use credit cards.

So far, the world has seen a lot of theft, both offline and online. In such cases of security infringement and hacks, people would rather give up than provide credit card information. not only that credit cards are a hassle, but there is also a lot of information that needs to be filled in during payments. Hence people would rather prefer online transactions and e-bill payments. It not only saves information but also makes payments In simple steps. Thus, businesses should opt for high-risk payment gateway services that would give them a better chance of not losing clients and also grow internationally.

What are the best merchant services you should opt for?

There have been a lot of applications and processors which have created an impact on the merchant businesses. They have helped them gain more consumers and instill in seamless payments methods. But there are a plethora of merchant services that serve as great alternatives to offshore credit card processing. Hence we have researched and listed the best merchant services that are available as of 2021. We will walk through the services and list out the pros and cons. Thus establishing the reasons why they should be one of your choices.

PayPal

Apparently, the service claims to be serving over 17 million firms. It is a fantastic transaction tool that has proved itself to be extremely useful. There are many reasons why PayPal is helping people grow their business effectively. For starters with PayPal, offshore credit card processing has been minimized. But below listed are some more reasons why it should be your choice:

  • A great customer service experience
  • Maximum security and protection from frauds and spams
  • You can enable a number of payment options including in-store credits
  • Best for transactions of lower volume
  • Perfect for international transactions

Cons:

The only drawback is that the basic version does not support many points of sale features. You will need to opt for the advanced version. Moreover, the transactions get a little dicey with high sale volumes.

Quickbooks payments

Quickbooks have developed a lot in recent years. It started with cloud computing and then accounting. Now it has successfully replaced offshore credit card processing with its online ways thus becoming a merchant service. There are many ways that you can make payments with QuickBooks.  And it has a lot of advantages that would help you grow your business. They are:

  • They provide card readers for in-store purchases
  • Online transactions through phone payments
  • Online processing of money
  • Directly connects with its sister accounting software.
  • You will get a Point of sale logged into your system as soon as you get your payments.
  • Pay as you go payment plan for app purchase that has no monthly fee.
  • You can subscribe to pay by the month
  • It comes with a free card reader which is integrated for apple, android, and other devices.

Cons:

Even though the POS gets automatically updated, the features themselves are not strong enough.

3. Square

This is the most rated and the most mentioned application is most merchant service reviews. It is mainly known for its offshore credit card processing.  but that’s just the tip of the iceberg. Square has a Card on File” feature, which enables users to store customer card information. It serves perfectly for usual customers and in return, they are awarded loyalty points and other rewards. But even that is not it, here are some more reasons why you should choose square:

  • There is no monthly subscription to this application
  • The transaction process is seamless and transparent giving you complete clarity.
  • Comes with a free card reader that almost no other software provides 
  • Regular updates that provide great features

Cons:

The only con in this application is that it does not offer ACH payment processing

4. Payment depot

This is the perfect solution for big enterprises. It has the capability to handle huge sale volumes seamlessly. They provide transparent processing which gives consumers and businessmen credibility and builds trust. It is affordable as no matter if you are a big or small company, the membership prices remain the same. More reasons to try Payment depot are mentioned below:

  • You will not need a contract to make your transactions processed
  • The rates are competitive
  • Online payments and surfing are very easy.

A big help to big businesses

Cons:

  • Does not help small businesses
  • The application process takes some time to learn

5. Stax by Fattmerchant

This is a really great application to replace offshore credit card processing. The reason is the more your monthly fee increases, the transaction amount decreases. Omni is something offered by Stax which takes care of your invoicing, payments, and keeping logs. This merchant service is great for new users but apart from there here are some more reasons to opt for Stax:

  • There is a monthly subscription fee, so you don’t have to make your payments right now.
  • Fantastic UI and software
  • Includes ACH, invoicing, and more features

Cons:

  • The subscription fee could be a little high
  • And though the fee decreases, the transaction fee is within the standard range.

Conclusion

There are many ways you can easily manage to get away from offshore credit card processing. Hope these merchant service options are helpful. Nonetheless, if you are still not satisfied, it’s suggested that you keep looking now that you have a better idea. 

KYC

What is CKYC and Why is it Important for You in 2021?

CKYC is the abbreviated form of Central Know Your Customer. It is a depository of KYC documents of all investors and was started to provide convenience to them during the document verification process. This is possible as they only need to submit their CKYC number to the bank, NBFC, or any other financial institution they are planning to invest in and their documents will be verified online. 

It is important to register yourself in CKYC in 2021 because you might not want to step outside your house every time to complete the document verification process in person. Moreover, the CKYC id enables you to invest in many instruments online as many financiers are offering online forms to initiate the investment and during the documentation phase, you can just provide your CKYC number and avoid attending the in-person verification round personally. 

Likewise, many financiers are offering online tools for better assessment and evaluation of different instruments. For example, Bajaj Finance FD gives you the option of calculating the FD returns before investing with the help of Bajaj Finance FD calculator. If you find an FD plan worth investing in, you can utilize the online FD form offered on its website and share the CKYC id to finish the document verification process quickly. 

By investing in Bajaj Finance FD online, a 0.10% excess FD interest rate can be added to the existing FD rate that you are applicable for. The other features that make this FD scheme lucrative in 2021 are given below:

No-risk investment 

One of the primary benefits of investing in Bajaj Finance FD is that it carries the reputation of being a no-risk investment. This can be verified through the high credit ratings that it has received from credit rating institutions like CRISIL and ICRA. 

Tenor flexibility 

The tenor flexibility offered by Bajaj Finance FD lets you choose a lock period between 1 to 5 years as per your wish. Also, you can prefer to invest your savings in more than one fixed deposit plan at once with the assistance of the multi-deposit feature. 

With this feature, you can select a tenor and investment that is unique for each FD. Moreover, it also allows you to invest in both FD types i.e. cumulative and non-cumulative FDs at once. It is ideal for those who want to enjoy better and more liquidity options and it also helps you to take care of your short-term and long-term financial goals simultaneously. 

High-interest rate 

A high-interest rate of up to 7.25% will apply to Bajaj Finance FD. The higher interest rate will amplify your returns and you will also be able to earn higher interest payouts if you choose to invest in a non-cumulative FD. 

You can choose from the multiple interest payout options such as monthly, yearly, 6-monthly, or quarterly periodic interest payout alternatives. Therefore, you can also use this FD scheme to manage your expenses or additional fund requirements without any difficulty. 

If you are a senior citizen, the FD rate applicable to you will be 0.25% higher than non-seniors. All these benefits and options make it one of the safest and profitable investment options in 2021. 

CKYC is Central Know Your Customer and it is a number that you get after registering your documents with the centralized depository of India. It comes in handy as you can submit your KYC no. instead of going through the time-consuming document verification process that is mandatory while investing. Also, many financiers offer online tools like an FD calculator to help you analyze the benefits of a particular instrument. Bajaj  Finance FD calculator is an online tool that provides the exact calculation of returns offered by Bajaj Finance FD. It also offers an online investment procedure and numerous benefits like tenor flexibility, multi-deposit feature, high-interest rate, etc. Moreover, it is also a safe instrument that can be verified by checking the high credit ratings it has got from CRISIL and ICRA.