To put it simply the Internet acquiring is a service that allows making purchases with a credit card via the Internet and without leaving your house. And on the side of the sellers, it allows receiving payments any time of the day and even enables business owners to accept bitcoin as payment. It does not require a point of sale equipment or third-party application. All you need is Internet access.
In addition to paying with bank cards, customers may pay from all types of electronic wallets and it even enables them to perform online payments with bitcoins. As no card readers or cardholders are used customers take on the function of the cashier by entering the payment information into the special form on a website.
How exactly it works and how to make it work
Before dwelling into details of how it is essential to cover a few obligatory requirements an organization should meet:
- Employment training. In order to avoid unnecessary problems.
- Service support. To resolve any arising technical and legal issues.
- Licensing software.
Now returning back to the subject of acquiring and how to receive bitcoin payments:
- After placing an order on your website client is redirected to the authorization page or bitcoin payment module where a payment method must be chosen and the payment details entered.
- The authentication by the bank or wallet should be passed. It happens instantly most of the time.
- The wallet or bank of the acquirer sends a request to an international payment system
- Here the fraud monitoring is performed and the buyer’s solvency is checked.
- The bank sends an SMS so the buyer could confirm the transaction.
- The transaction is confirmed by the bank or wallet once again.
- After the request for withdrawing the money from the International Payment system, checking the amount of money on the sender’s card, and confirmation on the acquirer’s bank the transaction is complete
The whole process may seem a bit convoluted at the first sight but almost all of it happens so to say behind the screen and doesn’t require any involvement on the both sender’s and receiver’s side.
The services of internet acquiring are provided by banks that work directly with clients and take the minimal fee but request a huge package of documents, aggregators that offer various payment gateways like wallets, banks, and mobile phone accounts, request the least number of documents but charge the highest fees, and the direct providers, that provide a direct payment gateway between participants of the transaction. The last will ensure the highest security and lowest additional fees, allowing to establish bitcoin recurring payments as well as tracking bitcoin payments.
Extra features and fees
As we mentioned above different providers of Internet Acquiring have different fee-charging policies. Usually, the fees are the money sender problem and are quite low for those who accept it. Direct providers even allow you to change the fee charged from the client.
But in some cases, it might be more lucrative to use several types of providers simultaneously or work with one and only system to get the fee discount.
As for the extra features and advantages- these include:
- Receiving payments in crypto with the bitcoin payment widget;
- A high degree of anonymity;
- Reduced costs;
- Optimized sale and supply;
- Quick payment processing;
- Recurring payments;
- Payment cascading;
- Moto payments;
- Invoicing;
- Tax optimization.
If for some reason you still wonder how to accept bitcoin payments on website or just how to accept payments on your website in general WELLCOINEX has all the solutions available for you. We will provide a detailed guide on how to update your website in a way so the online and bitcoins payment will be a walk in the park for you.
All you need is to sign a SaaS (software as a service) agreement with us and with WELLCOINEX software and our license you will be able to accept Bitcoin or any other type of crypto.
All we want is to become a helping hand for you offering high-quality services.