payment authorization

Fortumo mobile payment service provider

What is Fortumo

Fortumo is a that enables users to make purchases and payments using their mobile devices. It was founded in Estonia in 2007 and has since grown to become a global company, serving customers in over 100 countries.

Fortumo specializes in providing carrier billing services, which allows users to make payments by charging them directly to their mobile phone bills or deducting the amount from their prepaid mobile balance. This payment method is particularly convenient for users who do not have access to traditional banking services or credit cards.

The company partners with mobile operators around the world to offer carrier billing as a payment option for various digital goods and services, including mobile apps, in-app purchases, online gaming, digital content subscriptions, and more.

By leveraging the existing mobile network infrastructure, Fortumo simplifies the payment process and expands access to digital services for users.

Fortumo’s platform provides merchants and service providers with the necessary tools and APIs to integrate carrier billing into their applications and services. It offers a secure and seamless payment experience, allowing users to complete transactions with just a few clicks or taps on their mobile devices.

Overall, Fortumo plays a significant role in the mobile payments industry, facilitating convenient and accessible payment options for both users and businesses around the world.

The history of Fortumo

Fortumo was founded in 2007 by Rain Rannu, Martin Koppel, and Veljo Otsason in Tartu, Estonia. The company initially started as an SMS gateway provider, offering messaging services and solutions to businesses. However, it soon recognized the growing potential of mobile payments and shifted its focus to become a mobile payment service provider.

In the early years, Fortumo focused primarily on providing premium SMS services, allowing users to make micropayments by sending text messages to specific numbers. This service was widely used for purchasing digital content, such as ringtones, wallpapers, and games.

As the mobile industry evolved, Fortumo expanded its services and started offering direct carrier billing, which allowed users to make payments by charging them to their mobile phone bills. This payment method gained popularity due to its simplicity and convenience, especially in markets where credit card penetration was low.

Fortumo quickly established partnerships with mobile operators worldwide, enabling its carrier billing service to reach a broad audience. It expanded its coverage to over 100 countries, including emerging markets in Asia, Africa, and Latin America.

In 2012, Fortumo received a significant investment from Intel Capital, the investment arm of Intel Corporation. This funding helped the company further expand its operations and strengthen its position in the mobile payments industry.

Over the years, Fortumo continued to innovate and diversify its offerings. It introduced new payment channels, such as in-app payments, which enabled users to make purchases directly within mobile applications.

The company also developed partnerships with various digital merchants and service providers, including app stores, gaming companies, streaming platforms, and digital content providers.

In 2017, Fortumo launched Fortumo Insight, a data analytics and business intelligence platform that provided merchants with valuable insights into user behavior, transaction data, and market trends. This tool helped businesses optimize their mobile payment strategies and improve monetization.

Fortumo has also expanded its services beyond mobile payments. It introduced direct carrier connections for mobile messaging, allowing businesses to send SMS messages directly through mobile operator networks.

Additionally, Fortumo offers mobile identity verification services, enabling secure and seamless user authentication through mobile phone numbers.

How Fortumo works

Fortumo operates as a mobile payment service provider, offering various payment solutions to businesses and users. Here’s a general overview of how Fortumo works:

1. Integration: Merchants integrate Fortumo’s payment platform into their applications, websites, or digital services. Fortumo provides APIs, SDKs, and documentation to facilitate seamless integration.
2. User Initiation: When a user wants to make a payment, they choose the Fortumo payment option provided by the merchant. This could be in the form of a “Pay with Fortumo” button or a specific payment flow integrated into the application.
3. Payment Flow: When the user initiates the payment, Fortumo’s platform handles the transaction process. The specific payment flow may vary depending on the integration and the payment method chosen (e.g., carrier billing, in-app payments).
4. User Verification: For carrier billing, Fortumo verifies the user’s mobile phone number to ensure it is valid and matches the carrier network. This verification step is crucial for security and preventing fraudulent activities.
5. Payment Authorization: Fortumo sends a payment request to the user’s mobile network operator, requesting authorization for the payment. The operator checks the user’s account balance or verifies if they meet the necessary criteria for the payment.
6. Payment Confirmation: Once the mobile operator approves the payment, Fortumo receives a confirmation, indicating that the payment has been authorized. Fortumo then notifies the merchant and user about the successful transaction.
7. Transaction Settlement: Fortumo handles the financial aspects of the transaction, including settling the payment with the mobile operator and processing the payment to the merchant’s account. Settlement periods may vary depending on the agreements between Fortumo, mobile operators, and merchants.
8. Reporting and Analytics: Fortumo provides merchants with detailed transaction reports and analytics through its Fortumo Insight platform. This data helps merchants understand user behavior, optimize their payment strategies, and improve monetization.
9. Customer Support: Fortumo offers customer support services to both merchants and end-users, assisting with any payment-related inquiries, issues, or disputes.

It’s important to note that the specific payment process and user experience may vary based on the payment method, integration, and country-specific regulations. Fortumo’s goal is to provide a secure, seamless, and convenient payment experience for both merchants and users, leveraging carrier billing and other payment channels to facilitate transactions.

Can Fortumo be trusted

Fortumo has been operating as a mobile payment service provider for over a decade and has established partnerships with numerous mobile operators and merchants globally. It is recognized as a reputable company in the mobile payments industry. However, it’s always essential to consider certain factors when determining trustworthiness:

1. Reputation: Fortumo has a track record of working with reputable mobile operators and merchants worldwide. Its long-standing presence in the industry and extensive partnerships indicate a level of trust that has been built over time.
2. Security Measures: Fortumo takes security seriously and implements measures to protect user data and transactions. This includes encryption protocols, secure communication channels, and compliance with industry standards and regulations.
3. Compliance: Fortumo adheres to legal and regulatory requirements in the countries where it operates. Compliance with regulations such as data protection and anti-money laundering demonstrates a commitment to maintaining high standards.
4. Customer Support: Fortumo provides customer support services to both merchants and end-users. A responsive and reliable support system is an important aspect of trust, as it ensures that any issues or concerns can be addressed promptly.
5. Industry Recognition: Fortumo has received recognition and awards in the mobile payments industry, which further reinforces its credibility and reputation.

While Fortumo is generally regarded as a trustworthy company, it is always recommended to conduct your own research and due diligence before engaging in any financial transactions. Consider factors such as the specific terms and conditions, user reviews, and the reputation of the merchants you interact with via the Fortumo platform.

Does Fortumo charge a fee

Yes, Fortumo charges fees for its mobile payment services. The specific fee structure may vary depending on factors such as the payment method, transaction volume, country, and specific agreements with mobile operators and merchants.

Fortumo typically operates on a revenue-sharing model, where a percentage of the transaction value is retained as a fee by Fortumo. The remaining amount is then distributed between the mobile operator and the merchant. The exact percentage can vary and is typically agreed upon between Fortumo, mobile operators, and merchants.

The fees charged by Fortumo cover various aspects of the payment processing, including technical infrastructure, transaction settlement, security measures, customer support, and other operational costs associated with providing mobile payment services.

It’s important for merchants and businesses to carefully review and understand the fee structure provided by Fortumo before integrating their services.

Additionally, the fees may differ based on the specific payment methods utilized, such as carrier billing, in-app payments, or other payment channels offered by Fortumo.

PayFast online payment processing service

What is PayFast

PayFast is a South African online payment processing service that enables individuals and businesses to accept payments electronically. It acts as a secure intermediary between buyers and sellers, facilitating seamless transactions on various online platforms.

PayFast provides a range of payment options, including credit cards, Instant EFT (Electronic Funds Transfer), and popular digital wallets such as PayPal and MobiCred. It allows merchants to integrate payment functionality into their websites, online stores, or applications by utilizing PayFast’s developer-friendly APIs and plugins.

The service offers several features designed to enhance the payment experience, including fraud prevention measures, buyer verification, and transaction notifications. PayFast also supports recurring billing, allowing businesses to set up subscription-based services or recurring payment plans.

PayFast is widely used in South Africa as a trusted and reliable payment solution. It caters to both small and large enterprises and serves various industries, including e-commerce, crowdfunding, online ticketing, and charitable organizations.

The history of PayFast

PayFast was founded in 2007 by Jonathan Smit and Andy Higgins in Cape Town, South Africa. The company emerged as a response to the limited online payment options available in the South African market at that time. Jonathan and Andy recognized the need for a secure and reliable online payment processing service tailored to the local e-commerce landscape.

Initially, PayFast focused on providing payment solutions for small and medium-sized enterprises (SMEs) in South Africa. The platform aimed to simplify the process of accepting online payments and offer a range of payment methods to cater to the diverse needs of businesses and consumers.

Over the years, PayFast steadily grew its user base and expanded its services. The company implemented robust security measures to ensure the protection of sensitive payment information and prevent fraud. It also established partnerships with major banks and payment providers in South Africa to enhance its payment capabilities.

In 2017, PayFast was acquired by DPO Group, a leading African payment service provider. The acquisition provided PayFast with additional resources and expertise to further develop its platform and expand its reach.

PayFast continued to innovate and introduce new features to improve the payment experience for its users. It launched a mobile app that allowed merchants to manage transactions and monitor their accounts on the go. The company also introduced recurring billing functionality, enabling businesses to set up subscription-based services and automate recurring payments.

How PayFast works

PayFast operates as an online payment processing service that enables businesses and individuals to accept payments electronically. Here’s a general overview of how PayFast works:

1. Integration: Merchants integrate PayFast into their websites, online stores, or applications using the provided developer-friendly APIs or pre-built plugins for popular e-commerce platforms. This integration allows the merchant to offer PayFast as a payment option to their customers.
2. Payment Options: PayFast offers a variety of payment methods to customers, including credit cards (Visa and Mastercard), Instant EFT (Electronic Funds Transfer), digital wallets (such as PayPal and MobiCred), and other alternative payment options. Customers can choose their preferred payment method during the checkout process.
3. Secure Payment Process: When a customer selects PayFast as their payment option, they are redirected to the PayFast payment page to complete the transaction. PayFast employs robust security measures to protect sensitive customer data and ensure secure transactions. This includes encryption, SSL certificates, and tokenization to safeguard payment information.
4. Payment Authorization: Once on the PayFast payment page, the customer enters their payment details and confirms the transaction. PayFast then communicates with the relevant banks or payment providers to authorize and process the payment securely. The customer may be required to provide additional authentication or verification, depending on the selected payment method.
5. Transaction Completion: After the payment is authorized and processed successfully, PayFast notifies both the customer and the merchant about the payment status. The customer receives a confirmation of the successful transaction, while the merchant is informed about the payment and can proceed with order fulfillment or service provision.
6. Settlement: PayFast manages the settlement process, whereby funds from the customer’s payment are transferred to the merchant’s PayFast account. The settlement typically occurs within a predefined timeframe, and merchants can access their funds by withdrawing them from their PayFast account to their designated bank account.
7. Additional Features: PayFast offers various additional features to enhance the payment experience. These include fraud prevention measures, buyer verification, transaction notifications, recurring billing for subscription-based services, and detailed reporting and analytics to help merchants track and manage their transactions.

It’s worth noting that the specific details and functionalities of PayFast may vary, and merchants may have different configurations and settings based on their requirements and integration choices.

Can PayFast be trusted

Yes, PayFast is generally considered a trusted and reliable payment processing service. Here are some factors that contribute to PayFast’s reputation:

1. Established Presence: PayFast has been operating since 2007, establishing a significant presence in the South African online payment market. Over the years, it has built a solid track record and gained the trust of thousands of merchants and customers.
2. Security Measures: PayFast prioritizes the security of transactions and customer data. The platform implements industry-standard security protocols, including encryption, SSL certificates, and tokenization, to protect sensitive information during payment processing. PayFast’s security measures aim to prevent unauthorized access, fraud, and data breaches.
3. Compliance and Certification: PayFast adheres to industry regulations and standards. It is a PCI-DSS (Payment Card Industry Data Security Standard) Level 1 certified service provider, which means it meets the highest security standards for handling payment card data. This certification ensures that PayFast maintains robust security measures and undergoes regular security audits.
4. Trusted Partnerships: PayFast has established partnerships with major banks and payment providers in South Africa, further validating its credibility. These partnerships contribute to the seamless processing of payments and provide added assurance to users.
5. Positive User Feedback: PayFast has generally received positive feedback from merchants and customers who have used the service. Satisfied users often commend its ease of use, reliability, and customer support.
6. Customer Support: PayFast offers customer support to assist users with any queries or issues they may encounter. Their support team is available via email and phone during business hours, ensuring that users have access to assistance when needed.

While PayFast is generally regarded as a trusted payment service, it is essential for merchants and customers to conduct their own due diligence and evaluate whether PayFast meets their specific requirements. This can involve reviewing terms of service, fees, integration options, and other factors relevant to their business or personal needs.

As with any online payment service, it’s also important to stay updated with PayFast’s latest security guidelines and practices to ensure the continued protection of your transactions and data.

Does PayFast charge a fee

Yes, PayFast charges fees for its payment processing services. The specific fees and pricing structure may vary based on the type of account, transaction volume, and other factors. It’s important to consult the official PayFast website or contact their customer support for the most up-to-date and detailed information regarding fees.

Typically, PayFast’s fee structure includes the following components:

1. Setup Fee: PayFast generally does not charge a setup fee. Merchants can create an account and integrate PayFast into their websites or platforms without an upfront cost.
2. Transaction Fees: PayFast charges a transaction fee for each successful payment processed through their platform. This fee is usually calculated as a percentage of the transaction amount. The transaction fee may vary based on factors such as the payment method used (credit card, Instant EFT, etc.) and the merchant’s pricing plan or agreement with PayFast.
3. Monthly Fees: PayFast may charge a monthly subscription fee or account maintenance fee for certain types of accounts or premium features. These fees are typically based on the specific needs and requirements of the merchant.
4. Withdrawal Fees: When merchants withdraw funds from their PayFast account to their designated bank account, PayFast may apply a withdrawal fee. This fee covers the costs associated with transferring funds from the PayFast account to the merchant’s bank account.

It’s important to carefully review PayFast’s fee structure and terms of service to understand the costs associated with using their services. Additionally, merchants should consider comparing PayFast’s fees with other payment processors or alternatives to determine the most suitable option for their business.

iDEAL online payment system

What is iDEAL

iDEAL is a popular online payment system in the Netherlands. It was introduced in 2005 and has since become one of the most widely used online payment methods in the country. iDEAL allows customers to make secure online payments directly from their bank accounts.

When using iDEAL, customers can pay for goods and services on websites or mobile apps that accept this payment method. The system is supported by most major Dutch banks, including ABN AMRO, Rabobank, and ING. To use iDEAL, customers need to have online banking capabilities with one of these participating banks.

Here’s how the iDEAL payment process typically works:

1. Customer selects iDEAL as the payment method: When making a purchase online, customers choose iDEAL as their preferred payment option at the checkout.
2. Customer selects their bank: The customer selects their bank from a list of participating banks.
3. Customer redirects to their bank’s online banking platform: The customer is redirected to their bank’s secure online banking platform, where they log in using their credentials.
4. Payment confirmation: The customer confirms the payment details, such as the amount and recipient, within their bank’s online banking environment.
5. Payment authorization: The customer authorizes the payment by following the instructions provided by their bank, which may involve entering a unique code or using a mobile banking app.
6. Payment completion: Once the customer completes the payment authorization, the amount is transferred directly from their bank account to the merchant’s account.
7. Confirmation and order processing: After the payment is successfully made, both the customer and the merchant receive a confirmation of the transaction. The merchant can then process the order and proceed with the delivery of goods or services.

iDEAL provides a convenient and secure way for Dutch customers to make online payments without sharing their financial details with merchants. It has gained widespread acceptance among e-commerce platforms, online retailers, and service providers in the Netherlands.

The history of iDEAL

iDEAL was developed as a collaborative effort between Dutch banks and the Dutch Payment Association (Betaalvereniging Nederland). Its development started in 2004, and the system was officially launched in the Netherlands on October 3, 2005. The primary goal of iDEAL was to establish a secure and efficient online payment method for Dutch consumers.

Here is a brief overview of the history of iDEAL:

1. Development and collaboration: The development of iDEAL began in 2004, driven by the need for a standardized online payment system in the Netherlands. It was a joint effort between several major Dutch banks, including ABN AMRO, ING, and Rabobank, along with the Dutch Payment Association.
2. Launch and initial adoption: iDEAL was officially launched on October 3, 2005. Initially, it was supported by a limited number of banks, but its adoption quickly grew. By the end of 2005, over one million payments had been processed through the iDEAL system.
3. Expansion and increasing popularity: In the following years, iDEAL gained significant traction and became widely accepted by online merchants and service providers in the Netherlands. More banks joined the system, making it accessible to a larger customer base.
4. Integration with online platforms: iDEAL was integrated into various e-commerce platforms, allowing online businesses to offer it as a payment option to their customers. This integration further contributed to the system’s popularity and adoption.
5. Enhanced security measures: Over time, iDEAL implemented additional security measures to ensure the safety of transactions. This included the introduction of two-factor authentication, such as using one-time passwords or mobile banking apps, to authorize payments.
6. Continuous development and improvement: iDEAL has continued to evolve and improve its features and functionalities. The system has undergone updates to enhance user experience, streamline the payment process, and adapt to technological advancements.
7. Market dominance: iDEAL has become the leading online payment method in the Netherlands, with a significant market share. It is estimated that the majority of online transactions in the country are conducted through iDEAL.

The success of iDEAL can be attributed to its user-friendly nature, wide bank support, and strong security measures. Its simplicity and convenience have made it a preferred payment option for Dutch consumers, contributing to its sustained popularity over the years.

Can iDEAL be trusted

Yes, iDEAL can be trusted as a secure and reliable online payment system. Here are several reasons why iDEAL is considered trustworthy:

1. Strong bank collaboration: iDEAL was developed and is supported by major Dutch banks, including ABN AMRO, ING, Rabobank, and others. These banks have a long-standing reputation for providing secure financial services, and their involvement in iDEAL adds credibility to the payment system.
2. Robust security measures: iDEAL implements various security measures to protect transactions and customer data. It utilizes secure encryption protocols and follows industry best practices to ensure the confidentiality and integrity of payment information.
3. Two-factor authentication: iDEAL employs two-factor authentication methods, such as one-time passwords or mobile banking apps, to authorize payments. This adds an extra layer of security, making it more difficult for unauthorized individuals to access and misuse customer accounts.
4. Trusted by merchants: iDEAL is widely accepted by reputable online merchants and service providers in the Netherlands. These companies trust iDEAL as a secure and reliable payment method for processing transactions on their platforms.
5. Regulated by Dutch authorities: iDEAL operates under the supervision and regulation of Dutch authorities, ensuring compliance with applicable financial regulations and consumer protection standards. This oversight contributes to maintaining the integrity and trustworthiness of the system.
6. Wide adoption and popularity: iDEAL has gained widespread adoption and popularity in the Netherlands. It is the preferred online payment method for many Dutch consumers, who have successfully used it for a vast number of transactions over the years.

However, it is always important to practice general online security precautions when using any payment system. This includes keeping your login credentials confidential, using secure internet connections, and being cautious when sharing personal or financial information online.

Overall, iDEAL has established itself as a trusted and widely used online payment system in the Netherlands, offering a secure and convenient way for customers to make online payments.

Does iDEAL charge a fee

The fees associated with iDEAL transactions can vary depending on the specific arrangement between the merchant and the acquiring bank (the bank that processes the payments on behalf of the merchant). Generally, iDEAL charges transaction fees to the merchant rather than the customer.

iDEAL transaction fees are typically based on a per-transaction or a percentage-of-transaction amount. The exact fees can differ between different banks and payment service providers.

Some banks may offer flat transaction fees, while others may charge a percentage fee based on the transaction amount.

The specific fee structure and pricing details for iDEAL transactions are typically negotiated between the merchant and their acquiring bank. Merchants should contact their bank or payment service provider for information about the fees associated with integrating and using iDEAL as a payment method.

It’s worth noting that while iDEAL transaction fees may apply, they are typically considered reasonable and competitive within the payment industry. The fees cover the costs of transaction processing, security measures, and the convenience provided by the iDEAL system.