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QR Code Payment- A Renaissance In The COVID-19 World
QR code payment is one of the efficient ways to make a contactless transaction. We are living in an era where people are giving more importance to the products of technology and it is somehow the correct approach. Well. QR code payment mode is a fruitful outcome of advanced technology. It allows the cardholders to make bill payments in the contactless mode. If we consider the present situation where social distancing is very important, QR code payment has brought a renaissance. However, when it comes to accepting QR code payment, there are many things that merchants need to know.
People are now embracing various ways to make online payment such as credit card payment services, debit card payments and many more. But, QR code payment has its own advantages. Yes, if we compare it with our payment methods, it is certainly less time-consuming. Moreover, customers do not need to carry a credit card or debit card with them to make QR code payment.
If you are someone who wants to elevate your business to the next level, you must upgrade your payment terminals so that you can accept QR code payment. However, starting an online business is not as easy as it looks from the outside. You need to know so many things before getting into it.
We at International Payment Solutions understand this situation and therefore, we are trying our best to help the new merchants so that they can easily set up their online business. We offer many advanced payment terminals that support QR code payment. Well, if you are new to online business, you need to know the following things before start accepting contactless payments:
Online QR Payment Transactions
Understanding the QR payment transaction is very important for online merchants and therefore, we have elaborated on the process below. So, don’t miss to go through the following points:
The customer initiates the transaction by hovering their credit card or mobile device over the payment terminal. After that, the online payment gateway passes the information to the merchant processor.
The payment processor then checks the details of the transactions and passes it to the credit card network. There are many credit card networks that offer credit cards such as Visa MasterCard, American Express. Now, depending upon the credit card network, the merchant processor passes the information.
The credit card network of the consumer verifies the information and after that, the network sends the information to the cardholder’s bank account.
The credit card issuing bank checks every information minutely and after that, the bank checks the available credit. Depending upon the available credit, the transaction gets approved or declined.
The bank sends the final confirmation message after checking the account to the credit card network. The network then sends the same to the merchant processor solution.
So, this is how a QR payment transaction gets completed. However, the magstripe premium card does not support such transaction. So, if you want to make payments with QR code, you need to upgrade your cards. The new EMV cards consist of EMV chips that support contactless transactions. In addition to this, you can make contactless transactions with an online wallet. Yes, there are many wallets such as Google Pay, Apple Pay and Samsung Pay offering this feature to the customers.
If you want to accept QR code transaction, you must register yourself under a payment solution. Otherwise, you will not have your business QR code. A business QR code is something that consists of your account details. The customer will scan the QR code and after that, the payment will be deducted from the cardholder’s account and on the next business day, the merchant will receive the amount.
Advantage Of Using QR Code Payment
There are many advantages that you can avail of if you go with QR code payment. We have highlighted the points below:
Fast Payment: Well, if you want to make a fast payment at the retail outlets, it will be an ideal option. It just takes a maximum of 15 sec. to complete a transaction. The customer just needs to scan the QR code and after that, the customer has to put the PIN to complete the transaction. Moreover, the customer does not need to touch the payment terminal.
Secure Payment: QR code is one of the efficient ways of making payment. We at IPS offer advanced QR code payment terminals and therefore, there will be no issue regarding security when it comes to making payments using QR code.
Not An IPS Merchant?
By now, you have understood the importance of QR code payment and now, if you want to start your own online business, you must become a merchant of a reputed merchant processor solution such as International Payment Solutions. IPS is one of the best merchant processors in Canada. Moreover, the platform has years of experience in the online payment industry. So, you will never be disappointed if you get in touch with IPS.