How To Pick A Payment System: Checklist

    How To Pick A Payment System: Checklist

What is the payment system (PS)? This is a set of telecommunication, hardware, and software technologies designed for cashless transactions. The PS includes: — Central Bank — Bank — Payment provider — Processing center — Technical provider There are two types of PSs — national and international. National PS operates within the country and deals with the national currency. International systems work with banks and providers in different countries. Their users can tie their cards to different accounts and use a variety of currencies. SharPay belongs to international payment systems, which is why you will have unlimited possibilities.

In order to opt for the payment system that’s best suited for you and your business, pay attention to:

#1. Tariffs A fee may be charged for various financial transactions, so it’s important for the system to offer favorable terms. #2. Easy usage The intuitive interface and straightforward integration with the website are a must-have. Everything genius is simple, as they say. #3. Speed Time is too valuable to waste on waiting for the transaction to get through. Choose PS where you can make your transactions in a couple of clicks—like in SharPay—and doesn’t make you wait for hours. #4. Referral program If a payment system has a referral program, this means that it’s evolving quickly and offers you additional benefits. For example, SharPay has a refer-a-friend program where you and a friend you invite get 5 euros. #5. Mobile app You are used to tackling loads of things using your cell phone. That’s why it’s best when PS has a website and an application. SharPay has one too. Wish to connect to the SharPay payment system or learn about other advantages it has (mind you, there are still a lot of them)? Hit the link!

The checklist gets shorter once a business grows: what matters is the settlement currency, the payout schedule and whether your vertical is accepted at all. Those are exactly the terms of payment processing. SharPay names the rate, the settlement period and the accepted verticals before the contract, not after.

The numbers to ask a payment system for

A checklist gets useful once every line has a figure next to it. These are the ones worth requesting in writing — with SharPay’s terms shown as an example:

  • acquiring rate: 3 %–5 % depending on the vertical
  • per-transaction fee: 0.50 EUR
  • settlement period: T+7, euro settlement via SEPA — 0.20 %
  • reserve: 10 % held for 180 days
  • penalties: refund — 50 EUR, chargeback — 100 EUR
  • limits: transaction 10–2,500 EUR, daily 200,000 EUR, monthly 2,000,000 EUR

If a provider will not put these numbers in writing before the contract, that in itself answers the question in the title. SharPay’s terms are published on the payment processing page, and the settlement account is a business IBAN.