Your key to Successful Business: Payment Aggregators
- January 22, 2016
- Posted by: eresolute
- Category: Funding trends, Uncategorized
Technology transforms the way any business operates. For a business to thrive, it is necessary to have a robust technological edge to battle market competition and win a far fetched consumer base. Whether you are a start up striving to gain market control and garner customer engagement or an established business, it is very important to offer a secure and hassle free payment system for your consumers. Recently, payment aggregators are gaining prominence due to the ease of execution and widespread acceptance. Payment aggregators allow you to collect payments from the customers without having to worry about the set up fees and annual maintenance charges. Payment aggregators help you maintain close customer relationships. Payment aggregators ensure the protection of sensitive payment information from theft or frauds. Payment aggregators win the trust of both consumers and sellers. Payment aggregators also offer tempting propositions to their customers by allowing them to make payment from the comfort of their homes, instead of standing in long queues.
Before we tell you why you need payment aggregators, let us first understand what payment aggregators are.
What are Payment aggregators?
Payment aggregators also known as merchant aggregators, are the financial institutions that allow merchants to have convenient, quick access to payments from their customers without setting up a merchant account. Payment aggregators thrive by tapping the relatively new market with low customer acquisition cost. Payment aggregators facilitate the merchants to accept payments from the customers through credit/debit card or bank transfer. Essentially, a payment processor can be thought of as a link that connects your bank with your customer’s bank. Without this link, you would not be able to process payments and accept payments from your customers.
Payment aggregators provide e-commerce merchants with a unified API that can encapsulate one or more online payment methods. In contrast with the traditional model where a single merchant corresponds to a single merchant account, payment aggregator service uses one merchant account to represent a myriad of merchants hence reducing the cost for each merchant.
Before you take an informed decision on the choice of the payment aggregator, you must keep the following factors in mind:
- Volume of transactions
- The cost of TDR (Transfer Development Right)
- Analytics Support
- Ease of API Integration
Is payment aggregator for you?
Generally, payment aggregators are suitable for smaller business with low volumes. These services are apt for micro-merchants, occasional sellers such as home service and repair.
eResolute, a fintech company, has an optimal solution, Middleware for firms dealing with multiple clients or billers. Middleware is a ready to use white label B2B solution that integrates multiple API’s and enables multiple categories of payment services like prepaid mobile/DTH recharge, postpaid, utility payments, and domestic money transfer.
Middleware solution works well for small and large business alike.
Advantages of Payment Aggregators
- Frictionless application process
In the traditional way, a merchant company needs to go through a lengthy process of filling forms, submitting relevant documents and applications to get the business started. Setting up a merchant account with a payment aggregator is less time consuming and cumbersome. Minimal information is required to set up a merchant account. Once the account is activated, you can immediately processing the e-commerce payments.
- Reduced costs
Payment aggregators impose a minimal start fees and have a fixed cost for all the transactions. Aggregators charge a variable fee for every transaction. This can benefit micro businesses with low volume of transactions. For more established companies, aggregators tend to reduce the processing cost.Often, by adding a fixed monthly rate and reducing the variable transaction fees, businesses processing higher volumes will experience a steady decline in the cost of each transaction.
- Wider Reach
Aggregators can reach larger customer base as opposed to the individual merchant businesses.Aggregators can take advantage of their simplicity and breadth to attract more customers compared to individual merchant companies.
For more information on reliable, safe and secure bill aggregators, visit www.eresolute.com or call [number].