In 2021, bank cards have become the most popular means of payment in the world. It is getting harder to do business without acquiring, so in this article, we’re going to deal with the notion, find out how it works and what needs to be done to connect it.
Acquiring is a banking service that allows customers to pay for goods and services with payment cards.
“According to international analytical companies, 54% of all purchases in 2020 were made in a non-cash form.”
Acquiring services are available to any type of business: organizations, individual entrepreneurs, and self-employed citizens. But acquiring is different, and which one suits your business depends on where you make payments: at a point of sale, online, in app or all of the above.
Depending on the field of activity and the needs of a company, users can choose one of three types of acquiring:
ATM acquiring (or exchange acquiring) is also distinguished. It denotes payment through self-service devices such as ATMs. This is an independent type of acquiring that is not required for most businesses.
Offline (trade) acquiring implies POS terminal installation at the point of sale. A POS terminal is a hardware system for processing card payments at retail locations, with the help of which the required amount is debited from the client's card or, conversely, the funds are refunded.
This service is ideal for you if your activity involves active movement and the need to accept payments in different places (taxi, pizza delivery, or courier services). For mobile acquiring, compact mPOS terminals are used for card payments. They are easy to take with you. Such equipment can be easily controlled via mobile devices using an application. The principle of operation, in this case, is the same as for trading POS terminals.
“Mobile acquiring is the least secure method of accepting payments. In this regard, banks can limit the number of purchases via this type.”
This service of the bank provides a possibility to make payments for goods and services in online stores by card or e-money, using the systems of electronic payments. It is not necessary to purchase a real terminal.
Nowadays, online payments are totally secure. To protect Cardholders from fraud the possibility of a simplified cancellation (Chargeback) implemented into the online payment procedure. In many cases, the Cardholder can simply call his bank and tell that the goods have not been delivered or the service has not been provided properly.
3D Secure may require customers to complete an additional verification step with the card issuer when paying. Typically, you direct the customer to an authentication page on their bank’s website, and they enter a password associated with the card or a code sent to their phone.
The acquiring system in its simplest form includes several participants:
The scheme of operation of this system is as follows:
In practice, the whole procedure takes a matter of seconds.
Acquiring simplifies business due to its undeniable advantages:
The disadvantages of cashless payments include:
Today, almost every banking organization offers acquiring among its services. But the fact is that not all banking organizations provide the same equipment and prescribe equal conditions. Thus, there are several criteria to be taken into account when picking a merchant acquirer:
“Important! The bank will take a certain percentage from each payment made through the terminal. In the case of trading acquiring, it varies from bank to bank and can be as high as 2.5%.”
Before you start working with credit cards, you must open a current account to which sales revenue will be credited. Then:
Generally, acquiring can be connected directly via the bank, but this is not always convenient and profitable. In such cases, you can contact a merchant service provider that will help connect acquiring in the necessary banks, offer additional options for managing and controlling traffic.
We are a platform that allows customers to quickly and easily get connected to bank acquiring. We provide a whole range of effective technical solutions for our clients, namely:
For a company, connecting bank acquiring means an increase in revenue and an influx of new customers. If you want to develop your business, it is important that both cash and non-cash payments are available at points of sale. We will be your safe and effective solution for setting well-functioning acquiring.
Yes, you can connect several types of acquiring at once if you provide different kinds of services. For example, trading and mobile ones.
When activating the acquiring service, all payments received from customers’ cards must be credited somewhere. To do this, you need to open a current bank account. Thus, to arrange acquiring and cooperate with the bank without breaking the rules, you will need the current account.
It is possible only in a number of legislatively prescribed cases, including: