Different types of merchants use different payment processing methods. There are retail merchants, Internet merchants, MOTO merchants, etc. The channels may include credit card processing, electronic checks, and ACH services. However, these payment methods will face higher processing fees when they need to convert between different currencies. The use of encrypted assets to pay will reduce exchange rate losses to a greater extent, and reduce merchants’ transaction fees for receiving and paying services. For merchants who access applications that support encrypted asset receipt and payment, their payment processing methods are relatively simple, and they cooperate with payment service providers to access the payment programs they provide and guide their customers to operate to achieve receipt and payment. trade. If the payment and receipt applications accessed by each merchant are different, and the consumer payment wallets are also diverse, will it cause certain inconvenience to the customer's consumption? The answer is yes. The payment process includes consumers, merchants, payment processors, payment gateways, compliance and risk control, etc. It only takes a few seconds to pay at the consumer payment terminal, but there may be a lot of differences between the applications behind it. Service providers work together to provide services for merchants' payment and settlement processes. During the payment process, the wallet applications of different customers and the payment applications of different merchants can sign a general cooperation agreement to achieve interoperability between the consumer wallet and the merchant’s payment application, and the customer’s payment wallet and The seamless integration between merchant applications enables conversion transactions between different tokens, which is efficient and simple to operate, and realizes fast, compliant, and safe payment transactions. I know a receipt and payment application that is more friendly to merchants, which can be used by merchants as a reference.AURPAY supports multiple cryptocurrency payments. This video is believed to greatly help merchants achieve low rates and efficient transactions.
Nice post about the merchant payment processes. Some information about white label payment processing for merchants may complete the post.