Press Release / Web sites / Internet / Paymill improves the infrastructure of on-line payment

Paymill improves the infrastructure of on-line payment

Debit card transaction in online shops is now being simplified by the transaction service provider, Paymill. For that reason, it allows retailers and purchasers to hurry in the processing of their own payments. The inconvenient as well as midway task of creating a seller banking account is not bothering business owners any further because Paymill manages this action on their behalf.

Munich, November 20, 2013.

As in selling market sector, the online payment infrastructure doesn’t differentiate a lot from non-virtual card payment. A vendor, whose bank (the acquirer or acquiring bank) is getting paid by a buyer using a card provided by a bank (the issuer or issuing bank) and then has the transferred money put into its credit balance. However, those four parties - two banks and their two customers - tend to be linked together simply by a different component: the terminal which reads the card. When speaking about online payment, service providers like Paymill operate just as the communicating link and furthermore make an improved cash flow between issuer and acquirer achievable. The payment procedure in its entire shape speeds up. The acquirer, as it’s thought, tries to start a conventional with as many credit card associations as possible. The most recognized available on the market are Visa and MasterCard. American Express and Diners Club are in addition somewhat common. Amongst the actual worldwide players seem to be also Discover, Attijariwafa Bank, China UnionPay and Japan Credit Bureau.

The best way to a merchant account

In the past the installation of credit cards being a payment method inside their stores ended up being rather hard for on line vendors, as a result of the importance of getting a merchant account. As a way to have the capacity to accept credit card payment, it is crucial to obtain a specified banking account, while lots of banks don’t give it effortlessly without adequate commercial credit history. However, Paymill understands the best solution: the purchaser gets a merchant account without needing to make contact together with the acquirer. This specific service happens all itself, because Paymill settles this matter mechanically - amongst the reasons why Paymill is one step ahead of the rivals. Other providers generally demand an already established merchant account.

One-stop shop: fast credit card installation and easiest managing

The start-up company Paymill, which began in 2012 in Munich, Germany, doesn’t just simplify the generation of accounts but even supplies vendees a much larger benefit. Establishing new account is not needed to make payments via Paymill. This leads to significantly less payment stoppages by discouraged customers. In the matter of staying away from these kinds of dropouts facilitates Paymill’s one-stop philosophy. Shoppers, when completing their payment, aren’t redirected to the payment service provider’s site. To help keep an entire payment process easy, the customer may process the payment on the service provider web site, simply because the avant-garde direct integration via an application programming interface (API). Furthermore, Paymill’s payment system is very secure and complies with the actual safety requirements (PCI-DSS).

PAYMILL GmbH
St.-Cajetan-Strae 43
81669 Mnchen
www.paymill.com