Paytrek in Action Start Out Online

With online retail sales expected to reach $508 billion by 2020, many companies will continue to enter the ecommerce market. But getting set up to accept payments online can be a lot more complicated than merchants expect.

Paytrek is dedicated to making this process easier and more efficient, and to do that, first thing’s first: a (simplified) overview of how this whole system works.

When a customer wants to pay you for a product or service by credit card—in store or online— that information changes a lot of hands:

When a customer wants to pay you for a product or service by credit card—in store or online— that information changes a lot of hands:

First it goes to the bank where you have an account for your business. That bank then passes it along to the payment card company (say a Visa or Mastercard company).

They then pass THAT information on to the customer’s issuing bank, where they got the credit card (so, say, Barclay’s card in Europe or İşbank card in Turkey). They’ll check to make sure he or she has the funds available to make the purchase. Fraud checks will happen at this point.

Then this information is sent back through those channels to you, the merchant, telling you that the payment has been approved and the transaction is being cleared. This all happens in a matter of seconds.

After this, your transactions are sent to your bank and settled up, meaning funds are transferred to where they’re supposed to go — from issuing banks to your bank, and any of the fees paid to third-parties for transacting.

When you are considering payment service providers, you’re essentially selecting the company that is going to work with you during this process, and in doing so, you’re also selecting some of the fees that you’re wiling to pay to have these transactions handled.

Now, some of the players in this system you DON’T get to pick, like who the issuing bank is — that’s determined by the card your customer is using.

What you do get to pick is who you partner with on your merchant side of things.

The complexity really kicks in when you want to be able to offer a lot of different payment methods and currencies that will likely lead to higher conversion rates. Manually setting up relationships with many banks, credit card companies and loyalty programs is too time consuming, not to mention ongoing tasks like financial reconciliation, currency conversion, contracts.

That’s where Paytrek steps in. Paytrek is designed to give you the freedom to access many payment methods, currencies and reward programs with the ease of working with a single company.

Paytrek also offers a developer-friendly platform that makes it easy to accept payments on your website and apps.

Want to know more?


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