A third party payment provider is a registered non-bank Third Party Payment Providers. There are two types of third party payment providers there’s Beneficiary Service Provider and Payer Service Provider.
Choosing one method over the other can mean very different business processes and funding times, so it’s important to research and determine the best option for your business.
There are various ways to go, you can get a merchant account from your bank and use a processor like virtual card services. Or get one that caters for your smaller business or one that makes use of a global merchant account, and obviously their fee will be higher.
Basically you need to establish what your volumes will be and go from there, also banks negotiate merchant fees based on volumes. For some new small online shops the way to go sometimes is EFT if your volumes aren’t yet at the level to accommodate either. Best for EFT is i-Pay.
i-Pay is a relatively new South African payment gateway. But it has some really exciting payment processes that speed up transactions via easy mobile integrated payment verification methods.
Their transaction fees are also nice and low, so this is definitely an option to consider. In addition, they also claim to be the fastest payment method available.
Then start to save on your banking fees today by enjoying straightforward pricing at more affordable rates than traditional EFT transactions. With SureTransact any business can enjoy huge savings on their EFT transaction fees with the click of a button. Just click, pay and save.
Benefits include: once off registration fee, minimal monthly administration fees and transparent costs per transaction.
- There are no hidden costs.
- Unlimited users at no extra costs.
- Sure Transact is cloud-based so you can do your online payments and collections wherever you are, whenever you need to.
- There’s no need to commit to any fixed-term contracts; you pay on a month-to-month basis.
- You don’t have to change your current banking relationship. SureTransact works alongside and independently from your current banking set up.