Internet acquiring is the rave these days, and for good reasons. Just a few decades ago, there was nothing like a bank card. Payment for goods and services back then was made in cash, which, to put it mildly, was not convenient. But the story is different these days. Through internet acquiring, people are now able to purchase goods and services online.
Wondering what internet acquiring is all about? Read on to find out.
Internet Acquiring: Definition
Internet acquiring is a system that enables a buyer to purchase goods and services online and pay with a card. Simply put, it’s a system of payment through the internet. Unlike mobile or conventional payment systems, the payment system does not need an in-store terminal; it is mainly for traditional bank customers, as well as clients of fintech and payment companies and all those with electronic wallets.
There are now many online payment solutions that are card acquiring. For instance, the Ecommpay function is card acquiring.
Why Internet Acquiring
Over Time, traditional shopping became tedious; people craved a simple and convenient means of buying goods and services. Thus, when online stores came on board, it was met with much excitement and acceptance. Over the past two decades, Ecommerce has grown in leaps and bounds. This is owing to several factors, including:
- Does not Require Physical Presence: Online shopping enables you to purchase products without stepping into a physical store. With just the click of a button, you can access an online store, go through its pages and select the product of your choice.
- Less Time Consuming: With traditional shopping centers, one must go into the store and search through the numerous products before making a purchase. This can be quite time-consuming, and no one has time for that, not when online shopping is easier, more efficient, and less time-consuming. All you need do is select an online store of choice, surf through their products and services and make a choice and within a short time, your product can be at your doorstep.
- Lower Prices: As a rule of thumb, most online stores sell at a lower price than offline stores. And while the prices are lower, the products are by no means of lower quality.
How Internet Acquiring Works
The process of internet acquisition is as follows:
- A customer purchases a product and chooses to pay with a plastic card
- The customer is redirected to the service store’s page for authorization
- The customer enters their card details in the field provided. This includes the card number, expiration, and CCV code.
- The store sends the customer’s details to the issuing bank and from there to the international payment system that issued the payment. Such international payment systems include VISA, MasterCard, etc.
- The provider receives a response about the success or otherwise of the transaction.
- Next, the issuing bank informs the store and the customer of the possibility of making a purchase.
- The amount is withdrawn from the customer’s account, and the item becomes that of the customer.
Benefits of Internet Acquiring
Internet acquiring has a lot of benefits, including:
- Ensures growth in sales and revenue by about 1/5 as the payment system attracts wealthy clients
- Increases customer base by one-third. This enables your business to gain ground in the industry and become more competitive.
- Eliminates the risk of receiving fake banknotes
- Eliminates the need for staff to deal directly with money
- Internet acquiring is efficient, easy, and fast. Hence customers will always return to buy
- Companies need not worry about postal orders as the business is certain to receive its money instantly, and customers do not need to hold cash to pay at the postal office
- It does not require the installation of expensive or special gadgets. Only two things are required to establish internet acquiring; a current bank account and a computer.
- Customers can shop any time and day, including public holidays and weekends.
- Allows businesses to expand their range of products, unlike offline stores that may be limited due to space or storage constraint
If you own a business, it’s only right to provide a means for customers to make secure payments online. This includes ensuring PCI compliance, amongst others. Fortunately, internet acquisition is filled with many perks and benefits including payment security that will ensure you have an easy, efficient and convenient shopping experience.