By the end of 2014, RealtyTrac.com reported that 1.1 million properties in the United States had undergone foreclosure proceedings. That number, which is rather unsettling, represents the lowest figure that the market has seen since the housing market bubble burst in 2006. With millions of properties needing to be serviced, mortgage and real-estate professionals have been inundated with an abundance of labor intensive tasks. Hence, the necessity to be more resourceful and efficient has become paramount in order to maintain success. This presents a lucrative opportunity for software proprietors to capitalize on by offering field service management applications.
The rapidly approaching EMV compliance deadline of October, 1st 2015 marks a liability shift to the least secure entity in the payments chain. To aid their customers in the quest to accommodate EMV standards, a transportation in-vehicle technology solutions company presented Chetu with the task to upgrade their Point-of-Sale (POS) offerings.They wanted EMV payment terminals with the applicable ISO standards to accept mag-stripe, EMV, and contactless card functions, programmed with all the appropriate AIDs and support for offline batch processing. Chetu's software solutions allowed this proprietor to offer secure and reliable POS terminals to adapt to the changing payments infrastructure
In the wake of the New Year, lenders are gearing up to adopt the latest protocols the Consumer Financial Protection Bureau (CFPB) enacted with the Truth in Lending Act / Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosure rule. Dubbed "know before you owe", the revised document formats and accompanying regulations for closed-end credit transactions on real estate property will take effect Aug. 1st, 2015. The new policies put forth by the CFPB, in its fundamental state, consolidates the currently existing Good Faith Estimate (GFE) and Truth-in-Lending (TIL) disclosures into the "loan estimate" documents. The new loan estimate form must be prepared and sent to consumers no later than three business days after a lender receives the application information. Additionally, it unifies the HUD-1 and final TIL into the "closing disclosure" documents, which must be provided to the consumer three days prior to loan consummation. It is hypothesized that this will alleviate the overwhelming paper bundles borrowers receive when shopping for mortgages, and simplify mortgage disclosure documents to make it easier for the average consumer to examine, understand, and compare critical information such as costs of closing, payment schedules, and interest rates.
The payments industry is evolving to meet the demands of making payment information more secure and transactions more convenient. Businesses, banking entities, payment processors, and payment gateways are expanding their capabilities to accommodate emerging payment technologies. To keep pace with the consumer demand, upgrading the entire infrastructure is paramount to the continued success of players in the payments industry. Software providers have a unique opportunity to offer software platforms that help entities accommodate payment technology trends and ensure that the payments providers are at the forefront of the changes within the market. In 2015 there will be a revolution in the payment industry as it marks a shift toward the use of EMV chip card technology, mobile payments, and cryptocurrencies.
With advances in technology shaping the way society conducts business, it comes as no surprise that the traditional way of making standard purchases has evolved throughout the years. Innovative technology in payment platforms has given way to the emerging trend of mobile payments. Mobile payment technology allows consumers to use their smartphones to complete payment transactions. This is made possible by the use of near-field communications (NFC) and/or quick response (QR) codes.
To make payments using NFC hardware, at the point of sale (POS), users touch their phone to a NFC device, and the phone sends secured payment information to the vendor to complete the sale. This hardware based technology requires both the consumer and the merchant to have NFC enabled devices. For those that do not have devices embedded with NFC hardware, quick response codes can be used to make payments. QR code applications can be downloaded natively to a user's smart device. At the POS, a barcode matrix made up of black and white squares is generated by the merchant. The user then opens the QR application and uses the camera to capture the code. Once captured, the user confirms the amount and the payment is completed. Vice versa, the user can generate a QR code using an e-wallet application, and it can be scanned by the merchant to execute a payment.
The client is a leading direct ACH payment and paper check processor that provides businesses the ability to transfer funds into or out of a merchant's bank account. Up to this point, the client depended on a 3rd party agent to capture transactions from the merchant.
The client requested from Chetu the design and development of an in-house merchant portal to capture transactions directly from the merchant and integrated with their existing ACH payment gateway in order to process those transactions in real time.
By building an in-house merchant portal integrated with their ACH payment gateway, the client would minimize its commission costs and could offer advanced customization and reporting features to the merchant. The objective was to build a fully configurable and scalable merchant portal for white labeling that would allow the merchant to submit transactions to be processed by the client's payment gateway and provide the merchant a response in real time.
A payment gateway should allow you to accept payments quickly and easily. The key component of any payment gateway is to process transactions securely and keep your customer's money and data secure. A secured payment gateway helps you gain the trust of your customers so they are willing to hand over their money. A payment gateway costs money but also helps you grow your business.
There are a vast array of payment gateways to choose from, each with their own benefits and problems that could affect the services you can offer through that payment gateway. Determining whether the pros outweigh the cons can make finding the right payment gateway for your business a time consuming process.
Quite interestingly I have seen “Payment Gateway” and “Payment Processor” being used as interchangeable terms.
It would be worth noting that the “Payment Gateway” and “Payment Processor” are two completely different entities in the card payment industry world.
What is Payment Gateway?
Payment Gateway is an application service provider that authorizes payments for businesses, online retailers or traditional brick and mortar.
In simple terms a Payment Gateway can be thought of as an interface between merchants and payment processors. The Payment Gateway accepts payment request from merchants and forwards this to payment processor for further processing.
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