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. As retail processing architecture becomes increasingly complex, merchant service providers have experienced pressure to internalize these processes under a singu lar service umbrella, emulating the one-stop-shop model.Project Details
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.Read More
The payment gateway handles the settlement on behalf of merchant while the payment processor expects the merchant to send the end-of-day settlement request and handle the settlement file to be imported back into the system.
Through our extensive experience with projects related to payment gateway and processors, we have seen an emerging convergence between the POS and payment gateway industry.
The POS industries are leaning towards implementing their own payment gateway to get a cut of all the transactions that are processed via the POS. Conversely the payment gateway industry is looking to build their own POS systems to process all the transactions originating from the POS system.