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Merchant account underwriting is the evaluation process payment processors use to assess whether a business meets the criteria for acceptingcreditcardpayments. Anti-Money Laundering (AML): AML checks prevent the use of payment systems for illegal activities, such as money laundering or financing terrorism.
What's interesting about Stripe is that they've really tried to become an all-in-one platform for business payments. They have over 450 integration options and offer services like a terminal for in-person payments, business financing, and more. per online payment 2.7% per online payment 2.7% Stripe Fees 2.9%
When selling physical goods and services (online or in person) , various Stripe alternatives built for physical goods payments (like Amazon pay, Square, etc.) can provide payment processing, order fulfillment, financing options, and more. SaaS companies using FastSpring can also process payments using PayPal.).
Payment facilitator (PayFac) A merchant registered by an acquirer to facilitate transactions on behalf of sub-merchants. They provide the infrastructure necessary for their merchants to acceptcreditcardpayments.
Buy now, pay later (BNPL) services BNPL is a payment method where your customer uses a short-term financing service to pay for your product or service. You will receive your payment in full, while the customer will repay the loan in interest-free installments (but there are associated fees) to the credit provider.
These fees can be seen frequently on your monthly statement, but such monthly fees are never actually required in order to acceptcreditcardpayments. Chargebacks and Risk Holds No one likes it when things don’t go according to plan, especially when it comes to your business’s finances.
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