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Customers must activate their card before using Shop Pay, and billing information must match the information on file with their bank. Shop Pay relies on a payments processing service, such as Shopify Payments (the default option) or another payment provider, to process transactions. [ 3 ]
There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. [5] Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily.
Both of these fees are meant to help a business make up for any processing fees it may have to pay when you make a payment. For this reason, fees should not exceed the processing fee amount.
Some PSPs provide services to process other next generation methods (payment systems) including cash payments, wallets, prepaid cards or vouchers, and even paper or e-check processing. [citation needed] PSP fees are typically charged in one of two ways: as a percentage of each transaction, or as a fixed cost per transaction. [citation needed]
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Every time a customer uses a card, Visa and/or Mastercard charge the merchant a processing fee, dubbed a swipe or interchange fee. ... Credit card interest rates now average over 21%, ...
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