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Multiple Forms of Payment Processing

jjensen | 21 November, 2005 22:14

My picture!

Payment processing has evolved from a one payment only form of service industry into an industry that is scrambling to find and implement new ways to accept payments from customers.

Years ago the only form of payment many retailers took was a paper check. Slowly the wide use of credit cards started to create an environment where the cost of accepting credit cards far outweighed the lost sales if you did not accept them.

Fast forward to today. Now you will find an environment where many Americans have limited access to credit cards because of credit over extension or bad credit while other customers demand to be able to use their credit cards because they want to earn the affinity points.

So how does a DRTV marketer collect payment from a “credit challenged” customer? They migrate to debit products which have turned up in 2 forms, Visa debit cards and electronic check products. All these products are available over the phone or internet with no paper documentation because they all clear thru a gateway using a secure SSL internet socket.

And still DRTV marketers continue to look for new ways to capture payments from every possible customer in every possible form imaginable.


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