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How Payment Systems Contribute to Successful Commerce

The first credit card was introduced in 1914, but was “closed” and only good for the business that issued it. By 1951 creditworthy buyers could qualify for a bank card that various merchants accepted. However, using it was cumbersome and involved retailers writing down information and getting phone approvals. The system was streamlined and, over time morphed into a modern e-commerce payment system. Payment platforms like BlueSnap now offer merchants global reach and lightning fast transactions.

How a Payment Platform Works

Nearly all major businesses now rely on an e-commerce payment platform that can be used by online merchants as well as bricks and mortar stores. The systems allow merchants to accept debit and credit cards and, in some cases, other payment types. The platforms also make mobile transactions possible. They are payment gateways that facilitate transactions as they transfer essential information between points of sale and banks or other front-end processors. The systems keep data secure and can authorize payments in seconds.

Platforms Allow Businesses to Expand Globally

Modern payment platforms also differ from original systems because they are no longer limited to local merchants and banks. Sellers can accept payments from customers anywhere in the world. That is critical, since most companies now include websites which attract global audiences. A first-rate payment processing platform accepts dozens of payment methods. They include over 100 currencies located in a wide range of countries. For example, customers can pay using e-wallets and a variety of global credit cards as well as options like Paysafe, WebMoney, Skrill and bank transfers.

Payment Tools Increase Clients’ Profits

Merchants also use payment platforms to increase revenue. The systems have built-in fraud prevention features that reduce merchant losses. That allows businesses to safely accept payments from all types of customers, in any location. Every transaction is analyzed in real time, which saves merchants the cost of additional IT security resources. Payment systems also help minimize chargebacks and provide reports that help merchants identify trends and then predict future needs.

Today the bulk of retail sales process through high-tech payment platforms that complete transactions in seconds. The platforms make it possible for merchants to sell globally, lower fraud losses and increase profits by identifying trends.