Payments systems are not all that they seem.
A payments system is typically defined as a financial system that supports the transfer of funds from one party to another. The parties can be individuals, businesses, institutions and so on. The system should provide a sound set of rules, decision-making structures, infrastructures, instruments, technologies and standards that make those transfers or exchanges possible. Pretty simple, really.
Usually, these systems are governed by some manner of local or international regulation, say for example a Visa or MasterCard payments system. Some systems are self-regulated (such as WeChat Pay) and exist in concert with regulatory best practices and processes that may exist for the country of payment origin.
In the retail sector, usually most people seeking our help are concerned with retail payment systems and this could be:
- Cash payments
- Paper based payments, such as cheques or payment order
- Card based payments, such as credit card, debit card, gift card, digital wallet,
micropayments wallet or cryptocurrency (such as Bitcoin) - Third party payment facilitation (such as Afterpay or PayPal)
- Electronic payments and remittances, including electronic funds transfer, real-time gross settlement, internet banking
Whatever your needs in payments are, we can help you decipher the right payments systems to fit your needs.
Remember, you’re not alone.