E-payments for Beginners ???? EP2 (Acquirers Types & IRF, Markup & DCC fees)

What does the #aggregators mean and what does the #facilitators mean in the electronic payment echo system?

#Aggregators in the electronic payment ecosystem are companies that provide a platform for customers to make payments to multiple merchants from a single account. They act as intermediaries between customers and merchants, allowing customers to pay for goods and services from multiple vendors in one transaction.

#Facilitators in the electronic payment ecosystem are companies that provide the technology and infrastructure necessary for customers to make payments. They provide the tools and services needed to process payments, such as payment gateways, merchant accounts, and fraud protection services.

Who are the famous e-payments Aggregators and facilitators?

1. #PayPal

2. #Stripe

3. #Square

4. #Amazon_Payments

5. #Apple_Pay

6. #Google_Pay

7. #Dwolla

8. #Braintree

9. #WePay

10. #Authorize_NET

What is the difference between digital banking and cloud banking regarding the electronic payments?

#Digital_banking refers to the use of digital technologies such as mobile phones, computers, and the internet to access banking services. This includes activities such as online banking, mobile banking, and other digital payment methods.

#Cloud_banking is a type of digital banking that uses cloud computing technology to provide customers with access to their financial information from any device with an internet connection.

#Cloud_banking allows customers to make electronic payments from anywhere in the world without having to be physically present at a bank branch or ATM.

The main difference between #digitalbanking and #cloudbanking is that cloud banking provides customers with more flexibility when it comes to making electronic payments.

What is the IRF item and how does it affect both issuers and acquirers?

IRF refers to the Interchange Reimbursement Fee, as such term is defined in the scheme (#VISA / #MASTERCARD) which determines percentage of transaction as a commission based on the financial entity, transaction type, MCC, Country and regions, entry mode of the transaction.

It affects differently between #issuers and #acquirers based on transaction type, simply when it becomes as source of revenue for issuer it becomes as source of cost for the acquirers (#Purchase transactions) and vise versa in (#ATM transactions) and it is differs between transaction and another based on merchant/ ATM type and from region to another and from entry mode to another.

What is the difference between #markup_fees and #DCC_fees?

#Markup_fees are fees charged by the issuer financial institution for processing a a cross border transaction. These fees are typically based on the total amount of the transaction and can vary from issuer financial institutions to another

#DCC_fees, on the other hand, are fees charged by the acquirer financial institution for providing Dynamic Currency Conversion (#DCC) services. #DCC allows customers to pay in their own currency when making purchases abroad, and these fees are typically based on the exchange rate used for the conversion.

#Epayments_For_Beginners_??_EP2