Acquiring is the process of accepting payments from customers using electronic payment systems. Thanks to it, entrepreneurs can accept payments using bank cards, mobile payment applications and other means of payment.

In this article, we will look at how this system works and provide guidance on choosing the right bank.

How does acquiring work?

When a customer selects goods or services and prepares to make a purchase, he can choose to pay using a card or a mobile application. To do this, he needs to enter information about his card: card number, expiration date and CVV code.

This information is transmitted to the provider, who verifies it and confirms the payment. If everything goes well, funds from the client's card are transferred to the organization's account.

It is important to note that all this happens in real time and provides fast payment confirmation and convenience for customers.

Types of acquiring

There are several types of acquiring, and each of them has its own characteristics.

Let's look at some of them:

• Mobile acquiring:

A method of accepting payments using mobile devices, through special mobile terminals. Which is especially convenient for entrepreneurs who trade on different platforms. As an example , we can cite such services as: Kaspi Pay, ApplePay and HalykPay

• Internet acquiring:

Allows you to accept payments via Internet sites or online stores. Which is very useful for entrepreneurs running their business in an online environment. 

You can emphasize 3 tools: Stripe, PayPal and Braintree.

Our team can help you implement a payment system to your website for technical support service.

• POS terminals:

Devices installed in physical stores or service points that allow customers to make payments using cards. Widely used in retail and services.

Each type of acquiring has its advantages and disadvantages, and the choice depends on the needs and characteristics of your business.

Pros and cons of acquiring

Advantages of acquiring:

• Convenience for customers:

The ability to easily and quickly make payments using their cards or mobile applications.

• Expanding the customer base:

Providing payment by electronic means attracts new customers who prefer this payment method.

• Increase in sales:

Different variability of payment methods, which simplifies the sales process and encourages customers to make more purchases.

Disadvantages of acquiring:

• Commission:

Providers may charge fees for processing payments, which may affect your profitability. It is important to analyze the commission structure of different providers and choose the most favorable conditions.

• Possibility of technical failures:

When using electronic systems, there is always a risk of technical problems, such as system failures or unavailability of the payment gateway. 

In order to avoid these problems, you need to choose a reliable provider with good technical support in order to minimize the risks of such failures and solve emerging problems in a timely manner.

• Security risks:

Potential threat of fraud and theft of customer data. When choosing a provider, pay special attention to its security measures and the protection of customer data. 

Analyze the reviews and reputation of the provider in this area.

How to choose a bank for acquiring

When choosing a bank for acquiring, several important factors should be taken into account:

• Commissions:

Study the structure of the fees that the bank charges for the use of acquiring. Compare the commissions of different banks and choose the most favorable conditions for your business. Please note that the fees may vary depending on the amount of payments and the type of acquiring.

• Technical support:

Pay attention to the availability and quality of technical support offered by the bank. It is important to be able to quickly contact the bank's representatives and get help in case of problems with acquiring.

• The bank's reputation:

Analyze the bank's reputation in the field of acquiring. Find out about his experience and reliability in payment processing. Look for reviews from other entrepreneurs or refer to the recommendations to get an idea of the quality of service and reliability of the bank.

• Additional services:

Find out what additional services and opportunities the bank offers as part of acquiring.

For example, some banks provide analytical tools for tracking sales, business scaling opportunities, etc.

Consider your needs and choose the bank that offers the most suitable additional services for your business.

• Integration with your system:

Check how easily and efficiently the bank's acquiring system can be integrated with your current sales management system or accounting system. Make sure that the integration will be smooth and will not cause unnecessary difficulties.

It is important to conduct research and compare different banks and their acquiring offers in order to choose the most suitable option for your business.

Conclusion

Summing up, we can say that acquiring is an important step for entrepreneurs seeking to develop their business in the field of e-commerce. And choosing a reliable bank plays a key role in the successful implementation of acquiring and ensuring the security of payments.

If you want to integrate the acquiring system to your portal, our team can help with this problem, thanks to technical support services.