What is acquiring and what are its types?

It is difficult to imagine the life of a modern person without gadgets and assistive devices that greatly simplify our existence. Literally every smartphone has a technology for wireless transmission of information called “NFC” (Near Field Communication), which allows you to pay cashless for goods and services. To do that you only need to have a Google Pay card or an Apple Pay card, and on the other part, a merchant’s terminal. In this context, it is important to understand what is acquiring and what are its types, as well as to know how to open a free online bank account.

Cashless payment is a simple and convenient way for both: the consumer and the seller

When a person has a virtual debit card and regularly makes Mastercard money transfers, it is more convenient for him/her to use a non-cash payment method in everything, which is what acquiring implies. It is the ability to accept plastic credit cards to pay for various services. Nowadays we often come across this function, but we may simply not know its correct name. Credit cards are accepted thanks to the terminal installed by a certain acquiring bank. Next time you pay for the purchase with a card pay attention to the name of the bank which is displayed on the terminal board; this bank is the acquirer and arranges the payments. In simple terms it transfers funds from client’s account to the account of the merchant without personal participation of the former. The most famous credit card associations today are Visa, MasterCard, Discover, China UnionPay, American Express, Diners Club, Japan Credit Bureau and Indian Rupay.

There are several types of acquiring:

1. Commercial acquiring: the payment is carried out using a non-cash payment terminal in such establishments as hypermarkets and supermarkets, restaurants and cafes, gas stations, sports complexes, cinemas, railway and bus stations, pharmacies, etc.
2. Mobile acquiring: the customer pays for the purchase using the card reader in their smartphone.
3. Internet acquiring: it is a virtual shopping service that has been especially relevant lately. The consumer pays with virtual money or a virtual credit card using a special web interface.
4. Cash withdrawal or ATM acquiring: the client uses an automated teller machine (ATM) or a terminal to pay for services, for example, replenish the account of a mobile phone, pay for Internet, TV, housing and communal services.
5. QR code payment: in this case, the terminal is not used. The client opens a banking mobile app and scans the seller’s QR code; after that he/she makes a payment using banking details.

How does acquiring work?

The technical side of the process is extremely simple. The main machine is Point Of Sale Terminal – POS terminal. This electronic device is used to receive cards of various types: with a chip or magnetic stripe, as well as devices with contactless pairing, for example, an NFC gadget, which has a virtual card registered and activated. Such a system does not really differ from the cash register, as it contains data for analytics and keeps track of sales.

Thanks to the Internet, the device maintains communication with the bank  continuously and efficiently. In order for the payment to go through, the following manipulations should be performed:

• the client inserts (puts on) the card to the terminal;
• the device reads the data, checks the solvency and sends permission to the bank to write off the finance;
• the payment goes through and the consumer receives a check, which is documentary confirmation that the operation has been successfully completed.

Note that the WestStein prepaid card will always be available for you: you will have the opportunity to make online purchases securely and confidentially, constantly monitoring the flow of funds. Opening a free online account is possible with a couple of clicks: fill out an online form, confirm your data and within 24 hours you can start using your account, and the plastic card will arrive within 10 days. At the same time, WestStein money transfers are unique opportunity to transport finances with a minimum commission in a short time.

How are the funds credited?

At the end of the financial period (for example, a working day) the company sends information about non-cash payments to the bank. The acquiring bank accepts these facts for processing and sends them to the issuing banks. After a fast approval, the funds are transferred to the account of the client company.

Advantages of the system:

• competitive advantage in the market;
• high level of service;
• service reliability;
• improving the image of the enterprise;
• expanding the client base, engaging young audience;
• increase in profits.

WestStein customers can make any kind of money transfer. Сollaboration with us is a guarantee of confidentiality and security.