Frequently Asked Questions
What is an online payment system ?
Simply put, it is a service that an authorised company delivers on behalf of card associations such as Visa or MasterCard supplying authorisation and settlement services that allows for card transactions to be done on the internet.
When a customer sends their card details to pay for a good or a service, those confidential details are not passed to your business, but to a payment gateway that will check that it is not fraudulent and fully compliant to Europeans regulations. The approved payment request is then pushed to the Banking system. The online business has been paid and the client’s card has been debited.
Why is an online payment system required?
Protecting your liability
Many online payment systems are not adequate enough , working without proper authorization. No monitoring from public authorities, low fraud detection rate. Most likely the money spent by your clients will disappear. The association of card owners like Visa will start legal proceedings against your business for having processed stolen cards, not mentioning other issues like money laundering. On top of being sentenced to pay millions of euros to those card companies, your future businesses as you personally will be banned from receiving payments with cards (prepaid card, payments card, credit card), not only online, but even physically in your shop.
You will save your business millions of euros of investment, technical and human resources using SysPay: a professional payment system so you can focus on your core business.
What is a good online payment system?
The ones required by your business
Cause it seems more easy, a lot of people starting an e-commerce choose a major international brand to process their payments. Payments are costly and it’s quite hard to master this issue just being attended by a robot, like most of the payments systems do. Such choice implies also to pay for all options automatically coming with your payment solution. Do you really need the option of “Laos Kip” currency when you website is selling yoga class bookings in Paris?
Our advisors will inform you of the tailored payment architecture that typically boost your line of business sales. With SysPay, pay only for what you need.
First, you need to check if the said company is compliant, meaning it has been agreed by card associations and by the relevant Banking authorities. SysPay is a payment institution holding an EMI license which allows to process payments. SysPay is authorized to issue electronic money.
Tech friendliness, age and reputation
Processing online payments through your classical corporate bank is not really the best thing to do. Classical banks can be suspicious when opening a corporate account even for a bakery. They are simply not familiar with start ups. Why would they take risks processing your business when they can’t understand it? Save yourself months visiting banks, trying to explain your disruptive business plan. We are open to innovators. On the contrary we will assist you during your application process. Drawing on 10 years of expertise, we provide our clients with the latest technologies, insights and analysis.
Accepted online business types
Processing payments should be the only line of business of your service provider. A classical bank acting as your payment processor would be likely to link your merchant account to your normal corporate account. If there is a problem in one of the two, the second will be affected. You may end up with both accounts frozen without any possibility to continue normal business.
Choose an internet payment system like SysPay. Our sole activity is to process internet payments. We are not owned by a bank. We are a Payment Institution. Our independence is your guarantee against systemic financial risks (e.g. sub primes crisis) We know your business, not your personal dealings.
Processing for free, really?
Holding a valid license to operate as a payment system in Europe requires experienced and reputed experts in all areas: certified public accountants, compliance officers, coders, fraud specialists, etc. If the service is granted for free, it means the said payment processor is fishing and you will most probably end up paying costs that were not obvious from the outset.
We respect your privacy and are compliant with European GDPR regulations.
With SysPay, one real person will manage your account, available in your native language to answer your queries. You are not a product with SysPay, but a client we value, solving your issues, and constantly applying inventive solutions to your business. We look after it. You won’t be left alone with robots or just a complex PDF guide to reach your funds like many online payment systems do.
What is a payment module?
A payment module is a piece of code that allows a shopping cart to interface with a payment gateway. This module typically handles tasks such as sending information about the customer and the purchase to the gateway, and then receiving and storing the response from the gateway.Security is often a concern with payment modules, since they may handle sensitive information such as credit card numbers.
As a result, many payment modules are designed to be as secure as possible, often using encryption to protect the data. In Europe, payment modules must also comply with the Payment Services Directive (PSD), which sets standards for security and other aspects of payment services.