How to Become a Digital Payment Agent: Steps for Success – 

by Adriana

Introduction – 

Did you ever take the assistance of a travel agent? Or is that you have been planning a dream destination for visiting a placid island and you cannot do the bookings for your excursions, in other words you are not able to get the services of the travel agent. Or the case is that, you are visiting a great city that’s exotic in nature and you want to check out. And, there are services that you are looking for but not able to get it. Let’s look it at other way. You are having a business and you want to make sure that your customers can pay for the goods and services in the best possible manner. Also, you can look at successful steps for becoming a payment processor. And, you want to be attentive on getting the best solution for more than 5,000 distinct options in the USA. One of the good ways to make sure that both of these things come true is by using the payment processor which is the best, but people lack time or the know -how to shop for various processors. 

What is DPA? 

Also, in this guide we will be looking at what is digital payment agent (DPA) exactly and why your business requires one and how they can help you to be successful. Digital payment agents are individuals who work in consonance with merchants of all sizes. But it is most of the time, medium and small sized business, which assists in facilitating the payment processing. A digital payment agent works with and for different payment processor, which is a portion of the independent sales organization or ISO. And, they are an expert. In the meanwhile you can look at, starting a credit card processing company. It is their work to know how the payment system functions and the different players involved and they can assist the business owners in searching for the best processor for size and type of business they are working on. In the core, DPAs are payment theme (subject) matter experts. 

Working of the Payment Processor – 

There are many such DPA who are not agents, but there are merchants who can get all of the good characteristics of working with multiple expertise and providers and industry experts, without the business being overpriced or any having opaque models and no customer services. So, people having access to the payment system and 100s of different processors, several agents is well-placed to take care of the same for you. One of the best questions that many have is how do payment processor or processes work. So, there are 3 main sets in payment processor. First is authorization, next is settlement and last is funding. The first and the foremost step is authorization, it is about knowing that the customer waiting to pay has the power to purchase the services or the goods which they are about to purchase. 

Process of Authorization – 

In the process of authorization, first the person wanting to buy the goods, will swipe or tap or insert their card and send a message to the merchant’s payment processor which will say that, XYZ wants to buy for a cost of $10. Then, the processor sends that same message through the payment card network, like a MasterCard or Visa to the issuing bank. Then, the issuing banks will confirm and affirm and say yes and sends a note or message back to the merchant’s card terminal. Most of the work is done behind the scenes. Then, the next step is settlement. At the end of the day, the merchant will send all the batch of payment data to their payment processor, who will again work with the card network in order to get the money from different customer banks. Then, the issuing bank will send the cash to the merchant’s bank, through the payment processor and card network, minus the fees. And, the last step is funding portion, which is simply moving the funds (cash) from the bank to the account of the merchant, a process which takes a business day or so. 

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