Real Time Payments Expected to Bring Economic Inclusion to Peru

Feb 25, 2019

Thanks to a partnership with the London-based Vocalink, a real time payment system is coming to Peru.

In December, Vocalink, a MasterCard unit, partnered with Cámara de Compensación Electrónica (CCE), the automated clearing house in Peru, in another move to revamp the payments operations in Peru.

The system is not only expected to be on par with those in the UK, U.S., Singapore, and Thailand, but it is the first fully managed service in Latin America.

Understanding Real Time Payments

Real time payments are electronic transfers that are available 24 hours per day, seven days a week, every day of the year. These types of payments result in real time or nearly-instant interbank clearing of transfers, and the crediting of a payee’s account as the payer receives its confirmation.

What This Means for the Payment Structure in Peru

Under the partnership, Vocalink will upgrade CCE’s current system, which supports the clearing and settlements of checks, bulk payments, and instant transfers. Additionally, Vocalink will implement its platform, Immediate Payment Solution(IPS), which processes credit card transactions.

Over time, they will create a framework that can be used for the real time processing of credit transfers in real time. Also, this architecture will allow mobile phone users to send and receive payments through their phone numbers alone.

More About Vocalink

Globally, Vocalink has made a name for its self when it comes to faster payment deployments. It has been involved in real time payment initiatives in Singapore, Thailand, the UK, and the U.S.

The complete overhaul of Peru’s system will have a major impact on the entire country’s economy, including business owners, government entities, and consumers. Also, it is expected to bring about more efficient payments of salaries, insurance payouts, loans, small business invoicing and person-to-person payments.

What This Means for Others

As the public continues to embrace a cashless societies, more countries will look to move in similar directions to meet business and customer demands for immediate payments.

Those in the payment industry believe real time payments will expand access to banking services, shoulder and bolster economic growth, continue to decrease the use of paper money and checks, and offer another solid option to the Visa/MasterCard networks. Some also believe it will support competition and encourage merchant service providers to create more innovative, value-added payment services.

The Last Word on the Matter

Everyone is waiting for faster transactions, so all parties involved will need to use technology and other resources to continue to make real time, efficient payments more mainstream.

Payment service providers need to be on the cutting-edge of real time payments. They need to get on the same page and start looking for opportunities before they are edged out by competitors. Don’t expect the demand for faster payments to go away anytime soon. The best merchant service providers will pay close attention to trends and look for ways to get in on the action.

If you are in need of trusted payment processing and merchant account services, then turn to (EMB). It works with businesses with all types of backgrounds, processing histories, and credit histories. High-risk businesses are never a problem, and in fact are a specialty of EMB.

Apply online today, and let EMB provide you with the possible payment solution for your specific business.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

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Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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