A payment system is a financial network or system, governed by laws and standards, that links bank accounts and supports the transfer of funds using bank deposits.
Since the invention of computers and electronic communications, different ways of electronic payment systems became available, including online payment systems and mobile phone payment systems, not just credit card payment systems. Consumers are using cash substitutes, including credits and debits among others, instead of traditional payment methods, which are negotiable instruments, such as cheques. Therefore a payment system, or network, is needed to process these electronic transactions, connecting banks and merchants using a payment gateway.
Some of these payment systems have become global, such as card payment systems and Automated Teller Machines (ATMs) or, due to the standardisation of procedures. However many payment systems are country and product specific. Specific payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets and many others both domestically and internationally using the SWIFT payment system.
The term electronic payment can narrowly refer to ecommerce payment systems – payment of goods or services via the internet, or broadly to any electronic funds transfer such as BACS – the UK scheme for electronically processing financial transactions.
NOIRE provides these merchant services and secure payment systems and can create individual merchant accounts for clients.
Payment Processing Services by NOIRE
NOIRE provides industry leading online payment processing services & risk management technologies. Designed using NOIRE, “Simply Switch On”, approach to payment processing, our payment solutions are built using the latest payment processing technology enabling businesses to “Plug In” and “Switch On” payment modules with ease if and when required.
As a leading Payment Service Provider, you can trust NOIRE to find the right solution for your business. We provide everything in one simple agreement – your Internet Merchant Account, Payment Gateway and Payment Processing with all the leading cards issuers. Combined with NOIRE’s industry leading fraud & risk management solutions, merchants can be confident managing their payments safely and securely from beginning to end with NOIRE.