NeelPro System Offers Innovative Payment Solutions for Businesses Around The World

Simplifying the terms, it would be services that enable the payment. Payment can be defined as trade of any benefit exchange for goods or services. A payment traces back its roots from the times of barter system where goods were exchanged in the lieu of money. Since then system of payment and its medium has been evolved with the growing civilization and then advanced technology. From barter, cash to now online real time exchange of money for goods and services, payment services have come a long way. NeelPro System provides a number of these advanced payment solutions to the payment and retail industries.

The common means of any payment are money, debit or credit cards or bank transfers. This transfer of money requires proper channel. These channels are referred to as the payment services where electronic transaction of money is enabled in a secure way. Software is used as a service to connect the different institutions for transfer of the funds. There are different kinds of payments services as follows:

•          Mobile payments
•          Contactless payments/NFS
•          Smart cards
•          Payment Interfaces
•          Certification Testing
•          PCI Compliance
•         Firmware development
•         ITES
•         Merchant Services

MOBILE PAYMENTS:

It can be commonly referred as mobile wallets or mobile money. In developing countries, it has been used as a way to reach the unbanked. These services require just the use of mobile phone which comes handy with everyone these days.

CONTACTLESS PAYMENTS:

It uses the Radio Frequency Identification (RFID) for the payment through debit or credit card. In this kind of payment service, no any pin or signature verification is required. The basic requirement of this type of payment is physical proximity.

SMART CARDS:

How is smart card different from any credit card? So, a credit/debit card is made up of simple plastic, on the other hand, a smart has a microprocessor embedded in it. The microprocessor on the smart card provides better security as the data in it cannot be easily read like the magnetic strip on the credit/debit card. Due to its high security, it is rapidly replacing the older issued credit cards used for payments by banks.

PAYMENT INTERFACES:

It is a platform through which all the banking transactions take place for example in ATMs, kiosks, and mobile and other payment gateways. Payment interface enables the user to interact with the other party in terms of transactions.

CERTIFICATION TESTING:

It is the testing of the whole process of terminal tech transaction from acquirer to the receiver. It provides the testing solutions that allow control and management of secure payments.

PCI COMPLIANCE:

Payment Card Industry Compliance is provided through the PCI compliance software by securing the credit card data or documents in the process of any transaction. Violating this PCI compliance can result in heavy fine for the companies.

FIRMWARE DEVELOPMENT:

Firmware is the computer program providing low level control to the specific hardware. The firmware development services provide the firmware for any such hardware that enables the payment through a specific device.

ITES:

Information Technology Enabled Services covers all the services required for proper functioning of an organization. It uses information technology for enhancing the efficiency. Examples of ITES are E-business solutions, QA/testing etc.

MERCHANT SERVICES:

It enables a business to accept transaction through an encrypted channel preventing any kind of data loss. It uses RFID or magnetic taped devices. In simple layman language, we can call it electronic payment handling for merchants.