Gone are the days when brands and customers relied on cash transactions and cheques. In the modern digital era, brands rely on digital payment platforms for financial activities. Some brands also use prepaid digital solutions for business expenses. Prepaid solutions are also extended to consumers for shopping, bill payment, and other activities.
Most websites or mobile shopping applications now have an embedded payment gateway for consumers. Customers can make payments for their purchases by checking out on the gateway. As the demand for prepaid online solutions increases, brands might need to use a card management platform.
This article will help you learn more about prepaid online solutions and payment gateways for seamless transactions.
Are you Familiar with Prepaid Digital Solutions?
Prepaid digital solutions can be explained as financial products that allow you to pay funds in advance and use them later. It is usually seen in prepaid cards offered by brands to their employees. Prepaid cards can be provided to employees for business expenses, trips, and meetings.
A prepaid card will be loaded with a fixed amount by the employer. Employees can use the funds from the prepaid card, similar to a Credit or Debit Card. The employer can remotely track the expenses on a prepaid card or add more amount to it as and when required.
Prepaid digital payment solutions are not only used for employee expenses. Many brands extend these solutions for consumers to make purchases. For example, prepaid travel and gift cards are issued by many brands, which customers can top up according to their requirements. In addition, you must have come across multiple virtual wallets embedded within mobile apps. These wallets are also a type of prepaid payment solution. You can load money in virtual wallets and use them for multiple reasons. Prepaid payment solutions offer much-needed flexibility to users, as there is no need for a bank account or ATM.
Gateway Payments and the Need for a Management System
Many merchants rely on gateway payments for secure customer transactions. Most e-commerce websites have a secured payment gateway embedded on their official website. A payment gateway will verify the card information from the card issuer or the financial institution. Once the information is verified, the digital transaction is approved. A brand can choose to develop its payment gateway or use a third-party provider. Third-party payment gateway providers usually charge a fee for facilitating each transaction.
Even the best gateway payment requires a management platform. There is a need for a different platform to monitor digital transactions and combat fraud. Besides payment gateways, management platforms are also available for prepaid cards. These management platforms can help you with risk-based authentication, 3D security, and more. Digital payment solutions providers like Wibmo can provide one of the best card management platforms for seamless digital transactions.
As brands rely more on digital transactions, fraudulent activities are also increasing. Brands require a management platform to mitigate fraud and manage prepaid digital solutions.