A payment processor is a company appointed by a distributor to manage transactions from different mediums such as credit cards and debit cards for a dealer earning banks. The timesaving allowed by online payments allows companies targets on their center business and prevent the problem associated with manual payments.
Types of Payment Processor
There are two types of payment processors. They are,
Front-end processors have links to different card associations and fund approval and settlement services to the vendor banks’ dealers.
Back-end processors take settlements from front-end processors and, through The Federal Reserve Bank, for example, transfer the money from the distributing bank to the vendor bank.
Cloud MLM Software can be configured to use a payment processing system. We provide well-planned solutions in our MLM Software for payment process which is based on scheduled time and accuracy. The Payment gateway integration, automatic payout processing, everything can be managed by our company.
Our payment processing includes,
- Weekly Payout Processing
- Monthly Payout Processing
- Income wise Statement Details
- Deduction Details
Sometimes the payment processor has taken confirmation that the credit card details have been confirmed, the information will be sent back through the payment gateway to the dealer, who will then finish the payment transaction. If verification is disagreed by the card association, the payment processor will send the information to the dealer, who will then deny the transaction.
Automatic payment Processing
Automatic payment processing enables you to handle your payments, so you keep up company funds at maximum levels while distributing payments timely to take benefit of good discount terms. Use automatic payment processing system to pay vouchers as your typical payment cycle. Automatic payment processing include:
- Withholding temporary taxes
- Preparing vouchers for payment
- Form vouchers for payment
- Working with payments
- Working with payment groups
- Renew the A/P register
- Authorizing and posting automatic payments
- Clearing automatic payments
Today, MLM can grow internationally, there are many currency types used all over the world. And it’s the days of online marketing, You will have to utilize each and every lead that coming to your website or lead capture pages, and using multi currency system helps people to get a better understand of rates without navigating away from the software. Calculations are made based different APIs.
Manual Payments Processing system
To distribute a payment instantly, you do not want to stay for your next payment cycle. You can come into a manual payment though whether you have taken r the voucher. Manual payments can consist of payments:
- With an existing voucher
- Without an existing voucher
Based on either the payment raises an existing voucher or the voucher is developed at the time the payment is made, the system allows the following document and batch types:
To develop a manual payment for one or more vouchers that you have already entered, you enter a manual payment with a voucher match. You determine whether to print the payment. If you do not print it, you must form the payment manually.
The system keeps the records (payment numbers) required for the manual payments, develops a payment record, renew the pay status of the voucher, and decrease the open amount of the voucher. The Print Payment checkbox on the Manual Payment Entry form decides if the payment is printed. The processing choices on the Print tab allows you to define secure print characteristics such as payment instrument and print program version number.
The software has basic features and pro features that help to run your MLM business at a faster rate than previously.