Thursday, July 26, 2012

What Payment Processors Can Be Used In Just Been Paid


What is a Payment Processor? 

A payment processor is a company (often a third party) appointed by a merchant to handle credit card transactions for merchant acquiring banks. They are usually broken down into two types: front-end and back-end.
Front-end processors have connections to various card associations and supply authorization and settlement services to the merchant banks’ merchants. Back-end processors accept settlements from front-end processors and, via The Federal Reserve Bank, move the money from the issuing bank to the merchant bank. In an operation that will usually take a few seconds, the payment processor will both check the details received by forwarding them to the respective card’s bank issuing bank or card association for verification, and also carry out a series of anti-fraud measures against the transaction.

Additional parameters, including the card’s country of issue and its previous payment history, are also used to gauge the probability of the transaction being approved. Once the payment processor has received confirmation that the credit card details have been verified, the information will be relayed back via the payment gateway to the merchant, who will then complete the payment transaction. If verification is denied by the card association, the payment processor will relay the information to the merchant, who will then decline the transaction.


Selecting your Payment Processor.

Just Been Paid work with currently 4 payment processors; Liberty Reserve, Solid Trust Pay, Perfect Money and Ego Pay.

These processors will charge you a fee to withdraw your funds see below:
EgoPay...........................8%
Liberty Reserve.............8%
Perfect Money...............8%
Solid Trust Pay ............4%


Click on link below to see how to open account with these payment processors

Tutorial on Funding Your JSS

Payza (Alert Pay) as of July 20th Just Been Paid stopped using them as a processor. If you already work with them you would need to also open an EgoPay account, as you will need to fund you Payza account then fund your EgoPay account in order to fund your JSS account.
Please note that you will incur the 8% fee for both processors.

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