Online payment is an important part of any e-commerce strategy. Therefore, we can help you provide it with ease to your customers.
More people are buying online every year, but they don’t usually spend very much money on a single order. Online purchases are increasing because people buy more often. Online shopping is rapidly becoming the norm, and it’s expected to assume a significant role in all retail sales. We’ll help you make this process as seamless and easy as possible so that you can expand your business.
Entrepreneurs have a lot on their plate in terms of customer service, which is why they should prioritize picking out and configuring a payment acceptance system. The buyer experience needs to be seamless and safe, so choosing the right API is key. As a seller, you want to make it easy for your customers to pay for products. This includes giving them a variety of options. For example, accepting credit cards as well as multiple types of electronic wallets can increase the number of people who can buy from you.
In this article, we break down the most popular online payment processors, and lay out the steps you need to take to decide which is best for your business.
An e-payment system is an intermediary for payments between different parties (individuals or legal entities). It’s a secure and convenient alternative to traditional bank transfers. Many forms of payment are available themselves – electronic money, other payment units, even cryptocurrencies.
The main benefit of an electronic system is the faster settlement between participants. These can be individuals, institutions, businesses or representatives of states. New technologies are reducing the time taken for a transaction to go through to fractions of what it was before.
Three main tasks of payment systems: ensure security & stability, provide guarantee of smooth operation. The electronic payment business is now so widespread that regulation is imperative, and there should be a legal basis for its activities. This will guarantee the security of the transactions while preserving free competition in the market.
There are many payment methods out there, each with their own strengths and weaknesses. The purpose of aggregators is to provide for your needs a variety of payment methods to choose from, but they also work as intermediaries between the bank and client.
Most banks only accept card payments, which can be inconvenient to customers who are used to paying with other methods. For example, some people might choose to use NFC or e-wallets instead. Secondly, not everyone is willing to share their personal information when they’re approached by a company that’s trying to establish itself in the market. However, if the majority of your customers are used to paying by card and not through other methods, then Internet acquiring may be suitable. With this method, most often it is much cheaper.
Payment aggregators are a better solution than banks, because they let you pay with a range of other options too. This can be: bank cards, electronic money, or cash from your mobile phone account. It can even include payment systems like ApplePay, GooglePay and PayPal. Some also allow you to pay for products or services in cryptocurrency.
Tech-savvy users are comfortable with using their phones for ordering and paying for goods.
An electronic wallet is a virtual payment instrument, and can perform several different functions. One function is to pay for goods or services on the network, and another function is transferring money from your account to a bank card. If your bank card happens to be out of funds at the time, you can also withdraw cash directly.
The best e-wallets allow for virtual cards that can be used for offline payments, which is for example when you go to the supermarket and swipe your card there to pay.
Successful startups face plenty of challenges, and choosing a payment system is just one of them. The founder of our favorite HR startup gave us some insight into what to look for when choosing a new payment provider.
Customer security – the kind of security systems and encryption that are in place. This is important because people put a lot of trust in your company and payments for product go down EPS. It’s not worth risking fraudulent transactions with customer bank cards as it could jeopardise your business.
Electronic document management. Each month you must close the acts committed to rendered services, which confirm that the funds are credited to the account from the payment aggregator, which collects payments from your customers. In the electronic world, it’s easy to do this.
Hidden fees. It happens that small commissions may have hidden fees. Subscription fees, system connection costs, cash settlement charges and more are sometimes added together to outweigh the benefit of a low fixed commission fee.
Recurrent payments. These are also known as auto-payments, automatic payments that happen once in a given period of time. Cardholder confirmation is only necessary when the first transaction is made. The card details are not stored in store, which is safe for the buyer. To make such a recurring payment, the store script passes the first payment’s id to the API.
Who can benefit? Service providers with a monthly subscription and auto-renewal are able to use this feature. Some services have actually offered that from the start, while others can take advantage of it after achieving a certain level of turnover or working for a certain period without complaints from customers.
The number one mistake when choosing a system is not thinking about what software you need for your business. It may seem like there are endless options, but some are more appropriate than others.
One of the most common mistakes is choosing an unstable payment system. This was our initial difficulty and we’re ready to face anything now. Due to our inexperience, we didn’t choose a more user-friendly payment system that was more reliable and better-equipped to handle failures: frequent technical troubles (loading widgets took some time) as well as problems with payment providers (this led to a sudden change in commission). I recommend asking the payment service how many customers they have before buying their services. Also, ask questions to business owners who are using this service to evaluate them.
To avoid losing customers, it is important to offer a variety of ways to pay. Sometimes it might be tricky to find the right payment method and this can lead them think twice about buying your product.
When it comes to choosing the right payment processor for your business, things can get complex. However, it pays to know who you’re selling products to and what their payment preferences are. It is important to have convenient payment methods available to match the audience you are targeting – whether they’re impulsive or not, focusing on impulse buys is a good way to boost sales. For example, ApplePay and GooglePay make it quick and easy to purchase your products.
Ask around and check out reviews, but the important thing is that you invest a good amount of time in reading the FAQs and manuals. You should be mindful of what features the software has to offer in order to make your job easier. Check out how a particular app’s interface, security and extra storage options are all beneficial for the sake of organizing your work. A commission isn’t the only thing you need to take into consideration when deciding on a system. The article over whether there are hidden fees is really helpful to help make an informed decision about what payment systems to use.