ECommerce Payment System: What It Is and What Are Its Modes Of Payment
As the name says, eCommerce payment system eases the way online transactions take place through electronic payment mechanisms. Used by online businesses, e-payments are an advanced way to get over paper check transactions and do the transactions quickly and securely. Thanks to technology that’s evolving almost every day, electronic payments have taken over the world by storm. More and more businesses are switching to the modern way of accepting payments, which pleases customers as well, as customers are fascinated by online payments these days.
If you own an online business, knowledge about eCommerce payment is something you must have. With a hope that benefits of this revolutionary payment system will make you curious about it, we have outlined some amazing benefits of eCommerce payment system in the section below.
Benefits Of ePayments
- Time saving: Time is a luxury and everyone in this modern lifestyle is trying their best to save it as much as they can. Electronic money can be sent and received within minutes, which makes it an easy way of saving time.
- Restricted expense: With a virtual account, disbursement management turns easy. This is because an end-to-end transaction record is maintained and every detail is saved.
- Prevention of loss and theft: Stealing a virtual wallet is next to impossible. What else? It can’t even be misplaced.
- Convenience: Nothing more than a good speed internet connection is needed to make the online payments.
- User-friendly: Thanks to the extremely friendly user interface, users face no confusion or problem in doing the transactions. Moreover, they have the service available 24/7.
Different Modes Of eCommerce Payment System
Debit card: With debit card, paperless transactions have got a boom. Also, the are accepted by every online business. Customers with sufficient funds in their bank account can do the payment using their debt card.
Credit card: Just like debit cards, credit cards are also widely used and accepted by both the customers and merchants.
Digital wallet: Also known as e-wallet, it contains personal as well as banking details, which support quick payment on the eCommerce websites during check out.
Other than these, mobile payment, e-money or e-cash and electronic fund transfer are the modes of eCommerce payment. Each of these methods is an easy way to meet the payment needs without worrying about running out of cash or time.
If you haven’t started with these or are on the stage of deciding what to do, it’s high time to get started and see a sudden and pleasing increase in your sales as well as revenue.
Payment Gateway & Integrated Payment Solution
Payment gateway links the merchant to the payment processing platform of the acquirer. It is used when establishing a connection to the processor gets impossible. Available as all-in-one package, a payment gateway discards the need of implementing servers, software, security protocols and hardware.
Talking about the integrated payment solution, it allows direct connectivity with the payment processor. In its own way, it keeps away the need for a credit card payment gateway since transactions are directed from POS to the payment processor. Also, it comes with its own perks and also offers customizable features. Owing to these reasons, it costs more upfront.
Before starting with the merchant account, first thing to consider is the cost structure and time. Other important factors include level of complexity that has to be put into the payments. Once everything is well-thought, the right solution isn’t far.