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E-Commerce Payment Systems for Business in 2020

Great presentation with the introduction to payment systems for E-Commerce businesses

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E-Commerce Payment Systems for Business in 2020

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  1. E-Commerce Payment Systems for Business in 2020

  2. The Definition An E-payment system is a system that allows your customers to pay for products and services online. This complex mechanism works with the purchaser, merchant, purchaser’s bank, merchant’s bank, payment processor, and payment gateway. Types of Electronic Payment Systems Depending on the electronic payment method, E-payment systems can be divided into: ● ● Cash Payment Systems that include Direct Debit and E-Checks. Credit Payment Systems that include Credit Cards and E-Wallets.

  3. Of course, cash will be around for a long time — but according to WorldPay, the global part of E-payment transactions, including credit cards, debit cards, and mobile wallets, will increase to 83% by 2022. Here is some additional information from Infopulse on how the total transaction value of digital payments will grow.

  4. How Does Electronic Payment Processing Work? We have discussed the importance and benefits of having a modern electronic payment system; now, let’s dive into specifics. Whether you run a marketplace, own a big E-commerce business, or represent any other industry online, you need a payment solution that will help you and your customers get all the benefits mentioned above. To accept and process E-payments online, businesses need an E-payment gateway. This is a service that is used for both online and brick-and-mortar stores and enables transactions between buyers and sellers. The gateway is protected with security protocols and encryption to provide the safest transactions possible between all parties. Determining what gateway you will choose also defines what currencies your business can accept, the cost of transaction fees, and the speed of transactions.

  5. Choosing the Best Way to Integrate an E-Payment Gateway There are three methods to integrate a payment gateway; the best fit will depend on the size of your business.Small business owners will probably prefer the Hosted Payment Gateway method if they are fine with processing the payment externally. Like in the previous case, no PCI compliance is required, as all the processing is handled by the service provider. This method is simple and fast to integrate. However, the drawbacks here are quite significant —you can’t control a hosted gateway. To make a payment, customers must leave your website — this is not good in terms of conversion and marketing in general. Additionally, some buyers may be suspicious about going to third-party websites, which weakens your brand image. On the other hand, integration is easy — all you need to do is to add JavaScript code, which will serve as your “Buy” button and direct the customer to the third-party website to make a transaction.

  6. Businesses of any size can use the Direct Post method. After the purchase, the data instantly gets to the gateway and processor. You don’t need to have PCI compliance, because your platform will be used only for shopping and none of the money transaction details will be on your server. With this approach, you will have room for branding and customization options; also, a customer won’t leave your website for the purchase. The downside is that Direct Post is not the safest method in terms of security. To integrate this way, the vendor must make an API connection between a payment gateway and the shopping cart on your website to transfer the information.

  7. If you have a medium to large sized business, your brand image and user experience are very important and are crucial factors in revenue and potential growth. That’s why the integrated method can work best here. This approach will keep your customer on your website all the time and you will get complete control over the payment process. You will be able to adjust and customize the payment system just as you want. The main drawback is because you need to support a payment system yourself, it could get very expensive. You will store the financial information of your customers, so you need to get PCI compliance to even be able to do that. If you have custom features in mind, they may be quite sophisticated to implement. You need a team of experts to successfully execute the integration and add APIs to your server. While vendors offer detailed guides on this process, it is better to find the right team to perform it.

  8. Sources 1. 2. https://spd.group/ecommerce-solutions/e-payment-systems/ https://www.altexsoft.com/blog/business/how-to-choose-and-integrate-payment-gateway-onli ne-payments-transaction-processing-and-payment-gateways-providers/ https://elogic.co/blog/7-best-magento-2-payment-gateways/ https://www.bigcommerce.com/blog/payment-gateways/#3-types-of-payment-gateways https://www.infopulse.com/blog/overview-of-payment-processing-trends-and-top-solutions-for -business/ 3. 4. 5.

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