How to Tell if the Payment System is for You
First off, you got to make sure your system to-be fits five main criteria:
Pricing. Some operations may come with a fixed percentage or be free on certain conditions. The tariffs are constantly changing, but they’re always available for comparison on providers’ official websites.
The target audience. The main task of payment systems is to speed up payments for customers. so their preferences and location are the two major factors. For instance, it’s no secret that Amazon Payments without a strong tie to banks is now booming in the US. The lifestyle of your TA also matters. Regardless of the location, your customers may prefer classic PayPal or Masterpass.
Speed. It’s great when your customers can pay in two clicks, but it’s even better if you can withdraw these funds just as quickly.
Complexity. Most payment services have ready-made modules for connecting to popular CMS and APIs for more complex integrations. Some service providers even offer help with connecting their payment systems.
Features. Depending on your business, you may need to implement multi-currency, mass, or recurring payments. Exactly has all and comes with free tech support.
Types of Payment Systems
You can choose between four main types: Internet acquiring services, payment gateways, e-wallet operators, and aggregators. The final choice depends only on your tasks and target audience, as each option has its advantages and disadvantages.
Internet Acquiring
It’s a classic option of payment by card with the transfer of funds between the buyer’s and seller’s accounts through a secure processing center. It’s the safest money transfer method using 3D-Secure and state-of-the-art data encryption. But only a legal entity can use Internet acquiring, and transactions take longer than when using other services, due to a thorough check of the data.
E-wallet Operators
An e-wallet is an alternative to a bank account, but its principle of operation is similar. You also need to conclude an agreement but only with the operator and integrate the payment system into your website. As for pros, customers who use the e-wallet you integrated will have little-to-no difficulties with payments, regardless of their location. On the other hand, some operators have restrictions on the amount you can withdraw at a time. https://www.nanobiztech.com/choosing-a-payment-system-for-your-online-store/