The number of Internet users who prefer online shopping increases every year, which indicates the relevance of online stores with the possibility of non-cash payments. Ordering goods, and services and paying for them are carried out online. These factors encourage trading company owners to offer visitors extremely safe and reliable systems for making online transfers. In this article, you will learn about how to choose a payment system. If your activity requires regular monitoring of currency exchange rates in Ukraine, we recommend paying attention to Rates.fm.

Features Of Choosing a Payment System For a Website

The creation of a trading resource cannot be imagined without the use of non-cash payments, which are provided by payment systems. The owners of the online store are determined by the type of payment system for their own website. Some aggregators offer comprehensive solutions for all functions related to financial transactions made through debit as well as credit cards, virtual wallets, and mobile funds.

There are currently four types of payment technologies:

1. Internet acquiring.

The store customer pays for the purchase with a debit or credit card. Payment instrument details are entered on the trading website. After confirmation, the transaction is transferred to the processing center. Once the transaction is processed, funds are credited to the seller’s account.

This technology allows the owner of the company to independently pay the commission to all participants in the procedure. Internet acquiring is represented by an effective system of protection against fraudsters. This type of payment system is suitable for both individual entrepreneurs and large legal entities. After all, concluding an agreement with credit institutions and processing centers can be reduced to zero. Connecting to Internet acquiring is accompanied by the mandatory collection of a complete package of documents and analysis of the acquirer.

2. Payment gateways.

This concept means the use of a specialized software and hardware complex, which is an intermediary in online financial transactions. Gateways perform the processing and then forward the payment to the selected credit or banking institution. Payment gateway earnings are based on a commission, the size of which depends on the turnover of the online store. Some technologies operate with a fixed fee for connecting to gateways.

Payment gateways are characterized by reliability, versatility, and connection speed. The owner of the trading resource is obliged to enter into agreements to service each specific type of online payment. Connecting gateways provides more functions when customizing the system taking into account the needs of the online store owner. When choosing a software and hardware system, you must ensure compliance with the provisions of PCI DSS and effective encryption of information.

3. Payment aggregators.

These service providers make it easier for online store owners to integrate cashless payment functionality into their website. The seller does not connect, configure the API, or sign agreements with payment services. Cooperation with aggregators is based on the installation of a special module in the trading platform. This allows visitors to pay for purchases using a bank card, and deposit cash into company details through terminals, and also through electronic wallets.

Payment aggregators are represented by credit institutions that perform the function of receiving and processing online payments. The size of the commission is affected by the turnover of the online store, the specifics of the product, and the technologies used to carry out financial transactions. Aggregators are characterized by fast connection, the use of ready-made modules, favorable tariffs, and a large selection of methods for making electronic payments.

4. Electronic money operators.

The use of electronic money is relevant for many visitors to trading platforms. This is a digital analogue of traditional banknotes, which are stored in special virtual wallets. Operators allow users to transfer funds without opening a current or card account at a bank.

Requirements For Sites

In 2022, there were 268 million online shoppers in the United States. Every year the number is growing, and user requirements for the payment methods provided by the site are becoming more stringent. Existing systems such as Paypal or Stripe have specific requirements for merchant platforms that plan to process electronic payments. To use the services, it is important to correct any discrepancies. It is important for online store owners to ensure the following factors:

• Placing a resource on second-level domains. The trading platform must operate with a static IP on paid hosting.

• The presence of high-quality, full-fledged content.

• The functionality of all internal links, categories, and sections.

• Providing complete information about the organization, for example, contact phone numbers, actual/legal address, and email. Information about the delivery of goods, financial transactions, and types of services must be present.

• Accompaniment of goods in the catalog with price. It must be indicated under each name in the national currency. (USD, EUR, or something else). If it is possible to accept a cryptocurrency, for example, Binance Coin from Binance, detailed instructions should be provided.

• The absence of products or services that do not comply with the provisions of current legislation and moral standards.

• Availability of information about the protection of personal data of visitors and the data non-disclosure policy.

• Using exceptionally effective security protocols, such as https.

An online store should not request payment instrument details before the client goes to the service website. After agreeing on the terms of cooperation, the trading platform is required to indicate the logos of the payment systems that are used for non-cash payments.

Conclusion

Integrating cashless payment technology into a trading website is an important procedure that allows sellers to increase the number of customers and financial turnover. Before connecting, site owners should study the requirements of operators, features of technical integration, the size of the commission, and also what it is charged for. If your activity is already related to regular payments on the Internet and you need to track the exchange rate of currencies in Ukrainian financial institutions, we recommend visiting the Rates platform. The service is available around the clock to users from any city in the world – be it the financial center of New York or the cultural center of Venice.