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If you are looking for ways to make online payments without worrying about sharing your card details or possible theft, you have come to the right place. Today, we shall discuss some of the best online payment systems available on most Ecommerce sites.
As a business owner that runs online transactions, you must be up to date with the best payment systems for your customers to buy or pay without stress. Incorporating direct and indirect payments through credit cards is a great option to expand your business.
Decades ago, there was no such thing as an online payment system, and when it came, many people were worried about disclosing their personal information and card details on the sites. But today, many online shoppers and people who use the internet do online transactions.
However, there are numerous online payment options, each with unique features and advantages. Finding a payment processor that suits your needs is just as vital as accepting online payments.
What are Online Payment Systems, and why are they necessary?
An online payment system is a technique to conduct transactions or pay for goods and services online. Many companies, businesses, and organizations now use different payment systems for their customers and clients to make payments without stress. Online casinos and gaming sites also use these payment systems for their players to be able to place their bets and withdraw their money when they win.
Users should understand some commonly used terms to use these systems without stressing. These terms include;
- Payment gateway: An online payment gateway is a program that collects requests for online payments from your website and sends them to the payment processor.
- Payment processor: A payment processor verifies the buyer’s credit card information and determines whether they have enough money in their account to cover the payment.
- Payment provider: This company manages the payment processor or gateway operations.
- Payment service: Each sort of payment gateway that a payment provider offers, with varying features and costs, is referred to as a payment service
- Merchant account: A merchant account is a unique bank account used solely to handle money received from credit and debit card transactions after the transaction has been done successfully.
Why are online payment systems necessary?
There are many reasons why every online business organization needs different payment systems for their clients and customers to make payments. The first reason is the convenience these online systems bring; you need not bother using your physical credit/debit cards before buying what you want.
Another reason is that these online payment systems are faster than manual payment as you do not need to wait for the check to arrive or be cleared. It also saves you the trouble of depositing checks before you can pay for the goods you want.
Here are four top payment systems you will find on many E-commerce sites;
● Paypal
Paypal is one of the most popularly known payment systems in every platform that allows customers to deposit funds from one bank account to another within the Paypal system.
When you pay using PayPal, you can select which of your bank accounts, credit cards, or debit cards to use by adding your account information. Another option is to choose one as the default payment method, which will be utilized unless you specify otherwise.
Many online merchants accept PayPal, sometimes even in the form of three monthly payments. You can use PayPal to send and receive money in addition to making purchases. Any money you accept is kept in your PayPal account and can be used to make purchases; your assigned credit cards or bank account top-off balance.
● Stripe
Stripe is another popular payment system that people use on the internet for transactions and payments. The business provides application programming interfaces (APIs) and payment processing software for mobile and e-commerce websites.
With Stripe, payments made with a credit card or bank account are processed securely and promptly, and the money is then transferred to the seller’s account.
Stripe is one of the most effective and user-friendly software for online payments since it has both a payment processing platform and a credit card payment gateway, both of which are necessary for every successful online transaction.
● Google Pay
In 2018, Google updated and redesigned its online and mobile payment systems, combining them under Google Pay. It serves as the business’s own Apple Pay substitute and functions as a personal phone wallet.
Google Pay can handle all the heavy lifting for you whether you’re looking for a new pair of sneakers online or purchasing your morning coffee. But it’s not only about sending cash or making purchases. Like Apple Pay, you may add train tickets, passes, and reward cards to it. It doesn’t matter if that is a Covid pass or something else entirely.
● Amazon Pay
With the help of Amazon Pay, customers may make purchases on various e-commerce websites using the credentials associated with their Amazon accounts. To help retailers speed up consumer checkout, Amazon Pay interfaces with Shopify, BigCommerce, Magento, and other e-commerce systems.
The ideal user for Amazon Pay is online-only retailers without a need for special programs or volume discounts. You’ll need an Amazon Seller account, a plug-in or code embedded in your e-commerce platform, and Amazon Pay on your website.
Conclusion
As many online payment systems are available for all internet users, making payments has become more straightforward. You can choose to pay with any of these systems, as most e-commerce sites have more than one of them available for their customers to pay with.