Payment systems allow customers to make online purchases in the way they are used to. At the same time, merchants have two possibilities: directly connect different PSPs, each time manually setting up the integration, or use payment aggregators. In the latter case, the contract is concluded once, and clients get access to multiple payment systems at once, for example, they can pay from e-wallets, bank cards, or deposit cash through terminals.

How does the payment gateway work?

  1. A customer who has registered in an online store selects the desired product or service from the catalog, which is automatically added to the checkout and forms an order that receives a unique registration ID.
  2. Information about the completed order is transmitted to the payment system, while the site redirects the buyer to the page for choosing a payment type.
  3. The service page displays a list of available options for making a transaction. Having chosen the best option, the client indicates the payment details.
  4. The system verifies the provided data, and, if no obstacles are found, formalizes a secure transaction.
  5. Regardless of the status of the operation, the client is redirected back to the online service page simultaneously with sending data on the results of the request to the server.

How to choose a payment system?

Let’s take a look at some of points every merchant should consider when choosing a payment gateway:

  • Connection conditions. By what methods does the payment gateway integrate with the website? What are the requirements of the payment provider for the website owner? Does the payment provider charge a connection fee? In addition, not all companies work with individuals.
  • What tariffs does the company offer? Some companies have a monthly subscription fee. There may also be additional fees that are not listed on the site, so it is better to clarify this point in advance.
  • Payment methods. An important condition when choosing a payment provider is the availability of a sufficient number of payment methods. A client who does not find a payment option convenient for him can simply leave the site without buying anything. Also, pay attention to how the currency is converted.
  • Support service. Does it work around the clock, is it possible to communicate in an online chat or will you have to call a hotline, which is equal to the average waiting time of a specialist.
  • Competitive advantages. It could be billing capability, bulk payments, analytics, multiple withdrawal options.
  • Payment page setup. If you cannot do without redirecting, then it will be an advantage to change the page in accordance with the design of the online store. At the very least, you need to put your logo on and correct the color scheme. If the PS does not provide such opportunities, this is a big disadvantage.

Also, it will not be useful to see which online stores cooperate with this or that system. If there are well-known and trustworthy companies among them, this indicates a stable and high-quality work of the aggregator.

Understanding of these metrics will help entrepreneurs to answer the question on how to choose a payment gateway that will further help business to operate more effectively.

How to choose a payment system?

Technical requirements for integrating a payment gateway:

To connect payment systems for an online store, you must fulfill the technical and legal requirements. They may differ depending on the type of the selected aggregator, acquiring.

  1. The presence of a fully functional website.
  2. The site should not contain empty or incomplete pages.
  3. The site must be located on a second-level domain.
  4. The products or services offered by the merchant must not contradict the legislation.
  5. Availability of current prices.
  6. Availability of Terms and Conditions and Refund Policy.
  7. The site is hosted on paid web hosting and has a static IP.
  8. The presence of the logo of the payment system used by the site.
  9. A secure connection via an SSL certificate.
  10. Mandatory availability of information on the privacy policy of the client’s personal data.

The bottom line

Modern payment systems provide the ability to quickly and conveniently send and receive payments on web services, allowing you to use convenient methods – from bank cards to instant messengers and terminals. Most of the existing systems provide the availability of ready-made CMS modules, the integration of which into the site structure is not particularly difficult. At the same time, the average size of commission fees charged by services for transactions varies from 2.5 to 4%.

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