The term online payment describes the electronic transfer of funds. Usage of computer networks, the internet, and digitally stored value systems are usually involved in this. Typically, an online payment involves the transfer of money from the customer’s bank or credit card account to your bank account. A credit card, checking account, or another clearing house, can be used to make an online payment. A list of security standards must be met by businesses while online payments. The security features for online payments are intended to reduce the likelihood that billing and personal information may be stolen. The transfer must take place over an encrypted, secure connection. The merchant must enforce a longer range of security features and protocols, commonly referred to as PCI compliance standards, in instances of recurring billing when customer data is maintained. Online payment systems that use recurring billing need to be periodically inspected for security flaws.
“”Banking is necessary, banks are not.””
Bill Gates
Different methods of online payment
You must ensure that the online from your clients while putting up a fully functional online store or eCommerce website. Payment options come in a variety of forms and depend on the type of business. Choose a payment option that will both fit the needs of your clients and the nature of your business. The days of receiving payments simply in cash are long gone. There are several instant payment options now, thanks to technology. Additionally, the payment market is moving more toward the digital side thanks to new players like UPI, mobile payments, mobile wallets, etc. Nowadays, people use multiple online payment methods. They are attempting to modify the application and methodology to suit their needs. And for this primary reason, an eCommerce website ought to offer multiple payment options. Your online store can increase conversion chances by accepting a variety of payment methods. Here is a list of a few online methods:
Payment options come in a variety of forms and depend on the type of business
Credit/Debit card payment
Credit cards are convenient and safe to use. The consumer only needs to provide the card number, expiration date, and CVV, which was added as a safeguard. By comparing client information and the CVV number, the CVV aids in the detection of fraud. For online purchases, debit cards are thought to be the most advantageous payment option. Customers who shop online within their financial means typically prefer debit cards. The primary distinction between a credit card and a debit card is that with a debit card, one may only make purchases using funds that are already in their bank accounts, whereas, with a credit card, purchases are billed and paid for at the end of the billing cycle.
Bank transfers
Bank transfers are still seen as a crucial payment option for online retailers, despite their declining popularity in recent years. It is regarded as a payment option to use last resort. Some e-commerce
platforms accept payment via electronic bank. It is a quick and easy method of paying for online transactions that do not require the user to have a card.
Prepaid card payments
This card is also used to make purchases, alike a debit or credit card, but does not work like a bank card. It comes with a user’s prepaid balance with a spending limit. And once the user spent the full amount, the card becomes unusable until he/she adds balance to it again. Nevertheless, prepaid card payment is a simple and safe alternative to carrying cash.
E-wallets
One of the newest trends, the e-wallet, offers a completely different buying experience. E-wallets are getting more and more common at a startling rate. E-wallets demand both client and business registration. They can withdraw or deposit money after setting up an e-wallet account and connecting it to their bank account. An e-wallet makes the entire process simple and quick. Which are thought of as an enhanced and immediate digital payment method, and can be coupled with mobile wallets employing cutting-edge features like NFC. Customer data, several credit/debit cards, and bank accounts are all stored in prepaid e-wallet accounts.
Mobile Financial Service
Payment acceptance followed the trend of mobile adoption. Customers will find a speedy answer with this digital payment method. The customer only needs to download software and attach it to the credit card to set up a mobile payment option.Customers are finding it easier to use mobile payment methods as eCommerce becomes more prevalent on mobile devices.
What is a payment gateway and why do you need it for online payment?
A gateway for eCommerce payments is a key tool for handling online payments. They handle payment data for many websites that have linked with them. A connection is created between the customer and the bank by the payment gateway. Customers can easily complete their purchases thanks to an e-commerce payment gateway. An eCommerce payment gateway must make the checkout process simple and offer clients the required payment options. Your goal of an effective online payment system can finally come true with SSLCOMMERZ, which also offers clients a rapid and safe method of payment. The largest payment gateway aggregator, SSLCOMMERZ, provides priority service and straightforward, secure payment choices to make clients feel at ease and secure.
Final Words
Customers favour payment options that are convenient for them. Having multiple payment options available improves the customer experience and prevents the rate of cart abandonment. The customer is allowed to look into different possibilities and choose the best value. Online purchase orders increase and the experience is more seamless when there are additional payments via one payment gateway.
