How payment systems work in online stores

Acceptance of payments on the site is a usual action for buyers and owners of an online store. It is convenient for clients and beneficial for entrepreneurs. Businessmen can be sure that the goods will be paid for, and the future owners of the thing – that someone else will not buy it. Regardless of the field of activity of the organization, it is worth setting up online commerce. This will optimize and increase revenues, simplify communication with customers. WELLCOINPAY provides a convenient platform for processing online payments and we will tell you about this below.

How payment services work

Usually, in an online store or on a website selling services or information products, you can pay for your order online. For users to place orders and return for repeat purchases, buying must be convenient and secure.

  • Choosing a convenient payment method

The user can choose how to pay him: using a bank card, e-wallet, mobile money, or in another way. This way the store can reach a larger number of users, for example, those who prefer to pay from an electronic wallet because of cashback or bonuses.

  • Security of the transaction

The site must have an SSL certificate and switch to HTTPS. The user must be sure that the company will not transfer his data to someone, and the site is protected from intruders.

These points can be realized by payment acceptance systems. You can connect several payment systems or an aggregator that will allow you to install one service on the website of an online store and receive payments using different methods – bank cards, electronic money, mobile account, and others.

Payment methods on the site

There are several main ways to pay for goods on the web platform:

  1. use of plastic cards of various banks.
  2. use of electronic wallets and payment systems with the ability to transfer funds online.
  3. use of the services of mobile operators or payment through special mobile applications.
  4. using the possibilities of Internet banking.
  5. transferring money from one account to another, using physical terminals.

Let’s dwell on each of the options.

Bank cards are one of the most convenient payment methods for users. This option is distinguished by a high speed of money transfer from the client to the seller’s current account, stable security, and low commissions. In Q1 2019, there were 271.7 million cards in circulation in Russia, which is 7% more than in Q1 2017. At the same time, the number of payment transactions significantly exceeds cash withdrawals. This means that Russians are getting used to using the card for payments, including on the Internet. To connect the card payment option, you need to go through a complex procedure.

Electronic payments and virtual wallets. Thus, people can pay for various goods or services in one click. The wallet is easily replenished and transferred to other payment systems. To use all the features of e-wallets, you need to go through a complex verification procedure. There are several requirements for the content of the site and even to the domain.

Payment using a smartphone. This is the most convenient way if the user operates with small amounts. The subscriber receives an SMS notification to confirm the payment. An almost instant transaction takes place and this service is provided to every SIM card holder for free. The store owner must additionally connect a service package so that customers have access to this service.

Online banking. Each bank now has its application that can be used to pay for goods or services. For the user to pay for something, he must be authorized as a bank client. This procedure is considered the safest and fastest.

Self-pay with cash. This method is suitable for organizations that have their courier staff. The person simply gives cash when receiving the service. However, this scheme will be effective only on a small scale of the territory – if the destination is far away, then using a courier service for the sake of the economy is not advisable.

Wellcoinpay is the most convenient payment aggregator among the existing ones. This aggregator has the following advantages and characteristics:

  • used in more than 180 countries around the world;
  • supports more than 50 payment options, including cryptocurrency;
  • significantly outperforms any of the existing analogs in terms of technological parameters.

Also, this system has the lowest commission, which is explained by a large number of users in different countries of the world. Therefore, it makes no sense to set a high percentage – the profit will be high in any case with such audience coverage.