How to choose an online payment provider? Accepting bank cards in the website.
…what to be careful of when trying to find the best online payment solution?
When starting to operate on the web, think twice what your goals are and who your target audience is. Websites are the same like ordinary businesses. Pretty simple, customers come in, shop around, put some products into the basket and pay. Just like offline stores, you can pay by different means and get receipts online. I guess the question with the well-known bored intonation is familiar to all of us: Cash or credit? Different payment methods are available online too. Some of web businesses offer shipping service or collect-on-delivery for shipments and different payment methods like bank transfer, pay by phone or even credit/debit card. Now, allow me a short, comparative discussion of online credit/debit card payment opportunities with domestic banks and online payment provider in focus.
Online payment solutions are provided today by some local banks and especially by Internet Payment Service Providers. We provide online payment services, online fraud and data management, and handle payment transactions securely. Questions could be raised in many forms: Is it really worth to accept credit/debit card transactions online? – Furthermore, how to get a company that suits your demands? Are local banks or an Internet Payment Service Providers better to realize this plan? It’s not so tough as it seems to be. Online payment solution is only a tool to meet goals – boost traffic and profit in the target market. Clear goals should determine tools. This is absolutely and positively true at this juncture.
Services of local banks are concentrated in a restricted area, so it could be a good solution when handling online transactions in the regional market, however their focus is spread across a lot of functions and financial services a bank usually provides. The main difference is that unlike internet payment service providers where skillful specialists can concentrate all efforts strictly and solely on making online payment and all the things around easy and safe, banks have highly focused and developed services in the range, while other functions are less developed.
Domestic banks provide API, however, in most cases, they do not give enough hints to see through procedures and apply the system. Recognizing the continuous need for help both in business and technical questions, an Internet Payment Service Providers assists clients on the implementation and testing process and offer solutions tailored to specific requirements.
Online businesses are required to complete forms and do some paperwork in the course of the agreement with a bank. An Internet Payment Service Providers builds relationship with all potential clients and gives close assistance throughout the entire process.
A central bank provides a payment page and normally deals with local currency only. As an internet payment service provider, we believe that online market should be a great opportunity to take your business across borders therefore a payment system is available in multiple languages and is able to handle multiple currencies.
Local banks generally provide the basic, passive forms (automatic filters, data checking systems) of fraud prevention. Security systems of an Internet Payment Service Provider protect both the merchant and the customer from data abuse by using advanced instruments like monitoring systems (with manual control) or active and sophisticated anti-fraud methods tailored to specific profiles and needs.
Experts put real cost of handling cash at between 5 and 25 percent and the worst thing is the items of cash-handling expenses never show up on the statement. Dealing with payment card transactions costs maximum 1.5-9%. In addition, most cases, payments can be made weekly or even daily allowing traders to get incomes under strict control.
All the above indicate that for those who operate in the local market and do not except considerable fraud or complaints, the online payment solution of a local bank can be convenient. However, for all online merchants looking forward to
– receive purchases from other countries,
– accept multiple currencies,
– resolve inbound customer issues,
– face data-abuse and fraud activity,
furthermore, do not plan on developing an admin system of their own, but paying close attention to business, the best thing to do is go for it and find an Internet Payment Service Providers to make a partnership with.