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Not so long ago, many entrepreneurs and owners of online projects believed that the introduction of various online payment methods on their websites is the prerogative of large corporations. The main reason for this opinion was the lack of consumer confidence in the security of online transactions. Today, however, the situation has changed dramatically: automation of payment processes on the website has become a key requirement for any commercial project in the online environment. Without such a system, it is difficult to survive in the saturated e-commerce market. It is interesting to note that, according to various statistics, the share of customers who prefer to shop online ranges from 15 to 35 percent. This audience segment represents a significant volume and potential for revenue growth. Therefore, it is simply unreasonable to ignore it.
Options for accepting online payments on the website
Nowadays, automated payment acceptance is an essential necessity for both online start-ups and established commercial projects.
- The first method involves accepting payments by bank cards through a bank acquirer. Given that almost every citizen has a bank card, this method is one of the most accessible. However, it should be noted that when using this option, businesses may lose the opportunity to attract e-wallet owners.
- The second option involves the use of a specific electronic payment system. In this case, it is necessary to analyze the target audience of the website to determine which payment systems are preferred by users and connect the appropriate services.
- The third way is to use the services of a payment aggregator, which provides payment acceptance by various methods. Payment aggregators support bank card processing and integrate dozens of payment systems. The main advantage of this approach is that customers are provided with the maximum number of payment options with minimal effort. The owner of a web resource does not need to conclude separate agreements with each payment system, because by integrating just one tool - an aggregator - he or she gets access to all the possibilities.
Working on this principle, the PSPline payment aggregator automates the process of accepting payments on the website. Its functionality includes acceptance of Visa and Mastercard cards, support for 50+ different payment systems, as well as processing of crypto payments and other alternative payment methods. In addition, the aggregator works with 15+ most popular currencies in the country, which allows it to meet the needs of a wide range of users.
Why you need to automate online payments on your website
In the age of digitalization, the modern buyer has found himself in a virtual maze of abundance and choice. Being so "spoiled" by numerous opportunities, they can easily order any product or service without leaving the cozy walls of their home. In a world where online shopping has become the norm rather than the exception, customer expectations for convenient and efficient payment methods have become a mandatory element of interaction with online resources. If a website does not offer convenient payment methods, a potential customer is likely to switch to a competitor that can meet their requirements. Thus, not only the development of technologies and the promotion of products or services are important for a successful online business, but also the integration of an efficient payment acceptance system. Automation of this process is becoming a key tool for attracting and retaining customers, providing them with convenience and security in the online shopping process. Moreover, an effective automated payment system helps to expand the target audience and generate additional revenue by meeting the needs of different customer groups. It is important to emphasize why payment automation is preferable. In addition to the obvious convenience for the customer, it is also important to note the time and resource savings for both the buyer and the seller. The customer can make a payment independently, without the intervention of the website staff, using a simple and intuitive interface. The automated system ensures fast and efficient completion of the transaction, which helps to increase conversion and improve user experience. Thus, the automation of payment acceptance not only ensures comfort and security for customers but is also a strategically important element of a successful online business, helping to expand the audience, increase sales, and strengthen competitive positions in the online space.
Benefits of automating online payments on your website
In today's digital world, full of various opportunities, remote payment issues are becoming especially important. The inclusion of various online payment methods is becoming an integral part of successful online business. This process provides businesses with the ability to accept full prepayments from customers for their goods or services, which provides a significant advantage by protecting them from possible financial losses associated with refusals or non-payments. Receiving prepayments from customers also allows businesses to optimize their logistics costs and shorten their cash flow cycle, which is an extremely important aspect of financial planning and management. However, the benefits of using remote payment methods are not limited to these financial aspects. Online payments are directly related to the concept of impulse or spontaneous purchases, where a customer makes a purchase decision under the influence of the moment, sudden inspiration, or advertising. This type of purchase makes up a significant portion of all orders, and this is where the effectiveness of an online payment system becomes critical. It is important that the customer can easily and quickly make a payment on the site, without unnecessary obstacles and delays, otherwise there is a risk that the customer will change his mind about making a purchase.
Besides, payment automation on the website brings many additional benefits and opportunities for business:
- Providing different payment methods for customers to meet their different needs and preferences;
Freeing up time and resources for business owners to fulfill more important tasks and strategic development; - Integration of payment instruments into the overall management system, which ensures more efficient management of orders, inventory, and finances;
- Creating conditions for a stable growth of the customer base and increasing conversion, as the provision of convenient payment methods attracts more potential customers and increases the likelihood of closing a transaction.
Thus, the automation of payment acceptance on the website plays a key role in ensuring comfort and convenience for customers, optimizing business processes, and maintaining competitiveness.
Price and cost of connecting online payment automation on the website
Integrating a payment acceptance service is becoming more and more common and affordable for a wide range of businesses. Nowadays, such integration is often free of charge, which is becoming a very attractive offer for many entrepreneurs. After all, more and more payment systems and aggregators offer this particular connection format. This allows companies to start using online payments and expand their online business at minimal cost. Such a step is the first step in creating a productive and mutually beneficial partnership between a company and a payment system, which can be a key point for long-term successful cooperation. However, when it comes to the cost of using a payment system, questions arise. The current payment option used by most payment services is a commission for each transaction. This means that for each transaction made through the payment system, the company will have to pay a certain amount. The amount of this commission can be fixed (for example, 3% of the amount of each transaction) or variable depending on the payment method chosen by the client. In general, the cost of the commission rarely exceeds 15% and directly depends on the volume of business transactions: the more transactions and the amount, the lower the commission rate will be. Thus, this is an individual issue that requires careful analysis and evaluation by the business.
Connecting and setting up online payment automation on the website
This is an important stage in the development of any online business. Let's start by choosing the right tool to process all financial transactions related to your customers. The selection criteria are not limited to the size of the commission and the set of functionalities. It is also important to consider:
- Transaction security: it is necessary to choose a service that meets all international security standards, such as PCI DSS, which is mandatory for all payment systems in the online environment.
- Access to funds: this is a key aspect to consider when choosing a payment service. It is ideal if the merchant can withdraw funds from his account at any time of the day without additional fees during non-banking hours.
- Additional functionalities: in addition to basic payment acceptance capabilities, it is worth paying attention to additional services, such as internal currency exchange, various withdrawal methods, and account management for website staff.
PSPline payment aggregator meets all these criteria. This tool is focused on business needs, providing ample opportunities for convenient payment acceptance without the need to dive into the complexities of processing and other aspects. This gives website owners the opportunity to focus on the tasks that are important to them.
How can you organize payment acceptance on your website? This process can be divided into three main stages:
- Registering an online store and creating a merchant account. This is a standard procedure where you need to provide basic information about your website and business, as well as create an internal account to manage financial transactions.
- Integration of an automated payment system on your website. This is an important stage that ensures the ability to accept and process payments. Technical support for integration is provided by specialists who will help you customize everything to your requirements. You can learn more about integration methods in the following text.
- Setting up and activating payments. This is the last stage, which includes creating an individual page for accepting payments, setting up different payment methods, notifications about transactions, and other parameters necessary for the efficient operation of the system.
- There are two ways to integrate the tool: through the API, which is suitable for all types of websites and provides full functionality, or through a special module for the CMS. The module can be installed and configured by the resource owner, but it is recommended to contact experienced developers to connect via the API.
What are the risks of connecting and setting up online payment automation on the website?
To achieve the goals of minimizing risks, the Bank uses a fraud monitoring system, which is a set of measures and methods for checking all transactions for fraudulent activity and analyzing risky transactions. The anti-fraud system consists of various filters and settings designed to monitor and evaluate the parameters of each transaction. This system is being implemented in every payment system, and its effectiveness is a key factor determining the competitiveness of payment aggregators and systems. However, creating and maintaining such a system requires significant investments. For online store owners, it becomes a challenge to pay for the work of a separate team of IT specialists, as well as to ensure the constant development of the anti-fraud system. In addition, fraud monitoring provided by banking systems often does not take into account individual needs and can block even legitimate transactions. Therefore, it is extremely important for owners of commercial websites to choose payment systems with reliable anti-fraud mechanisms. The PSPline aggregator fully meets these high quality and security standards.
How to control online payments on your website
Online payment aggregators і online payment systems offer multifunctional tools for tracking and analyzing transactions. Interaction with the interface depends on the specific service, but, in general, a business owner is given the opportunity to receive extensive information about the dates, amounts, and other details of transactions without disclosing the personal data of payers. Using this information, it is possible to generate various reports by dates, periods, and other necessary criteria. This allows the website owner not to lose sight of any transaction and to compare online payment data with the volume of sales made using other payment methods. In addition, the personal account of the merchant of the PSPline aggregator provides effective tools for generating various reports. Thanks to these capabilities, a business owner can not only track payment flows but also analyze them, identify trends, and make informed decisions on optimizing payment processes and financial management. This is important for effective business operations in the online environment, where the efficiency and accuracy of data play a key role in success.