Why Businesses Need Online Payment Systems

Today’s world is moving fast. Business owners and consumers both have limited time every 24-hours. In business, the best way to save time and maximize profits is to make the transaction process as simple and easy as possible. This is where online payment systems come into play! 

How do online payments work?

According to Twispay, “When the customer places an order on the merchant’s website, the payment gateway securely gathers and stores the transaction data, which is processed and forwarded to the financial institution and to the credit card networks, which, in turn, transfer the encrypted information to the customer’s card issuing bank for approval.

When the payment is confirmed by the issuing bank, the information chain is backtracked, and the merchant informs the customer, within three seconds since the order, that the transaction has been completed successfully.”

Payments and Security

Today, credible online payment systems come with a security guarantee. There are also services like PAAY which offer EMV 3DS authentication, which adds and extra layer of protection to your transactions by offering “41 required data points and over 100 optional points the merchant can choose to send to the issuer.” These extra security points may be important if you work with data sensitive and personal information. An example of a business that works with personal information is healthcare. Here is a sample website:

How can you make more money with online payments?

Customers love easy payments and are more inclined to spend more money if it’s easier to do so. There are a couple ways you can make this process work. One example can be found on this website for a grooming brush for horses. As you can see, there is an option to “add to bag” or “buy now.” Because that button for “buy now” allows customers who have their credit card number saved in their online payment system, the transaction can happen in literally the click of a button, making the business more money, faster!

Other Online Payment Features and Tips 

Online payments also allow for businesses to offer bulk orders or purchase multiple of one product. In the case of Naked Winery, they do just that: As you can see, the shop allows you to choose specific quantities and buy more at a time. 

It’s also very important online to create consumer confidence and show the buyer that your business is legitimate, allowing them to feel more comfortable buying your products online. Stemmler Meats does a good job at this by thoroughly outlining their services. Now, people who visit their site understand exactly the type of trustworthy company they are buying from.

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