An E-commerce payment system simplifies the acceptance of electronic payment for online transactions. Also known as a sample of Electronic Data Interchange, E-commerce payment system has become increasingly popular due to the widespread use of the Internet based shopping and banking. We all know the implication of internet and the role it plays in the current, in a minute, technologically unconventional setup.
Over the years debit cards and credit cards have become one of the most common forms of payment for E-commerce transactions. It would be difficult for an online retailer to function without supporting credit and debit cards due to their extensive use. Improved security measures include use of the card verification number which identifies scam by comparing the verification number printed on the signature ribbon on the back of the card with the information on file with the beneficiary issuing bank account. Merchants have to conform with rigorous rules required by the credit and debit card issuers this means that merchants must have security protocol and measures in place to ensure transactions are more secure. This can also include having a certificate from an authorized certification authority that provides public key infrastructure for securing credit and debit card transactions. In the meantime, the use of smart card has become extremely popular. A smart card is similar to a credit card; however, it contains an embedded 8-bit microprocessor and uses electronic cash which transfers from the consumer’s card to the seller device. A popular smart card initiative is the VISA smartcard. Using the VISA smart card you can transfer electronic cash to your card from your bank account, and you can then use your card at various retailers and also on the internet. There are companies that enable transactions to transpire over the internet.
Besides card-based payments, other forms of payment gateways have emerged and meanwhile even claimed market leadership. I am going to list the top payment gateways and services that are being used by most of the E-commerce stores nowadays. All these payment gateways are going to give great service and compatibility to your web stores.
PayPal is a universal E-commerce business
allowing payments and money transfers to be made through the internet. PayPal is the gainer, a performing payment processing for online vendors, public sale sites and other viable users. Buyers can use this payment option without paying any cost or fee. The payment option uses the details of the country of the sender, the country of the recipient, the amount sent and the recipients account type. Moreover, it’s short and flawless checkout process makes it really convenient for the users.
This is another method for payment of E-commerce. It’s a Google-owned payment processing service designed to make paying for items online for easier buying. Its service is user-friendly, easy to use and is extremely reliable. Google checkout is free for consumers and typically charges less merchant fees than PayPal.
Stripe is a global online payment processor that is trusted by many businesses all across the globe. Stripe enables an organization to accept credit card payments online directly into your bank account from a donor-hut campaign. Stripe is safe and reliable as all the transactions are secure socket layer (SSL) protected from which your information and your donors information are securely transmitted during the payments. All credit card numbers are encrypted and safely stored is stripe’s state of the art data center. This ensures that both the security and integrity of the donors information. Simple installation and a onetime configuration make it ready to use. It supports all the popular payment options like VISA, MASTERCARD, AMERICAN EXPRESS, and a lot more. They charge a flat fee of 2.9% + 30c on per successful transactions as long as it accounts under $1 million in volume per year. The rates can be varying from country to country. Most of the time its flat, it charges no setup fee or any subscription fee. Works well with the Shopify ecommerce platform, here is an in-depth review
to learn more.
Securepay is one of the top used payment gateways by the businesses and organizations of different sizes. Securepay online payment gives the business, customers more payment choices such as VISA, MASTERCARD, AMERICAN EXPRESS, DINERS CLUB INTERNATIONAL and also PAYPAL. It allows them to make an online purchase immediately which can help businesses transform more sales. It guarantees secure online payments that ensure to protect every transaction and customer data from fraud and from other risk factor incidences. Furthermore, it also offers easy and well integrated major E-commerce platforms like Prestashop, Magneto and Opencart.
These are some of the best and most popular payment gateways services that you can use on your E-commerce store to provide your customers with the best payment experience.