Various payment systems are available for online stores today. There are many advantages to using a bank transfer, especially if your customer doesn’t have a card with them. Although credit card and debit card payments are constantly evolving, bank transfers remain the standard for many e-commerce sites. Some e-commerce sites also offer open banking, which allows third-party companies to access financial data via app programming units (APIs). The benefits of this method are more reliable and rapid transactions. Here are some of the major e-commerce payment systems that you can easily choose from.
Amazon Pay
Amazon Pay is an online payment system designed specifically for e-Commerce websites. This solution is integrated into the site and completes the payment processing in line. It also allows sellers to accept recurring payments and online donations. It integrates with a variety of online store builders.
Amazon Pay is compatible with a variety of e-commerce platforms, but its integration is somewhat limited. The payments are held for 14 days and then transferred to the merchant’s bank account. Amazon Pay also charges a fee for each transaction. This is called an authorization fee. When processing high-volume transactions, the fees can add up. Amazon does not offer volume discounts, so businesses need to consider other payment solutions if they want to receive a significant amount of money from their customers.
Square
Square is a good choice for e-Commerce businesses because of its affordability and turnkey online store solution. The company’s free trial period allows merchants to test the Square service for free before choosing a plan. For those who do not want to sign up for a free trial, Square offers three paid plans with varying amounts of monthly fees. Square also continues to add new features for merchants. For example, the company rolled out its new invoices app on Tuesday, which allows merchants to create invoices anytime, anywhere.
Another advantage of using Square is that it integrates with many e-commerce payment systems and companies. The Square Connect API allows merchants to connect their website with Square and accept payments. Additionally, Square has a variety of APIs that developers can use to add functionality and integrate Square into their website. Similar to square payment solutions by Ecommpay is another cashless payment service provider and is often appreciated for its user-friendly platform which is secure and offers a wide range of tailored payment experiences for its consumers. This payment gateway also consists of mass payments, more than 100 alternative payment methods, and many other features. Through this, clients can accept and make payments from anywhere in the world.
PayPal
PayPal makes it easy to accept payments online. Instead of asking for sensitive banking data, it only requires basic information. This makes it more secure for customers and helps avoid issues with leaked banking information. This service is widely available in over 200 countries and supports payment methods in 25 currencies. PayPal also offers a free check-out option. This redirects the user to PayPal’s secure site after completing the payment process.
PayPal is compatible with the most popular e-Commerce platforms. Moreover, it is easy to integrate it with your online store. It is also easy to set up and use. Moreover, it provides basic e-commerce features like inventory management, web design tools, customer service, security, social selling, and shipping. PayPal is popular among consumers because of its security features. The company doesn’t pass customer details to the merchant after the transaction, which makes them safer online. The service also allows business owners to accept payments from customers without the hassle of obtaining a merchant account.
BlueSnap
BlueSnap is an online payment processor that provides a host of features to e-Commerce merchants. It offers a 2.9% + $0.30 processing rate and does not charge setup or account maintenance fees. It also offers an account updater feature. For smaller businesses, BlueSnap offers a monthly payment plan with no contract or early termination fee.
BlueSnap claims to be the only truly global payment platform in the market, providing merchants with a single connection to global acquiring banks, eliminating cross-border fees. BlueSnap also offers flexible APIs, hosted payment fields, mobile SDKs, and a one-click checkout experience. Its platform also offers fraud prevention, tax management, and compliance solutions. Like Blue snap, even cashless payment service providers like payment solutions by Ecommpay are appreciated for their security apparatus and can accept a card from any corner of the world.
Apple Pay
With the introduction of Apple Pay, businesses can offer a seamless and secure payment system to their customers. Consumers can avoid long lines at the checkout by using their mobile devices to make their payments. Apple Pay processes payments much faster than traditional credit cards. This will help businesses increase their conversions. Moreover, it will help them cut down on the costs of processing credit card payments.
Apple Pay has many advantages, and it is set to handle ten percent of card transactions by 2025. Its cost is affordable for small businesses. Users can use the app on Apple devices for in-person or online payments. The Apple e-commerce payment system is secure and requires the user to enter their payment information, but it can also be used to accept debit cards and P2P payments. However, it is not yet available outside the United States.
Apple Pay is also more secure than traditional credit card payment systems. Instead of storing payment information on the merchant’s servers, Apple Pay uses biometric identification verification. This prevents theft and reduces the risk of fraud.
Conclusion
There are various e-commerce payment systems in the market that you can usually rely upon and there are many more who are also entering the field to make a fortune out of the same. But when it comes to finances you must trust the payment system that you have been using the most or you could use the same payment system to buy products from the site as amazon pay to shop from amazon and apple pay for apple.
