Let’s analyse the checkout as a process from two perspectives: consumers’ and sellers’.
The consumer’s point
The online checkout process is pretty intuitive from the consumer’s point. For instance, shopping at an e-commerce website is similar to making purchases at a regular retail store: a consumer picks the goods, puts them into a cart, and proceeds to the checkout to pay. In real life, we pay at the counter. As for online shopping, we use an online checkout — a payment page, where we often have a selection of payment methods to choose from. Once we’ve decided, we’re required to input the information needed to pay with this particular method. It can be an account or credit card number, ID, card expiry date, our full name, etc. The next step is the verification process that ensures security and prevents fraud, and that’s it — we’re supposed to get some receipt and later our order.
The seller’s point
It’s a bit more complicated from the sellers’ point of view. As an entrepreneur, you need to open a bank account, an account at a payment service provider, or both. Then, you’ll have to get an online checkout solution and integrate it into your app or website. After that, your company can start selling, fulfilling orders, and collecting online payments. While the latter is usually not a problem, getting a checkout solution may be a hassle.