Any online business aiming at reaching a global audience requires fast, secure and easy-to-use payment methods. Nowadays, payment options are surprising in their variety, allowing customers worldwide to pay for a product or service literally in seconds, without checks and cash. Debit and credit bank cards, mobile payments, and alternative methods like ewallets and Bitcoin wallets make it easy to shop without being tied to the location of both the customer and the merchant. Multiple payment methods integration allows merchants to make their potential customers real and increase revenue. That’s why it is essential to have various payment options on your site.
How it works
Online payment methods help merchants accept money in a variety of ways, from credit cards to cryptocurrency. They allow retailers to deliver their products to customers in any country, significantly expanding the target audience. Once on your company’s site, a potential customer who wants to make an order will look for suitable ways to pay for your product or service. After choosing the preferred option, they will be directed to the checkout page for filling in card details. After this, the info will be sent to a payment processor, which will direct the transaction to a card network (Visa, Mastercard) for approval.
The more payment methods you integrate, the higher the likelihood of a sale. However, it’s essential not only to have various options for accepting money but also to make the checkout process convenient and fraud-proof. Setting up online payment acceptance includes technical integration (hardware and software) and additional services for processing transactions.
How to integrate payment methods into an e-commerce website
First of all, you’ll need a merchant account, payment gateway, and payment processor to start processing online transactions. Speaking of integrating various payment methods such as PayPal, Stripe or Apple Pay, you’ll need to contract each one directly. But to avoid unnecessary paperwork, long waiting times, and possible refusals from these systems, you can partner with a third-party payment service provider (PSP) that will customise the acceptance of different methods according to your customer’s preferences. The integration of the payment platform allows retailers to simply manage the transfer of funds, customise the checkout page and keep track of money directed to their merchant account.