E-commerce has brought a wave of changes that continues to greatly influence how present-day business is being conducted.
E-commerce has not only transformed marketing, but has also changed a lot in both the general way sales processes are conducted and how business models are developed.
If your goal is the growth and expansion of your business, offering online payment options to your customers is a solid start towards it. When setting up a website, you should go for one equipped with robust security features and convenient payment methods.
Some banks will open your account in minutes —just by providing personal details like proof of identity; all others require additional information to verify the legitimacy of your business.
Here are some various payment methods you can put on your website:
- Bank Transfers
- Credit Cards
- Debit Cards
- Mobile payments
- E-wallets or digital wallets
- Cash on Delivery (COD)
Before choosing which payment methods to integrate into your business website, remember to consider your target audience, as not all payment methods may be used by them.
Advantages of Integrating Payment Methods on Your Website
There are lots of advantages with integrating payment methods on your business website.
- Increased sales - which is generally the goal of one’s business.
- Provides convenience - for both you and the customer.
- Bills and invoices are instantly generated - payments are easily accepted from the customers, making your transactions far smoother.
A key benefit of online businesses is that they can grow without having to run physical stores.
Customers can readily buy on the internet at any time and from anywhere, which will improve their experience and encourage them to return in the future.
All the more reason why you need to have online payment capabilities on your website.
Setting up payment methods for your website is simple and easy. It's also a good idea to add a live chat app to your website for customers who need immediate help.
The best thing about online payment support is that it will help you make the most of impulse purchases, while also establishing a great business relationship with your customers through quality service.
Steps to Adding Payment Methods to your Website
Check for existing payment gateways offered by your web host
Some hosting services may already have partnerships in place with payment gateway providers that can simplify your set-up process.
It is important for you to evaluate the type of payment support your web host currently offers before you add a payment method to your website.
This information can be found in the web host’s control or admin panel.
Numerous hosting providers offer integration options for payment services as part of their service packages; however, others have a separate fee for it.
Choosing a payment gateway
There are two kinds of payment gateways, hosted and non-hosted payment gateways. Hosted gateways like PayPal take the customer from your website to another secure site to make the payment before redirecting the customer back to your website.
If you’d like to integrate Stripe on your website, but aren't sure how, you can start by using a PayPal order form.
On the other hand, a non-hosted payment gateway has an Application Programming Interface or APIs and modules that can be incorporated into your business website.
The transaction happens on the website itself. However, it will be a risk for the customers if the gateway is not 100% secure because your website will store data such as their card, bank, and other personal information.
This is why you, as the business owner, should ensure the safety and security of your website and customers from cyber threats and hackers.
Check out our post here to find out how to embed a PayPal form on your website.
Study and compare payment gateways
Make sure to study the different payment gateway options that are available to you to avoid any issues! You wouldn't want to end up in a situation with an unhappy customer and you find yourself already down a few dollars because of hidden charges.
Take note of these key comparison points:
- Transaction fees
- Integration fees
- Withdrawal fees
- Payment flexibility options
- Security features
- Subscription features (recurring transactions)
Whether you go with hosted or non-hosted payment gateways, you'll need to compare the charged service fees.
Aside from setup and integration expenses, you may be required to pay for each transaction and for refunds, as well as any additional costs.
There may also be membership fees for security features renewals, subscriptions, and other special charges. So make sure to do your homework.
Integrating payment methods
The option for adding the payment gateway to your website is available on the administrator’s page or control panel.
From the payment methods mentioned above, you can select and add the one that fits your business model most. After you integrate the payment methods, use a Test or Sandbox account to verify if the gateway is working without any issue.
If you'd like to use PayPal, be sure to read our article on how to embed web payments on PayPal.
Creating a merchant account
You need to make a merchant account once the payment gateway is set up and link the payment services with it.
Merchant accounts are supported by the Federal Deposit Insurance Corporation or FDIC and come with fraud protection.
Moreover, you can personally control transactions of payment between the merchant account and your website.
To compete in today's online market, it's important to have a payment system available on your website so customers can make purchases outright, should they be already interested in your product.
And to set up web payments on your website, you need to evaluate which payment gateways are the best based on your success criteria.