| EN

PA 博客

Online payments have become the norm these days, and for the world, it looks like a simple process. But when you look for an eCommerce solution provider for your business, you realize that there are many terms, probably you have never heard of. Read on to become familiar with some important terms you should know when you deal with online payment platforms. Acquiring Bank The financial institution that underwrites and processes debit or credit card payments on behalf of your online business is known as acquiring bank or an acquirer. The acquirers are a part of an association such as Master Card or Visa and allow you, the merchant, to accept the card payments from card-issuing banks within the association. They either approve or decline a transaction based on the information available on the cardholder with card association and issuing bank. The transactions can include purchases, refunds, chargebacks, etc. Issuing Bank The financial institution that issues debit or credit cards directly to the customers on behalf of the card network is known as issuing bank or issuer. It acts as a middle-man for the consumer and cards association and contracts with the cardholders on the terms of repayment of transactions done wherever applicable. You can identify the issuing bank easily as it is available on the card. Merchant Account Another term you come to use when you start on online payment platforms is merchant account. Your business should have a merchant account when you enter into a contract with an acquiring bank. This is a type of commercial bank account that allows your business to accept and process electronic payment transactions. A transaction is said to be completed when the acquiring bank accepts the payment from the customer and deposits the amount into the merchant account. The merchant account pays out the money to the business bank account later. You need to partner with a merchant acquiring bank who facilitates all communications in an online payment transaction. Chargebacks or Payment Reversals Payment reversal or chargeback is a customer protection mechanism where a customer receives the fund back from a transaction. The transaction is reimbursed either to the merchant or to the customer, based on the case. This could be due to customer disputes, authorization reversal or refunds. Examples for such situations may include non-receipt of products, drastic differences between the product delivered and advertised, usage of credit cards without the authorization of cardholder, etc. Acquiring banks set a ratio of reversals with total sales, which should not be surpassed. Your business will have serious consequences if you process a large number of chargebacks that exceed the limit of set ratio. The eCommerce solution providers offer a variety of products and services such as mobile payment solutions, omnichannel solutions, payment gateway, etc. Look for eCommerce management companies who can provide you with comprehensive and cost-effective solutions that are secure and innovative to take your business to new heights.
Online business and payments are considered to be norms of the day. However, you need in-depth knowledge to select appropriate online payment platforms for your business. A major initial consideration would be on how to choose the type of payment gateway, hosted payment page, or API. Read on to understand more about both of these options. Hosted Payment Page: What Is It? In a hosted payment page, the eCommerce payment gateway will provide a unique link to a webpage hosted elsewhere to accept payments from the customer. The merchant or business can link to this page from their website. The hosted page is located in the servers of your payment solution provider securely. The only requirement would be compliance of your website to the hosted page. Process of Hosted Payment Page As your customer in your eCommerce websites decides to make the final transactions, the payment gateways will pull the customer off your site’s checkout page. He/ she will be directed to the payment service provider (PSP) page to fill the payment details and make the payment. Then he/ she will be redirected to your website to finish the checkout process. An alternative option is to use an inline frame or iframe. The payment service provider creates a form, iframe, that you can insert into your website. With this, merchants can securely accept transactions without storing the card data. The PSP receives and stores the data. Advantages of the Hosted Payment Page The main advantage of a hosted solution is the simplicity of the process itself. The capturing and processing of payment is through the eCommerce payment gateway, which ensures the security of cardholders. Setting up of the process is quick and convenient; it is a matter of linking your website to the hosted page and start receiving payments. Access to payment history and the process of refunds can be done easily without card data. API Integration API stands for application program interface provided by online payment platforms. Mainly, API involves the integration of one program to another and facilitates communication between them using the same language. Here, a website captures the payment data, such as card details, and send the payment to a gateway through API for processing. The user never leaves your website, while the transaction is processed behind the screens. Advantages of API The fact that your customer doesn’t have to leave the website to complete the transaction allows you to control the customer end-to-end in the checkout process. The customer will have a seamless experience throughout the purchase. Your business is responsible for the page and therefore the visual appeal can be improved based on your target customers and brand specifications. However, API integration requires a developer and web designer from your end. Look at the flexibility of options your payment solution provider can offer. It should support alternative methods of payment and mobile applications. The option selected should be appropriate to your needs in the business.
People around the world are increasingly comfortable with online shopping and payment. Payment gateways are equivalent to the point-of-sale machines in your brick and motor stores and act as an intermediary between your website and the customers to complete the financial transactions. These online payment services come with various features that equip you to conduct operations in your online business. Read on to understand some of these features that is offered by online payment service providers. Support Multiple Payment Methods You will want to make the payment process easy and smooth to avoid abandoned shopping carts. The primary reason for missed sales is the unavailability of the customers’ preferred or trusted payment methods. The payment gateway you choose should support various payment methods like Visa, Mastercard, China Union Pay, Alipay, Cryptocurrency, etc. This way, you can cater to the users’ diverse requirements. Hosted Payment Page vs. Direct API The eCommerce payment gateways usually offer a choice between hosted payment page and direct API. In a hosted payment page, the payment information is transferred to a payment page hosted by a third party. It ensures a single touchpoint for the card data that ensures security to the customers. You can upload your business logo and information to the gateway and do not need a web designer or developer. The setup is an easy process. It is easy to access payment history processes refunds securely. On the other hand, direct API (Application Program Interface) allows the software to software communication rather than the user interface. Key benefits include a visual appeal of your webpage that is designed specifically for you. Easy management and seamless experience will help to retain your customers. MOTO Merchant Account and Virtual Terminal Services MOTO stands for mail order/ telephone order and is supported by online payment service providers. It is a term used to describe the transactions when the customer is not present. A MOTO merchant account allows you to accept payments by mail, phone, and fax. Even with the popularity of online sales, some people still love to respond to email or direct mail campaigns. The orders can be completed without referring back to the website when your eCommerce customers call the customer service. Customer service personnel can log into a virtual terminal, which is included in MOTO merchant accounts. The virtual terminal is connected to the MOTO payment processing gateway through which order data is submitted to the banking networks. Multicurrency, Multinational Payments and Settlement Options Your business will grow to its maximum potential only if you can take it beyond borders. The eCommerce payment gateways offer multicurrency, multinational merchant account, which enables you to display the prices in the local currency of the buyer. Additionally, it allows you to receive payment in any major world currency. This feature helps you to increase your buyer’s trust, and keep them focused on shopping rather than figuring out the actual cost. It gives you a competitive advantage for business and it invariably means significant growth in sales.
If you are an ecommerce solution provider, it is imperative that your site is mobile friendly. That means that customers should find it easy to make a payment using mobile. Customers usually tend to be much less engaged when using a mobile, as compared to a desktop. Usually, customers are doing other things like watching TV, commuting, waiting in the queue, and so on, while doing mobile shopping. As such, it is important to make the purchase and checkout process simple. Here, we show you some ways in which you can accomplish this. Offer Multiple Traditional as well as Third-Party Payment Options Your store should provide mobile wallet payment options. At the same time, customers may want to pay using online third-party e-payment technology such as Neteller, Skrill or PayPal. You can offer these options to your customer’s right on the order confirmation page. As an alternative, your customers may want to provide the payment through a check or bank transfer. In certain countries, many large groups of people would prefer to use these traditional methods. You can also have a display for phone numbers for the users that want to contact you directly to organize a bank transfer. While these techniques of payment account for a much smaller proportion of the customers, you should still make it a practice to include them in your site. Selling Internationally - Country Differences If your store caters to international markets, you should account for buyer differences based on the country or region they are purchasing from. Always make sure to research which payment options are the most popular in the countries that you are targeting. And always make sure to offer these payment options in those regions. Some countries like China have a completely different and unique set of apps for payment and ecommerce payment gateway compared to Western and European countries. For example, cards are the most preferred form of payment in Canada and the US. It is important to offer your customers a multitude of payment options. This ensures that your customers have the safety and ease of knowing you have researched their geography or region well enough for them to have their own preferred mode of payment. Having such a multitude of payment options has many benefits, such as having happier customers, a reduced checkout abandonment rate, and much higher levels of security. The result is a win-win for both you and your customers. While it can be a bit daunting to approach and navigate the very fast paced world of mobile payment solution provider options, the fact is that adding many more new options to your store and to your checkout process can be a very straightforward task. It is important that you do not be hassled or put off by the hurdles relevant to the technology. It is all part of growing your online business. As sales from mobile continue to grow, and even outrank desktop sales, it is important for you as a retailer to take a mobile-centric approach to ecommerce. This will help optimize the entire customer journey, also including checkout. The biggest reason for drop in sales is customer abandonment during the checkout process. By your site offering a wide range of mobile payment options, you will be able to cater to a broad set of preferences in your customers. That automatically means more conversions, more sales and more revenues. At the end of the day, every ecommerce solution provider wants to stay relevant in today’s tough business climate, and your business is no different. As such, adopting these simple measures can make a world of difference in the way your business benefits from sales.
Mobile payments refer to the ability to finish a transaction on a mobile or smartphone. If you are an ecommerce solution provider, then you already know that this technology is taking the retail industry by storm. Mobile payments are ushering a new era of various transactions that are disruptive the traditional landscape of payments. As customers are increasingly moving to mobile, it is important that you as a retailer understand the consequences of mobile payments, and how you can prepare for this big change. Businesses to Better Serve Customers Consumers have been adopting mobiles and smartphones at a rapid pace. This presents businesses with a massive opportunity to serve customers better. While credit cards emerged decades ago, mobiles are still a relatively new phenomenon. Credit and debit cards reduced a lot of the worry associated with payments, by eliminating the need for customers to carry cash with them. Through e-payment technology customers could now make the payment digitally. With mobile payments, customers want control and convenience. It is anticipated that in the future, every digital device will be eventually connected to commerce. With this, people will want many options to shop and make payments at their own convenience. As a retailer, it is important for you to take advantage of various offerings and partnerships, to deliver the best experience to your customers. While it is true that mobile payment solution provider options have existed for many years, options like Apple Pay have given the world of mobile payments new momentum. With lot of emphasis on security and simplicity, this mode of payment is gaining rapid traction among the consumers and merchants. User Data Collection One of the ways to enhance the retail experience for consumers on mobile is to engage customers by leveraging their personal data and purchase information. Many mobile based ecommerce payment gateway options do not currently provide this option. They do not collect customer data yet. However, if you wish to stay relevant and creative as a retailer in the business climate, you should keep and store your customers’ data as much as possible. This data can be used to create targeted recommendations for your customers to shop, personalized ads that will entice your customers to purchase more, and much more. Consumers Want to Feel In Control If you are an ecommerce solution provider, it is important for you to understand your customer’s behavior and psyche. Most customers want to feel in control when making a purchase. Mobile payments have shown the most growth in areas like groceries, quick serve restaurants, as well as convenience stores. By taking the friction out of the payment process, you can make the process more seamless and convenient for your customers. One of the ways to help customers feel more in control of their transactions is to mask and protect the customer’s personally identifiable information or PII. This brings in a host of data security concerns, which currently is not as advanced in mobile devices as it is for a laptop or desktop. This way, by balancing the control factor and the security constraints, you can create an environment where users can protect their identity, while also ensuring a safe transaction. That said, no transaction is really completely safe. No matter which e-payment technology you use on your website, hackers are never far away. Some of the most sophisticated systems have been hacked by malicious entities, and this has largely to do with weak verification processes from banks. It is important to ask the issuing bank to verify the customer’s account numbers. It is also important that banks have very stringent regulations in place to do these verifications.
If you are an ecommerce solution provider, you most likely have utilized mobile payments in your store. Here we discuss whether such modes of payments are secure, and how you can set up your store to make the most of the experience. Are such Mobile Payments Secured? In a single word, yes, mobile payments are secure. There are many available options such as PCI DDS, SSL, encryption, and others that create a secure environment for mobile payments. Sometimes, these methods can be much safer compared to even traditional card form of payments. Why Mobile Payments Are Secure? There are several reasons why an e-payment technology through mobile is secure: - It is much harder for a hacker to steal the data because in a mobile payment, such data is not transferred to the merchant. - It is easy for customers to monitor their own account by using the app for mobile wallet. - There are many third-party gateways such as PayPal, which require the customer to first login and then only authorize the payment. - Most payment solution provider companies adhere to strict security modes and standards as well as authentication processes. How to Prepare the Store? Now that you have a basic overview of mobile payment basics, you can know more about how to optimize your store for making payments. The very first thing you need to do is to sign up or register for a merchant account as well as a payment gateway. Most of the ecommerce payment gateway options these days are inbuilt into the ecommerce platform. The merchant account acts as the intermediary account, which is used to hold the funds from the ecommerce sales, before they get transferred into your regular bank account. In general, most of the payment gateways are going to provide you a merchant account, which will allow you to accept many alternative modes of payment. The ecommerce solution provider payment gateway is basically a digital gateway, which sends the customer details to a processor for payment. This, in turn, contacts the bank in order to authorize this payment, and then deposit it into your account. When selecting any payment gateway, make sure that access is provided to an API, so that it is easy to make customized changes to the storefront. It is usually easy to add additional payment options into your checkout process. Some Tips to Keep in Mind - Accept the popular mobile wallets: Whenever you offer your customers the option to pay you using their mobile wallets, they can easily use the details that they have already saved on their phones. This eliminates the need to continually enter debit or credit card information during the checkout process, thus streamlining the entire process, while providing customers security and peace of mind. - Simplify the checkout forms: Complex and long-winded checkout forms on mobile are one of the biggest reasons’ customers abandon their checkout process. It is important to keep the checkout form simple because customers usually do not have that much time and are on the go. Some ways to make the form simple is by including only necessary form fields, not making customers sign up for an account in order for them to checkout, use the real-time validation for entries on forms, have only one field for display on every line. Make sure to mark very clearly the mandatory and optional fields on the form. Show advice to correct mistakes within the form field. - Reduce number of steps for payment: Compared to a desktop computer, customers are less involved when they are using a mobile for payment. It’s usually while doing something else that customers make mobile payments. Therefore, by reducing the number of steps during purchase, you reduce the chances of checkout abandonment.
In this tough business climate, online retailers need to create interesting immersive experiences for their customers, without having any obstacles to purchase. When it comes to a mobile payment gateway, it plays a big part in the purchase process. In this article, we focus on mobile payments, what they are and how they work. A mobile payment is essentially any payment that is made via a mobile device. Usually, the process is that customers enter their credit or debit card details into an online form while checking out. This remains the most common form when it comes to mobile payment solutions. However, many other methods are growing in popularity, such as PayPal, prepaid cards, bank transfer modes of payment, mobile wallets, cryptocurrency, as well as many others. If you are an ecommerce website, then there are three main types you should be aware of: a. Traditional payment forms: This happens when the customer enters their debit or credit card information via a form through a browser. Many online stores will allow their customers to save this information, so they don’t have to repeat entering the details every time they shop. b. Mobile wallets: Many mobile online payment services will enable users to save their credit or debit card details on their phones. Certain stores even allow their customers to make the payment using mobile wallets, which removes the need to re-enter their details every single time. Nowadays, mobile wallets can be used in storefronts as an alternative to cards. NFC or near field communication allows customers to make payments at kiosks and terminals specially designed for this. c. Online wallets: These include services like PayPal, which enable users to save their debit or credit card details through a third party. This way, the online payment technology enables customers to login to their account to process their payment. There is increased security using this method, which is why many customers prefer this method. Why are Mobile Payments so Important in Ecommerce? Many retailers believe that it is enough to simply offer the traditional credit or debit card forms of payment. However, when it comes to mobile payments, it can offer an extra edge to a retailer in remaining competitive in the business. a. More mobile sales: Every year, mobile sales are growing and therefore it is essential that retailers provide a wide array of options if they want to cater to a broader spectrum of customers. This is especially true of the younger generation, which prefers a mobile payment gateway to the traditional forms of payment. b. Removing security issues: By offering mobile payment services to customers, retailers do away with a lot of the security issues. Many customers have concerns about the safety in entering their debit and credit card details online. Offering the customer, the option to checkout without having to key in their details is a big bonus. c. Streamlined options: Many streamlined options for mobile payments help in removing the friction often present during the checkout process. This can help boost conversions. Customers are able to check out on the online payment services without having to spend extra time inputting their card details. Many mobile payment techniques can help to reduce fraud for retailers. This is because every buyer is always vetted by the mobile wallet providers before such buyers can use these services. Therefore, there is lesser chance of false payments. In addition, by offering these alternatives in mobile payment, it helps the retailer to increase overall customer satisfaction, and improve customer retention as a result as well. Happy customers are more likely to re-visit your store.
We live in the era of the internet. In addition to making the world a global village and connecting people across boundaries, its applications have revolutionized every sphere of human life. In business, the Advent of the internet was the precursor to the development of e-payment technology which is the reason for the global success of the e-commerce industry. During the initial years of its inception, e-commerce relied on 'cash on delivery' as a payment option. However, with the advancements in e-payment technology, payments can be made online not only for goods and services acquired online but also for payments in offline stores. With the help of payment solution providers, merchant's can now ensure that users have a hassle free and secure payment experience. The Benefits of Online Payments Online payments have proven to be beneficial not just to customers but also to merchants. They do away with the need to carry cash around and one does not ever have to worry about running short of money. In addition to this, online payments can be made at one's convenience, all that is required is a device connected to the internet. Furthermore, through e-commerce payment gateways money is wired directly from the customer's bank accounts to the merchant's. This money trail can be easily traced and statements of the same can be procured. How does E-Payment Work? Online payments have two key players working between the customers and the merchants - the payment gateways and the payment processors. Payment gateways handle the first step involved in an online payment transaction, which is card authorization. Here, the customers enter the details of their cards and authorize the payment. The second step is the transaction settlement and payment processors take over. The information entered by the customers is communicated to the banks who in turn contact the card companies with the data. Upon confirmation from the card companies, the authorized amount is credited to the merchant's bank account and the online payment is complete. Who are E-Commerce Solution Providers? E-commerce solution providers, as the name suggests, offer solutions to any glitches or issues that merchants face with regard to payment options. They offer multiple methods of payment on a single platform and help expand the customer base. Some of the options offered include payment by credit and debit cards, e-wallets like Alipay, PayPal, etc. and payment by China Union Pay. What Makes a Good Payment Solution? A good payment solution must seamlessly integrate the various payment options made available to the customers and ensure that the payment gateways are secure. Customers must be able to follow the directions to make payment easily. For instance, one of the most popular and efficient means of payment requires customers to simply scan a QR code to make the payment. With the advancements in online payment technology, various payment options have flooded the market and payment solution providers will help merchants figure out which payment option works best for them.
The generation of this day has much easier access to sell and purchase. Thus, there is an incessant need to speed up the process. Unlike the pre-internet era, the people of today intend to make transactions with the click of a button. The online payment technology makes this process easy and secure. A number of websites have popped up to ensure that customers can make various transactions and payments through a simple click. These payment solutions save you time and effort and often give moderate cash returns on certain payments. Along with these offers, online payment methods are comparatively more secure than the other modes. You can always trace your money thus, making it tougher to misplace your money. Saves Your Time and Effort The option of online payment services has ensured that consumers save time by making their share of payments through their desk laptops or mobile phones. Consumers are no longer required to stand in long queues to make basic payments. This in turn also saves the unnecessary efforts and hassles that one has to go through to make a transaction. Providers, in turn, have ensured that consumers do not follow elaborate procedures for online payments. This helps them to have a concrete footing among the other providers as the customers prefer simpler and safer means of online transactions. So, you don’t need to remain stuck on your traditional payment methods and save your time and energy by making online payments. Transparent Payments Add to the Benefits Online payment technology has ensured that the cash flow is transparent and speedy. Customers can get easy alerts when they make a transaction from their account and they would also be informed in case a transaction was made without their knowledge. A large number of consumers had often complained about not being notified within time and thus, losing their money. But, with the option of online transactions, your information and money are safe in your device. One can easily check the history of their transactions and are not required to reveal important information to unnecessary websites. Online payment solutions are built to automatically make it a transparent transaction. The details of the transaction are shared only with the parties involved. It prohibits any third party from viewing the details thus, ensuring the security of every transaction. These payments can be made without hassles and secure to carry out. Unlimited Transactions with Credibility One of the major benefits of online payment technology is the credibility that it offers for every transaction. Consumers had often worried about their accounts being hacked or details being leaked. However, the providers have now come up with a number of artificial intelligence that prohibits and protects the account details of the consumers. Along with that, the customers can also make as many transactions per day as they may require. While traditional methods required a given number of transactions per day, mobile payment gateway does not impose such restrictions. So you can send and receive according to your wish.