By An eCommerce payment system, also known as an online payment system, is any sort of payment that is made online over a digital channel.
It’s crucial to plan out the kind of payment methods you’ll offer customers on your website or online store before you launch your online business.
You will have a variety of options to pick from, but you should carefully examine which is appropriate for your business, your region, and the popular payment methods.
Customers now expect many payment alternatives on an eCommerce website so they may select the payment method they prefer.
Let’s examine the many categories of eCommerce payment options. The list will take into account various common eCommerce payment systems (other than COD) and assist you in deciding which would be best for your company.
1. Credit cards
The most common method of payment for online transactions is the credit card, which is regarded as a universal payment method.
On the majority of eCommerce websites, it serves as the default payment method. Additionally, it is highly practical. A consumer only needs to submit a few card information, including the card number, expiration date, and CVV, or card verification value.
Every eCommerce platform supports this payment method.
2. Debit Cards
Similar to a credit card, a debit card is also a common way to pay online and is quite well known in India. Customers who like to spend within their means should use this payment option.
In contrast to credit cards, which require payment at the conclusion of the billing cycle, debit cards allow users to pay using funds already saved in their bank accounts.
3. Internet banking
One of the most popular eCommerce payment methods is netbanking, often known as internet banking and online banking.
The transaction works similarly to a debit card in that the customer’s bank account is immediately debited for the amount due.
The main distinction is that clients no longer have to submit their card information. They only need to register with their bank for the netbanking service.
After registering, customers can use the payment page’s netbanking option and make a payment by entering their netbanking ID/customer ID and pin.
4. Electronic wallets
Customers can make purchases without needing to carry their cards with them thanks to digital wallets, or e-wallets. An e-wallet user just needs to link their bank account once, after which the information is saved and kept secure inside the wallet.
This makes it unnecessary to enter the card information each time, promoting a rapid checkout. Among the well-known digital wallets are:
1. PayPal
PayPal is one of the most popular digital wallets, with around 325 million active accounts as of the first quarter of 2020. According to reports, more than 17 million businesses have integrated PayPal on their payment page. Compared to other digital wallets, PayPal has a conversion rate that is over 80% greater.
2. Amazon Pay
To compete with rival digital wallets, Amazon introduced Amazon Pay, its own online payment service. Customers of Amazon are now able to use their Amazon Pay wallet to make purchases on the website.
Both conventional and online retailers have integrated Amazon Pay into their operations.
3. Apple Pay
Apple Pay, which works similarly to Amazon Pay and lets iOS users make purchases on Apple Pay-compatible eCommerce websites, is Apple’s own payment portal.
According to Statista, there were around 441 million Apple Pay subscribers globally as of September 2019.
4. Google Pay
Google Pay is a competing online payment and digital wallet service. In 2020, it’s anticipated to reach 100 million users.
Google Pay is a very safe and practical online payment system that offers rewarding rewards for both customers and businesses on purchases.
5. Cellular Payment
Customers may easily and quickly use mobile payment to make purchases using their smartphones. A user only needs to download a mobile payment app, such as Paytm, from the Google Play store.
They must then link their bank account to that app in order to add money to their wallet and make purchases, as well as to make payments directly from their bank account.
When a consumer chooses to use that app to pay on an e-commerce website, the app receives a payment request, which it must approve before the payment can be processed.
Payment Gateways for Online Shopping
You must install some eCommerce payment gateways on your website in order for these payment methods to function.
To execute online transactions, i.e., for merchants to accept payments on their platform, a payment gateway is necessary.
The top eCommerce payment gateways include:
1.Stripe
2. PayPal
3. Identify.net
4. Square
5. Purchasing
6. Braintree
7. Amazon Pay
Customers feel more at ease at checkout the more payment methods you offer on your website. In addition, the rate of cart abandonment also declines considerably.
And as mobile apps gain in popularity, mobile payments and the function of digital wallets become increasingly important.
In order to combine several eCommerce payment methods on the website and the mobile app, Knowband offers the One Page Checkout module and the Mobile App Builder.
Source: ecommerce payment solution , ecommerce payment gateway
