Online payment systems
The forecasts for online payment systems currently look very favourable. Global e-commerce sales are expected to reach up to USD 7.4 trillion in 2025. This corresponds to an increase of 74% compared to 2020.
By installing an online payment system for your website, you can of course receive payments. But you also improve the customer experience, increase your conversation rate and ensure that all transactions are secure. It is important that the payment process on your website is intuitive and fast for customers.
With an online payment system, you can satisfy your customers as they can make a payment quickly and easily on your website and then receive their product quickly. In the long term, this increases customer confidence. They are delighted with how quickly payments are processed and will certainly come back and buy a product from you.
What is an online payment system and how does it work?
This is a digital system that is used to process customer payments. This can be done via electronic bank transfers, digital wallets or debit and credit card payments. There are various systems that you can integrate into your website and then offer simple and intuitive payments to your customers.
The customer goes to your website, selects a product and buys it. They enter their data on the payment page. This data is encrypted and then sent to the payment gateway in a secure manner. This is a secure process, which is important as it involves sensitive customer data.
The gateway then forwards the data to the payment processor. This is done via transaction data. The payment provider then authorises or rejects the transaction. The authorisation or rejection is then forwarded again in the same way.
At the end of the day, the payment provider transmits all the data to the bank. The payment is made there and the money is deducted from the customer's account.
How can you integrate online payment systems into your website?
It takes several steps, but they are very simple, to integrate the online payment system. It depends on which payment gateway you use. There are step-by-step instructions that you can follow.
Depending on the payment gateway, you may need to set up a merchant account. Once this has been done, you usually have to request an API key. This is a unique identifier that is used to establish a connection between your website and the payment provider's app and payment gateway. This is the key that is then used for communication between your website and the payment gateway. Some providers offer plug-ins that make it very easy to integrate the payment gateway.
It is then important that you test the payment gateway. If it works as you expect it to, you can go live on your website. Customers will then be able to make purchases and payments on your website.
