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Home What are the methods of online payment?
05 Apr 2022 By PAYCEC
Merchants prefer to accept payment methods that can be easily, safely, and inexpensively converted into good funds while consumers prefer to use payment options that are safe, convenient, and widely accepted.
Commonly, there are 3 methods of payment gateways:
1. Redirecting
Redirects can provide an option, for example, for a PayPal payment.
It becomes a "Redirect" when the gateway sends a buyer to a PayPal payment page to manage the full transaction (i.e. processing and paying).
For the retailer, this has the value of convenience. In order to incorporate the convenience and security of a major network like PayPal, a small business may use a Redirect gateway, but the process also means limited flexibility for the retailer and a second step for customers.
2. Checkout on site, payment off-site.
Consider PayCEC's payment gateway: the front-end checkout will take place on your platform, but the processing of payments happens via the back-end of the payment gateway.
There are some pros to managing your payments this way, including convenience, similar to redirected payment gateways. But you won't be capable of monitoring the whole experience of the buyers via the payment gateway, as is the case above.
3. On-site payments.
Large-scale organizations prefer to use fully managed on-site payments on their own servers. On behalf of the client, the checkout and payment processing all work in your system.
The benefits are now reversed: you will have more power, but you will also have more responsibility. Every variable includes if you manage payments on-site.
Since retail has a cart abandonment rate of about 75 per cent, drastic changes in the bottom line can be generated by any adjustment you can make to the shopping experience.
For any retailer working with a large volume of sales, this is especially crucial. It is important that you consider your choices as well as your obligations when you manage your payments on-site.
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