Types of online payment methods
There are several different ways to pay for websites including:
- Credit cards
- Debit Cards
- Bank Transfers
- EWallets
- Mobile payments
- PayPal
- Cash on Delivery
What is a payment portal?
A payment portal is an interface that allows customers to make purchases from your site using their preferred method of payment. It is also known as a checkout or checkout process.
It’s a secure way to collect credit card information from visitors. The customer enters his/her details into the form and then clicks ‘Submit’. This will send those details securely to your server where they are processed and stored safely. You can then use these details to charge the customer’s card late at night when it’s not busy.
Steps to adding payment methods to websites
Step 1: Gather the documents needed.
Before adding a payment portal to your website, you will need to collect the necessary documents for your application.
These include your company incorporation certificate, articles of association and memorandum of association, and your company bank account details.
If your business is a partnership, a partnership deed will need to be provided.
Step 2: Assess the payment portal services offered by your web host.
The next thing you need to do is understand what kind of payment support your web host offers.
This information is usually found on the control panel or admin panel of the web host.
While most web hosts will offer payment portal integration as part of their service, some may charge you separately for adding it.
Step 3: Selecting a Payment Portal
There are two types of payment gateways.
Hosted Payment Gateway
This payment gateway takes your customer away from your website to another secure site to get the payment and redirect the user bank to your website.
Examples of hosted payment gateways include Paypal, Amazon Pay, and Stripe.
Non-Hosted Payment Gateway
This payment gateway has APIs and modules that can be integrated into your website.
The payment transaction happens automatically on your website.
Examples of non-hosted payment gateways include Authorize.net, Mango Pay, and Opayo.
Step 4: Compare Fees & Service Charges
When selecting a payment gateway, you should make sure to see what additional fees and service charges you may have to pay.
While the integration and set-up fee is a standard charge, depending on which payment gateway you choose, you may have to pay a fee for additional security measures and every transaction, including refunds.
Once you understand the extra charges and services you are required to pay for, you can only make an informed decision regarding which payment gateway to choose.
Step 5: Integrate The Payment Portal
Once you have selected the payment gateway, you can add it to your business website through the web host provider.
The integration option is usually available on the control panel or admin panel.
Step 6: Create A Merchant Account
A merchant account is a business bank account that enables businesses to accept and process electronic payments and card transactions.
Merchant accounts require a business to link with a merchant acquiring bank that facilitates all communications in an electronic payment transaction.
Essentially, a merchant account is where money from transactions is held until it reaches your business bank account.
Therefore, merchant accounts are the middleman between the different card payment processes to ensure that money is securely transferred from the customer account to your business bank account.
Once you have set up the payment gateway, you must create a merchant account and link all payment methods with it.
Merchant accounts are regulated and supported by FDIC and come with fraud protection.
While merchant accounts add an extra layer of security to the transaction, you should always watch for hidden fees and extra charges associated with approving payments.
