Have you ever thought about adding a payment portal to it?
The popularity of online stores is increasing now more than ever, which makes it extremely important for your business to have a payment portal on its website.
This article outlines the benefits of having a payment portal on your websites, how you can add one, along with some additional tips and tricks.
Types of online payment methods
There are several different ways to pay for websites including:
- Credit cards
- Debit Cards
- Bank Transfers
- Mobile payments
- 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.
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.
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.
Pairing payment methods the right bank account
Payment methods are half the equation when it comes to accepting payments on your website.
The other half is where does the money ultimately end up?
Of course, you'll want to deposit either directly, or through the payment method's eskrow, into a business account.
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How does it work?
Payment methods work like this:
Your customers visit your website and select one of the payment options offered.
They then complete the purchase and submit their details to the payment gateway.
After they submit the information, the payment gateway sends the request to the merchant account, which authorizes the funds.
Finally, the funds reach your business bank account. You will receive a notification when the transaction is completed.
Benefits of Payment Methods
There are many benefits to using payment methods.
One benefit is that it makes it easier for customers to buy products online.
Another benefit is that it allows you to offer discounts and promotions to your customers.
You can also use them to collect recurring payments from your customers.
You can also use them to track purchases and sales.
Here's some indirect benefits of using a payment method on your website.
Increased Sales & Profitability
Adding more payment methods on your website will instantly generate more sales for your business as customers are given more flexibility regarding how they can pay.
This allows potential customers to shop comfortably as they can choose the most convenient payment method, encouraging them to keep buying from your business.
Online payment methods instantly generate an invoice through which you can accept payment from your customer.
Lastly, there are options where you can add a payment method to your website without any installation fee.
This not only cuts your costs, but when matched with increased sales, you generate a higher profit.
Business Growth & Innovation
One of the biggest advantages of accepting online payments and adding a payment portal to your website is that you can take orders worldwide.
Not only does this boost your sales, but you also build a global reputation and have access to business development opportunities across the world.
Not being limited to a geographical location can do wonders for your online website and business.
Efficiency & Customer Convenience
Payment methods allow you to benefit from an online invoice generating software that smoothly manages all refunds.
Having a website that handles all payments quickly and conveniently can increase its popularity, sales and profit.
You can also use a payment portal to accept tailored subscriptions, making things easier for you as a business.
Additionally, having an easy payment portal allows businesses to benefit from impulse purchases from customers as they are likely not to complete payment if the process is too complicated.
Once a payment portal is added to your website, the financial risks of accepting and making online payments are significantly reduced.
This protects you as a business and gives your customers more confidence when making payments through your website.
Creating Your Own Payment Portal
Another way you can add a payment portal to your website is by creating your own!
Depending on your business, having a payment portal that you have complete control of and tailored to your needs can be great.
Additionally, you will make necessary changes whenever you want, add unique features and avoid paying any hidden fees.
However, a custom payment portal can be very expensive, which is why you will need to do your research and probably hire a team of engineers to see whether or not the benefits are worth the price.
There are multiple forms of payment methods and ways you can integrate a payment gateway to your website.
Depending on your budget and business needs, you can either opt for a hosted gateway or a non-hosted gateway.
There is also an option to build your payment portal and integrate that payment gateway into your website that is unique from any other service that is readily available.