January 13, 2022
As ecommerce becomes increasingly popular and consumers continue the trend of buying everything online, it’s crucial for ecommerce merchants to understand how to accept payments on your website. You want to make it easy for customers to browse your site and end up buying your products. But you also want to make sure that you receive payments in a quick, efficient and safe manner.
The increase in online activity unfortunately brings with it massive increases in fraudulent behavior and cybercriminals who are constantly on the lookout for security breaches and ways they can make a quick buck. This concern means it’s more important than ever for you, as the owner of an ecommerce site, to make sure that when you accept payments on your website, you are taking all the precautions necessary.
There is, however, no need to panic, as there are plenty of ecommerce payment systems that are designed to help you. In this article, we will walk you through the seven simple steps you need to take in order to start accepting online payments.
There are tons of different payment methods available for consumers to use when making a purchase either online or in person. With the rise of fintechs and ebanks, new methods are cropping up all the time. And, today’s consumers are used to getting what they want and expect to be able to use the payment method of their choice when shopping online.
The first step in accepting payments on your website is to decide which payment methods you will allow buyers to use. Of course it’s up to you as the merchant to decide which types of payments you will accept, but it’s worth your while to set yourself up to accept many different types. You definitely want to offer the most common payment methods, which include the following:
When you use a full-service payment service provider like Pay.com, you’ll be able to choose from any number of payment methods and easily integrate them with your site. This way, you’ll accept payments on your website using the methods that your customers are most comfortable with. And as we all know, happy customers are returning customers!
Once you’ve chosen the payment methods that you are going to accept on your website, your next step is to integrate them into your customized checkout page. This means setting up the back-end of your site so that when a customer fills their cart with your products and then wants to pay, they are taken to a checkout page that is easy to use and lets them easily checkout using the payment method of their choice.
When you are choosing a payment service provider, make sure you choose one that allows you to customize your checkout page so that it matches the rest of your website and branding. Nothing will send a customer flying away from a site faster than a suspicious looking checkout page that has a completely different look and feel from the rest of the site. Remember what we said about all of the hackers lurking out there? Consumers are fearful, and something as simple as a customized check out page can make them feel secure.
It’s common business practice to send out a receipt or payment confirmation once payment has been made and received. At the beginning, you may find yourself doing this manually, sending personalized emails to each and every one of your customers. But, as your business grows, that will become way too overwhelming of a task and is something you will want to automate.
There are plenty of products out there that will let you set up an automated invoicing and receipt process. You’ll also be able to track exactly which customers have purchased which items, how much money they have spent, and when each payment was received by you.
Running a business includes managing your expenses, and the fees that you will be charged when accepting payments on your website can add up to quite a large expense. It’s important that you go through the terms and conditions of each and every payment method that you have chosen to accept and understand exactly how much you will be charged each time that method is used.
Over time, you can track the frequency that each payment method is used so that you will be able to better predict what your monthly or yearly expenses will be for each method, and if one is costing you more than you think it is worth, you may decide to remove that option from your site. Be aware that whatever payment services provider that you use may also charge a fee on top of that charged by the credit card company, payment gateway or other method. This is something to keep in mind when exploring different options so that you can be sure to work with a provider who is up front and honest about what the fees will be. You don’t want to be hit with any surprises!
If you are going to charge your customers any processing fees, make sure you include that information on your website so that they will always know exactly how much they will be charged and what they are paying for.
Next comes the technical part of actually connecting up your site to all of the payment methods that you have decided to accept. You can do this the hard way, and manually set up accounts and relationships with each company whose payment method you are going to offer. Or, you can do what most ecommerce merchants opt to do and select a full-service payment infrastructure that already has the relationships with the major payment methods.
Once you choose the infrastructure provider, it’s usually just a matter of clicking to select the payment methods you wish to offer. For some, like PayPal, you will also need to create an account so that the funds can be transferred to you, but this is not a difficult extra step to take.
Never go live with anything on your ecommerce site without first testing it. Create some fake orders and test each and every payment method, trying to anticipate all of the different ways consumers might behave on your site. The goal of this testing is to identify and then remediate any bugs or unexpected problems that arise and make the process less than seamless.
Once testing is complete and all the kinks are worked out, you’ll be ready to go live and offer your customers a frictionless purchasing process.
An ecommerce site is not dynamic - you’ll always be adding new products to attract new customers proactively. And you’ll also be reactive to changing customer needs and demands. So too when it comes to accepting payments on your website. This is an area where you can continuously improve the customer experience - you can experiment with different customizations and offer different payment methods based on what you think your customers will want.
Pay.com offers hundreds of payment methods and makes it very easy for you to add or remove methods at the click of a button. You can make changes as often as you would like to be sure that you are always offering your customers the best possible experience.