The age of digitalisation, globalisation and the pandemic has given rise to the worldwide trend of offline businesses moving into the online space. Many companies are adapting their business processes to the rapidly growing online payments market. New industries, such as e-learning, emerge.
A young first-time entrepreneur decides to start a retail business.
The first step for a first-time entrepreneur after creating a website is to integrate a payment widget and incorporate online payment capability (acquiring). Acquiring is a way to accept card payments. Naturally, there are other payment methods besides accepting bank cards.
In Russia, online acquiring services are provided by commercial banks and payment aggregators. Which provider to choose?
Let’s consider both alternatives.
1. A commercial bank
To make online payments, a bank must have a relevant licence and its own or third-party processing centre. Transaction fees are not always lower compared to payment aggregators. The monthly cash volume of a merchant is one of the key decision factors.
Banks are commonly less loyal to small businesses and have a limited range of payment methods.
2. A payment aggregator
It works with several banks and e-wallets, provides a broad range of payment methods via website, has a flexible fee policy and is loyal to small and medium businesses.
How online acquiring works:
- The customer makes a purchase on the website with a bank card.
- The aggregator sends a request to the acquiring bank to withdraw the funds from the customer’s card.
- The acquirer makes an authorisation request to the international payment system (IPS).
- The IPS transmits the request to the issuing bank that issued the card.
- The card is authenticated using 3D Secure.
- The issuing bank processes the transaction and sends a confirmation to the IPS.
- The IPS sends an authorisation to the acquiring bank.
- The acquirer sends a report to the aggregator and withdraws the funds from the customer’s bank card.
What you should pay attention to when choosing a payment aggregator:
- Publicly available documentation on the service integration
- Security certificates and an anti-fraud system
- Simple and fast integration
- A monthly volume-based commission fee
- Rich choice of payment methods
- The ability to customise the payment page
- Help desk and its services
- A mobile SDK for mobile apps
- A user-friendly personal account
- Online cash register rental services in line with 54-FZ
- Customer care
- An online lending option
The VEPAY payment aggregator provides over 15 payment methods via website: bank cards (Visa, MasterCard, MIR), contactless payment services (Apple Pay, Google Pay, Samsung Pay), QR code-based payments, automatic bill generation based on the given details, mobile commerce (MTS, MegaFon, Beeline, Tele2), credit payments, e-wallets, subscriptions for purchasing products.
The VEPAY payment widget does not require changes to the online store’s website and does not redirect users to a third-party payment gateway. This is the easiest and most convenient way to add a payment gateway to a website.
VEPAY will ensure the security of your transactions. All payments are secured by the PCI DSS standard and the anti-fraud system. The history of all transactions is available in the personal account 24/7. The integration is free of charge.
Accept online payments with VEPAY starting tomorrow!
