In an eCommerce store, it is essential that you include an ecommerce payment system for your customers to pay for your goods and services electronically. As many businesses are into turn online shopping it is essential that you make your customers have a hassle-free shopping experience. For that, you could introduce an eCommerce payment system for your customers so that they can choose the option to pay.
Well in this blog, we will look up eCommerce payment systems in detail types and how they can be beneficial for your business.
What is an E-Commerce payment system?
An e-commerce or electronic payment system is a tool that enables your transaction over an electronic mode of payment. It doesn’t involve any physical money or checks at the time of the transaction. This kind of electronic payment technique helps in paying for your products and services.
What is the work process of an e-commerce payment system?
E-Commerce electronic payment system enables you to give transactions over an electronic board without the involvement of any other physical money. You have to choose a virtual store and a payment process to network that.
A payment gateway helps you to provide multiple secure E-Commerce payment options to your customers.
Types of Ecommerce Payment Systems.
1. Debit card
A debit card is a card with unique numbers that have linked to a customer’s bank account you can use a debit card and your money from your bank account will be deducted and you will have the time for the transaction.
2. Credit card
Credit cards or the most popular form of payment in E-Commerce transactions. You could use credit cards to pay for the product without wearing about the upfront.
3. E-wallet
E-wallet has been prepared as an account that enables users to use a variety of Debit Card and Credit Card payment options. You can use electronic values on an everyday basis you could use this as an easy way to make a purchase as you don’t have to give me card information every time. Some examples of E-wallets are Phonepe, Paytm, Mobikwik, Amazon Pay and many more.
4. Smart Card
It looks more like a debit and credit card but somewhat Smart Card does the same it has a microprocessor chip inside and it has the ability to store personal information and professional information. You can pay faster with smart cards.
5. Online banking
You can purchase by paying with the bank account directly You don’t need to have a debit card and use this but is still need to register with a bank for the net banking facility You need to provide the bank ID and pin in order to complete a purchase.
6. Mobile payment
The mobile payment you can make easy and quick mobile payments when you make a purchase by using your smartphone. You need to download a mobile payment application from the application store you have to link your bank account to the application in order to add your money to the wallet and make a purchase whenever you want and the payment will be directly transferred from your bank account.
Two types of electronic payments
One-time vendor payment You can use this on E-commerce websites such as Shopify, Amazon and Etsy. The cardholder must give the details of the card or banking when they reach the store so this will be approved from the back side and the Purchase will be done easily.
Recurring customer vendor payment under this kind of a thing you have a hard holder must the goods or service on a regular basis of entering details every time you can do it what time and on the subscription basis the bills will be generated accordingly
Wrap Up
Will enable you to choose a way for a customer to have a good shopping experience so it is essential that you integrate this kind of system into your online business.
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