How To Choose The Payment Platform For Your Websites?

By Author: Sahil Verma
Total Articles: 160
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Discover the smart ways to create payment platforms for websites right now. With a flexible platform, you can stay ahead of the competition among online businesses.

Are you planning to set up an online payment gateway platform for websites? You're probably torn between developing your own in-house solutions and relying on third-party solutions. Each one has its own set of advantages, disadvantages, and costs. Here's what you should know about payment platforms for websites and how to optimize them so that customers can use them easily.

Advantages of Third-Party Payment Platforms for Websites

If you sell products online, you must provide your customers with a simple online payment form. However, once you've decided you need one, using a third-party payment platform for your website to make online payments offers the following benefits:

Simple

Implementing online payment forms on your website does not necessitate extensive software development.

Security

When you purchase the best online payment gateway from a ...
... software provider, you can ask them to ensure security.

Guidance

A third-party platform that integrates with the account walks you through the process and automatically connects the merchant account to the payment platform for the website.

Easy Integration

Most solutions assist you in setting up online payment forms linked to emails and through the website so that you can easily receive online payments.

Low Upfront and Ongoing Costs

Because you don't have to spend money on the development, getting started with a third-party payment platform is relatively inexpensive. However, you must pay monthly platform service fees, but you are exempt from paying secure hosting fees.

Advantages of In-House Payment Platforms for Websites

Developing your own online payment platform for websites provides the following benefits:

Control

Creating your own in-house payment platform for websites gives you more control, and having more control over development means you can tailor the solution to your specific needs. You can customise the functionality of your own online payment platform to meet your specific requirements.

Feel

There are various third-party payment platforms for websites that allow you to tailor solutions to your specific requirements. You can design your in-house platform in any way you want as long as it fits in with the flow and feel of your website.

Flexibility

You can easily expand the functionality of your payment platform for websites to include a shopping cart. Because you have access to and control over the code, you can revise and update it to meet your specific needs.

Before Making a Decision Between Third-Party or In-House Payment Platforms for Websites

Before deciding between in-house development and third-party payment platforms for websites, as well as how to integrate them, you should consider a few questions.

First, consider your available resources. If you run a small business without an in-house development team or experts, a third-party payment platform for websites may be a better option. You won't need to hire any additional resources, which will save you money. Assume, however, that you have the development resources. In that case, developing an in-house solution may be preferable because it ensures flexibility as the business and processes grow over time.

Second, calculate the cost of your options and the functionality you want in your website payment platform. Consider the initial fees, security costs, long-term hosting, and processing fees. Adding functionality to your platform requires more time and technical knowledge.

Whatever you choose, a payment platform for websites allows your customers to pay online, which improves your cash flow, efficiency, and customer satisfaction. It aids in the expansion of your online business.

People are paying more attention to the security of payment platforms as electronic payments become more popular, and higher standards for payment efficiency and cost reduction are being set. All e-commerce sellers hope to provide their customers with a secure and convenient payment system. Choosing a payment solution must address both the business needs of sellers and consumers. As a result, it must be capable of preventing fraud, accepting multiple payment methods, being simple to use, and being compatible with the merchant's platform.

What is a website payment platform and how does it work?

A website payment platform is a platform provider who connects merchants and banks using communication and information security technologies to enable currency payment, cash flow, fund settlement, and query statistics among consumers, financial institutions, and merchants. In the transaction process, an online payment platform acts as a "intermediate platform" for both buyers and sellers. It is an independent institution that protects both parties' interests while being supervised by banks.

The website payment platform integrates a variety of bank card payment methods into a single interface, acting as the interface between the parties in e-commerce transactions and the bank, and is in charge of transaction settlement docking with the bank. Consumers make payments through the website payment platform for merchants, which provides merchants with an interface platform that is compatible with multiple bank payment methods.

Transaction types of payment platforms for website

Before we get into the specifics of payment platform comparison, let's first look at the different types of payment transactions that exist – depending on your business, you may want to choose a specific one for your e-commerce site or portal.

Authorization

This type is used to assess the customer's ability to pay and to determine whether there are sufficient funds on their credit card. The actual fund transfer does not occur in this case. It makes sense to use the authorization transaction type if you need to guarantee funding by the card issuer and it takes some time to ship the products ordered online.

Capture

The capture transaction allows you to capture previously authorized funds and send them for settlement. Thus, if you sold a product online that took time to manufacture/prepare for shipping, you must first authorize the payment, and then capture the amount, which will be transferred to your account once the product has been shipped.

Sale

The authorization and capture functions are combined in the sale transaction. If you fill orders quickly, this is the transaction type to use – the money is charged and transferred at the same time. It is also appropriate if you sell a service member and immediately provide access to the user.

Refund

Things happen, and if an order must be canceled for any reason, the merchant must refund the transaction and submit it for processing. A refund is usually limited to the original amount authorized and can only be applied to Sale and Capture transactions.

Void

A void transaction is similar to a refund, but it can be used only if the transaction has not yet been settled (captured). The transaction will typically disappear from the customer's account statement within 24 hours, whereas a refund may take 3 to 5 business days to process. Voids are also less expensive than refunds.

How to choose a payment platform for your website?

The security of funds for online payment platforms is primarily achieved through the two factors listed below.

The first is the online payment system's security. It is heavily reliant on the risk control system, which is a security controlling system that effectively avoids operational risks in the online payment process.

Implement risk management measures prior to, during, and after the event. A comprehensive and intelligent closed-loop risk control management system is available on much online payment gateway India platforms. A perfect closed loop of risk control is formed by the real-time risk control system. All links work together and complement one another to monitor merchant transaction risks more comprehensively and intelligently.

The second issue is data security. To pass the industry's PCI-DSS certification, the online payment platform will use 2048-bit SSL encryption, IPS, WAF, firewall, and other security protection equipment.