E-Commerce Payment Infrastructure Setup
In the establishment of e-commerce sites, the payment infrastructure is one of the most critical points of operations. The ultimate goal in e-commerce is to sell products and get paid. Therefore, payment infrastructure in e-commerce sites is a system that serves the goals of e-commerce initiatives. Traditional banking systems are widely used in e-commerce sites. The reason for this is the banks’ experience with payment systems. However, virtual banking and new generation payment methods are also becoming widespread. The most popular payment method is credit card payment.
The payment infrastructure of e-commerce sites must be compatible with all payment systems. There are many different payment methods designed for e-commerce systems. New generation payment account types allow sellers to receive alternative payments. These payment methods, which can be activated with a few transactions on one website, allow you to receive direct payments from anywhere in the world. In addition to the virtual POS infrastructure of all banks, digital payment infrastructures offered by financial technology companies are also becoming widespread. Credit card, debit card, money order, EFT, payment at the door are among the most frequently used payment methods.
The payment methods that can be used or used in the e-commerce payment infrastructure are as follows;
- Cards: Credit cards and debit cards are indispensable for e-commerce. Payment by credit card is the most common e-commerce payment method. Payment can also be made by debit card instead of credit card.
- Wire Transfer: It is possible to transfer money directly from the bank account and to send money by EFT. Although it is not a common payment method, it is among the payment methods that should be built in the payment infrastructure of e-commerce sites.
- Virtual POS integration: The infrastructure of e-commerce sites must have virtual pos integration of all banks. Virtual POSs allow shopping with the credit card or debit card of each bank. To integrate virtual POS, it is necessary to sign a contract with each bank individually.
- Online payment systems: Online payment systems provided by financial technology companies are among the alternative payment options. These payment platforms, which are rapidly spreading in the ecosystem, can be easily integrated into e-commerce organizations. E-commerce companies can integrate online payment systems into their financial systems as an alternative to traditional banking systems. Online payment methods can transfer payments from third-party markets or customers to the business account without waiting. This feature eliminates the disadvantages of blockchains in traditional bank accounts. Online payment systems are certified by national and international payment standards. Some of them use artificial intelligence in their infrastructure.
- Mobile payment: Mobile payment methods are an alternative payment system that enables e-commerce payments via smart mobile phones. Customers can pay with their smartphones regardless of location and time. In this integration, the collections are reflected in the tariffs of the GSM operators’ phone lines.
- QR Code: With the QR code, shopping transactions from smart mobile phones or tablets are becoming more common. Integration is required for the payment transactions infrastructure using mobile devices using the data matrix method.
- Crypto money / digital wallet: Payment methods with cryptocurrencies, which are digital currencies, have become widespread, especially in online marketplaces. This system allows you to pay with popular crypto currencies, especially Bitcoin. In order to pay with crypto money, it is necessary to have a digital wallet. Although payment methods with crypto currencies developed with blockchain technology are not common, they are among the payment methods of the future.
Considerations Before Installation of Payment Infrastructure
- After the e-commerce site setup, payment infrastructure setup or integrations should be performed first.
- Online payment systems; It facilitates the use of virtual bank accounts, payment cards or other debit cards.
- Most traditional banks set limits on money transfers. For this reason, it may be difficult to get paid in some cases.
- Virtual banks support different currencies and allow each customer to pay in their local currency.
- Online payment provider financial technology companies are certified with a high security standard such as PCI DSS certification for the security of their services.
- Payment methods with cryptocurrencies are the newest digital payment method.
- Offering alternative payment options in the payment infrastructure of the e-commerce site can increase customer potential and profitability.
- Finance technology companies can integrate the e-commerce site through different payment channels such as online marketplaces, social media sales and e-collection systems.
- While establishing the payment infrastructure, cyber security elements should be kept at the highest level.