E-Commerce Payment Systems at a Glance for Ensuring Better Sales and Customer Footfall- Part 1

In this materialistic world, money is driving the people and businesses around the world. If you are having an eCommerce store, you can understand the value of sales revenue and site traffic that can make a tremendous impact on your business fortunes. For facilitating a seamless online shopping experience, you need to provide multiple payment systems to your targeted customers for boosting your product sales and conversions. Although, there are numerous payment providers but not every payment option is great. To help you in making the right choice, let us provide you a brief information about various popular payment systems for better customer engagement and conversion rates. 

1. Bank and Credit Card Systems- Use of the credit cards have become a common phenomenon in various eCommerce stores be it big or small for making online payment. Various bank credit cards like Visa, MasterCard and such others are provided as payment systems on numerous sites for providing seamless online shopping experience. Cardholders just need to create and register a password with their respective bank and can use that particular password for making authenticated online payment transaction.

2. PROTX (currently known as Sage Pay)- Another payment alternative which has emerged as a game changer in the eCommerce business is Protx, now known as Sage Pay. This third party payment system is provided by a bank and can be easily integrated with your online checkout process in return of a monthly fee along with a percentage of each payment transaction provided you are having a merchant account with any of its bank partners.

3. PayPal- This online payment method does not require customers to have a merchant account with a bank and thus ensures seamless online payment on various eCommerce stores. It provides the facility of making a quick PayPal account without any set up or cancellation charges. Apart from this, there are no limitations of any minimum amount or the number of transactions that can be done each month with a PayPal account. For ensuring a quick payment through a PayPal account, store owners just need to add a simple HTML code for including a payment button on their online checkout process for facilitating single item transactions. There are numerous shopping sites that are integrated with PayPal and the transaction fees ranges from a value of 1.4% to 3.4%.

4. Secure Trading- For accepting online payments directly through your website, you need to have an Internet merchant account which can be handled indirectly through a service known as Secure Trading Merchant Account Service. With this online payment method, you can arrange merchant accounts for mail order or telephone ordering if required or can manage the merchant account directly at a bank. The possible charges for the merchant accounts change from bank to bank and other factors like nature of business, time of business establishment, turnover and other such parameters.

Apart from these payment systems, eCommerce stores can install various Magento extensions, PrestaShop plugins or OpenCart modules from Knowband site for facilitating easier online payment process on their Magento, PrestaShop or OpenCart store. Remember, "Easy payment options are key to better conversion rates", so adopt an effective, secure and robust payment method.

Source : articlesbase.com