Set up Payments
- Activate the payment methods that best suit your business needs.
- Collect real-time online payments via trusted payment gateway providers.
- Let clients pay online via their Credit Cards or payment gateway accounts.
In our e-commerce websites, we have integrated some of the most popular and widely used payment processing gateways.
Receiving payments is probably the most crucial aspect of running a business online! Online payment methods are the ways that your customers can pay for your goods and services. It is important to choose what payment methods you will offer when you start your business and review it regularly to see if you are keeping up with your customer's payment preferences and if you are meeting the needs of your business and customers.
Although it’s a quick and easy action for the customer to pay online, it’s a complex multi-step process for the money to be moved from the client’s credit card to your business bank account. Online payment is very similar to the process that happens in physical stores. The main difference is that customers don’t have to use a physical card terminal to swipe their card. Instead, they use an online form on a secure webpage. After a customer makes an order using an online form, the merchant will transmit the information for the order to a payment processing company over the Internet. Payment processing company stays between the customer and the merchant and processes this transaction. Hence, merchants need to have an account with such a payment processing company. This merchant account is a special kind of account with the payment processing company used exclusively to hold funds received from online transactions. Funds accumulated in your merchant account are transferred to your bank account on a regular basis.
So being a business owner, you have a website where customers pay for your products and services. What happens is as follows:
Clients come to your website and select the product/service they need to pay for:
And this is how clients’ money go to your bank account. Like said earlier, you may use a bank which offers a merchant account. In that case, you will skip step 4 as the money will go directly to your bank account in step 3. With VEVS you can choose from nine of the most popular payment processing companies in the world. All you need to do is to register an account with one of these companies and configure your website to accept payments. If you use another payment processing company contact us to discuss how we can integrate it into your website.
In each payment transaction involving credit cards, payment processing companies charge a processing fee which takes a bite out of the total profits. We generally see credit card processing fees stretch anywhere from 2.25% – 3.70% or higher. So if a customer pays you $100, then $2.25 to $3.70 will go to the payment processing company, and you will get the rest - $96.30 - $97.75. Remember, that being a merchant, you pay these fees, and not the client so calculate them in the prices you sell your product/service for.
With your VEVS website, you will not pay any other fees. We do not collect payment transaction fees!
Online payments present unique challenges compared to physical in-store payments. Because a physical card isn’t required, and the customer’s identity can be hidden, the chance of facing fraud is higher. Such a fraudulent transaction will most likely result in a Chargeback. It’s important to monitor your payments to predict the possibility of the risk.
Strategies to minimize chargebacks:
As all transactions are handled by a payment processing company, we at VEVS, do not store credit card details for your customers. However, as there is a communication between your website and the payment processing company we advise you to use an SSL (HTTPS) on your website so that this communication is fully secured. This will also make your customers a bit safer when paying for your products/services.
With VEVS you also have the option to select offline payment methods - Bank or Cash. This means that the payments are made manually by the client either in cash or via bank transfer to you by hand or respectfully to your company bank account. No money is transferred electronically via your website!
Don’t waste time anymore, create a business website with VEVS and start accepting payments online!
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