Choose the Right Payment System for Your Ecommerce Store

Ecommerce is a booming industry, and if you want to start your own store, you need to choose the right payment system. After all, your payment system is what will determine how customers can pay for your products or services. 

There are a lot of different payment systems out there, so it can be tough to choose the right one. But don’t worry, we’re here to help. In this blog post, we’ll go over some of the most popular payment systems for eCommerce stores and help you decide which one is right for you.

What about merchant accounts?

If you're running an eCommerce store, you'll need to set up a merchant account in order to accept credit and debit card payments. Merchant accounts are provided by banks or other financial institutions, and they allow businesses to process credit and debit card transactions.

There are a few things to keep in mind when choosing a merchant account provider, such as the fees they charge and the types of cards they accept. You'll also want to make sure that the provider is reliable and has good customer service.

Once you've found a merchant account provider that meets your needs, you'll need to set up an account with them. This usually involves providing some personal and business information, as well as setting up a billing agreement.

After your account is set up, you'll be able to start accepting credit and debit card payments on your eCommerce store.

What are the Different Types of Payment Systems?

There are a few different types of payment systems that you can use for your eCommerce store. The most popular ones are PayPal, Stripe, and Authorize.net.

Each one of these has its own set of features and benefits. For example, PayPal is the most popular choice because it is easy to use and set up. However, Stripe is becoming a more popular option because it charges lower fees than PayPal.

Authorize.net is another option that is often used by larger businesses because it offers more features than the other two options. However, it does have a higher fee structure.

You will need to decide which payment system is right for your business based on your needs and budget. But, all three of these options are good choices for most businesses.

The Pros and Cons of Each Payment System

When it comes to setting up payment options for your eCommerce store, you have a few different options to choose from. Each option has its own set of pros and cons that you’ll need to take into account in order to make the best decision for your business.

Credit Cards

One of the most common and popular payment options is credit cards. Credit cards are widely accepted by most businesses and are a convenient way for customers to pay for their purchases. Additionally, using credit cards can help you build up your business’s credit score.

However, there are also some drawbacks to using credit cards as a payment option. For one, you’ll need to pay fees for each transaction that is processed through a credit card company. Additionally, if you have customers who frequently return items or dispute charges, this can also add up to significant costs over time.

PayPal

Another popular payment option is PayPal. PayPal is an online payment system that allows customers to pay for their purchases using their PayPal account balances or linked bank accounts. One of the biggest advantages of PayPal is that it offers buyers protection against fraud and scams. Additionally, PayPal is convenient and easy to use for both customers and businesses alike.

However, there are also some drawbacks to using PayPal. One downside is that PayPal charges fees for each transaction, which can eat into your profits if you’re not careful. Additionally, some shoppers may be hesitant to use PayPal because they’re not familiar with the company or how it works.

Apple Pay

Apple Pay is a newer payment option that allows customers to pay for their purchases using their Apple devices. One of the biggest advantages of Apple Pay is that it’s extremely convenient and easy to use. Additionally, Apple Pay is much more secure than traditional credit cards, which can help reduce fraud and scams.

However, there are also some drawbacks to using Apple Pay. One downside is that not all businesses accept Apple Pay as a payment option. Additionally, Apple Pay charges fees for each transaction, which can add up over time.

Which Payment System is Right for My Ecommerce Store?

There are a few different types of payment systems available for eCommerce stores, and the right one for you will depend on your specific needs. If you're just starting out, you may want to go with a simple system that accepts major credit cards. If you're looking for more features, such as the ability to accept payments from multiple currencies or to set up recurring billing, you'll need to choose a more robust system.

Here are some of the most popular payment systems for eCommerce stores:

1. PayPal

PayPal is one of the most popular payment processors in the world, and it's easy to see why. It's quick and easy to set up, and it supports a wide range of features. You can use PayPal to accept payments from all major credit cards, as well as from other PayPal users. You can also set up recurring billing, which is handy if you're selling subscriptions or other products that need to be billed on a regular basis.

2. Stripe

Stripe is another popular payment processor that offers a similar range of features to PayPal. It's simple to set up and use, and it supports all major credit cards. Stripe also offers a few additional features, such as the ability to process payments in multiple currencies and to set up automatic fraud detection.

3. Authorize.net

Authorize.net is a more traditional payment processor that's been around for many years. It supports all major credit cards, as well as a few other payment types such as eCheck. Authorize.net also offers a range of features for businesses, such as the ability to set up recurring billing and to process payments in multiple currencies.

4. 2Checkout

2Checkout is another traditional payment processor that offers a wide range of features for businesses. It supports all major credit cards, as well as a number of alternative payment methods such as PayPal and AliPay. 2Checkout also offers recurring billing, fraud protection, and the ability to process payments in multiple currencies.

5. Amazon Payments

Amazon Payments is a relatively new payment processor that's designed specifically for businesses that sell on Amazon.com. It supports all major credit cards, as well as Amazon's own A-to-Z Guarantee protection for buyers. Amazon Payments also offers a few additional features, such as the ability to set up automatic shipping charges and to offer gift wrapping options for customers.

How to Set Up a Payment System for My Ecommerce Store

Assuming you already have an eCommerce store set up, there are a few key things you need to do in order to set up a payment system.

First, you'll need to decide which type of payment system you want to use. There are many different options available, so it's important to do your research and choose the one that best suits your needs. Once you've decided on a payment system, you'll need to sign up for an account and obtain the necessary credentials.

Next, you'll need to integrate the payment system into your eCommerce store. This usually involves adding some code to your site. Once the integration is complete, you'll be able to start accepting payments.

It's also important to test the payment system before going live with it. Make sure that everything is working as it should and that customers can successfully make purchases.

Finally, once you're ready to go live, be sure to promote the fact that you're now accepting payments on your site. This will let customers know that they can now purchase items from your store using their preferred method of payment.