Online payment software is an integral aspect of e-commerce success. Integrating it into your website can increase the speed, and security, of customer transactions.
It’s an essential aspect of any e-commerce store and it can significantly help the growth of your brand—whether you’re local or going global.
To help you understand how it all works, we’ve got this guide to take you through the essentials and how FasterPay can assist your sales goals.
Payment software offers businesses with technology that enables B2C and B2B payments through automated solutions.
You may hear it described as a “global payment gateway”, which is what the software provides to merchants.
Businesses can use the software to accept, and manage, payments from B2B customers and when making them to your suppliers. As well as taking payments from their B2C customers.
First up, let’s take a look at all the ways in which customers across the world can pay for goods and services. Their options include:
There are more options as well. But what are the most common payment methods? Predominantly, the most popular methods for customers are by credit or debit card.
But some of these options rely on an e-commerce site, payment gateway, and merchant account to ensure customers can complete transactions.
Here’s an overview of what they are and why they’re crucial to your business’ success.
The provider acts as a mediator for banks and you—the merchant.
And it validates customer payment details. It does this in a secure way by encrypting data, which is sent across to the customer’s bank to ensure availability and validity.
Once the checks are complete, the transaction goes ahead and you receive the funds for a product or service.
It’s essential technology for businesses as online shopping becomes the norm.
Especially after the COVID-19 pandemic, more and more consumers are treating shopping across various devices as their preferred online payment methods.
And this means it’s crucial for your business to provide cutting edge payment methods that cater to a wide selection of customers.
In other words, you want to offer a fast and secure payment process that covers a variety of payment methods different customers will want to use.
The software is a good investment for SMEs. Small and medium-sized businesses can use it to take their businesses to an international customer base.
Larger businesses can also do the same, of course.
In short, the software is ideal for any e-commerce business looking to streamline its payment processes or to scale up and provide cross-border payments.
With all the above software in mind, what’s the actual technical process behind it? This can broken into six stages:
For a technical analysis of how that works, here’s an explanation:
It’s important to note all of this has to take place in a matter of seconds. It’s usually done within 10 seconds, often in as short as three.
That makes it a complex process but, thanks to modern technology, it’s achievable and streamlines your business’ checkout process.
With the above in mind, what are the basics you as a business owner need to consider? It comes down to three areas:
Three distinct areas and all equally important. But it’s arguably merchant accounts that cause the most confusion for businesses—especially startups.
With a merchant account, you don’t have access to the funds. But they do get automatically sent to your business bank account after 1-2 working days.
You can read our full guide to merchant services for more important information about this area.
Now you know more about software solutions, let’s take a closer look at how we fit into the industry and what we provide to our customers.
FasterPay provides users and merchants with a fast and secure payment platform,
And is FasterPay a payment processor? Or course, we supply the software that enables merchants to utilize a payment gateway.
This means transactions from your customers go through a complex process of verification and validation from your bank with FasterPay working as a mediator.
After you sign-up to FasterPay, you can use it as a digital wallet and also to supply your business with a payment processor.
And how can I add FasterPay to my website? You can easily integrate this into your checkout—without any coding experience. It’s simply a case of pasting HTML code into your site.
So, how do you get paid on FasterPay? Once it’s up and running then FasterPay simplifies payments for you and your customers.
We work as a mediator between your customer, their bank account, and your checkout.
In a matter of seconds, it processes transaction data by performing security checks and determining if the correct funds are in the customer’s bank account.
Once that’s cleared, the funds are then forwarded through to your bank account.
We have a full business guide to FasterPay to help you understand how our platform works for your brand.
It’s free to create a FasterPay account for business and user accounts. And it’s also free to download our app.
However, when you’re using our platform you will be charged for using our services. The price of this depends on where you are in the world. The charges are like this:
FasterPay uses the latest security measures to ensure customer and merchant safety when sending and receiving money.
We have a full guide to our safety measures you can read here: Is FasterPay safe?
Don’t forget, we also have a 24/7 customer support team ready to help you if you need assistance with any payment related issues.
When you’re considering processing software, you’ll want to look for enterprise-level features that equip you with what you need to succeed.
So, what are they? The most common features and capabilities include:
Additional payment processing features can include the likes of:
All of the features, when combined, offer an e-commerce retailer to grow their business and match their customers needs.
Keep in mind it’s important to future-proof your business with new and evolving payment methods, which is why having payment software is important.
With it, you’re fully prepared to follow emerging and changing trends across the industry.
Some of the trends that’ll shape the future of payments include:
Of course, new and exciting methods of payment may spring up in the years ahead as innovation in the digital era continues at a pace.
And as and when they happen, we’ll report on them here on the FasterPay blog.
Which all leads to the question—what advantages does this technology provide to businesses?
You’ll no doubt have picked up a few of the benefits while reading this feature. But here are a few of the perks:
Payment processing software is also cost-effective, so by investing in this technology you gain impressive ROI on a long-term basis.
Ultimately, it’s the sensible route for any e-commerce business looking to remain competitive in a rapidly expanding, and ever evolving, industry.
Is FasterPay worth using? Of course, if you want to provide your customers with localized payment options over a fast and secure payment platform.
Setting up FasterPay is safe, secure, and ultra-fast. You can find the FasterPay pricing plans to see the charges involved. The app is available on:
You can also create a desktop account, either a FasterPay personal or business account.
Any questions? We have our 24/7 customer support team: firstname.lastname@example.org.