What is an electronic payment system

How it works, where it can be used by small and medium business owners and whether it is safe to make payments online. Small Business Website allows you to configure the system.

Electronic payment system is a reliable mechanism of payment for goods and services online with the help of electronic money. It is based on modern technological solutions, which meet all safety requirements. You can read the Marketing Tips Small Business on the Internet.

Clients of small and medium-sized businesses more and more often pay for services online and this trend is growing every year. And the more payment options a user has, the greater the growth in successful transactions for the company – and therefore higher profits. The best Ecommerce Platform Small Business are these. Online payment systems offer several payment methods:

  • Visa and Mastercard.
  • Electronic wallets Visa Checkout and Masterpass.
  • Apple Pay, Google Pay.

All of them have a user’s bank card or checking account linked to them, from which funds are withdrawn when paying.

Who uses electronic payments and how

First of all, they are used by online stores. For them, the so-called payment gateway has been developed, which can be connected:

  • to the usual web-sites of the store;
  • To mobile versions of Internet-shops;
  • to mobile applications (iOS and Android).

Payment gateway is a set of technical solutions that allow automating the process of online-payments acceptance. To connect it, it is necessary to contact IT specialists, who will set up all the functionalities competently. Best Small Business App will help you make a service more convenient for your customers.

In case a company does not have its own website, the electronic payment system offers easy-to-use tools for accepting money. For example, creating a link for the user to pay for a service or product. In this case the transfer goes from card to card. This link can be sent via messenger, email or SMS. Payment System for Small Business will simplify the work of your business.

In addition to online stores, the system of electronic payments is connected to all companies which offer their services or goods to be able to pay for them online. These are hotel and restaurant businesses, educational platforms, charitable foundations, cleaning companies, printers, event ticketing companies and many others.

For all legal entities who regularly bill for their services, the electronic payment system has a service of automatic debit of payment cards or the client’s current account on the basis of the contract with him. This is convenient for businesses that provide services on a subscription basis or as part of monthly payments. The electronic payment system helps billing companies significantly reduce collection times, because bills are paid on the day they are issued.

What tasks are solved by online payment systems

Most importantly, electronic money systems make it easier for merchants to do business from anywhere in the world. Portmone.com solves the following tasks:

  • Expanding the customer base through affordable payment methods – users make purchases anytime, anywhere.
  • Monthly turnover growth due to an increased number of successful payments and 24/7 availability of the service.
  • Monitoring of sales statistics in your cabinet and online invoice management (allows for timely analysis of low and high periods).
  • Individual design of the payment page in corporate colors.
  • Possibility to issue invoices for services and goods without having a website and sending links via SMS, email and messengers.
  • Saving of time due to large scale invoicing (up to 100) at a time.
  • Expansion of business geography – payment acceptance from any country.
  • What electronic payment systems provide clients with
  • Convenience and 24/7 availability of various payment options.
  • Easy-to-use payment widget on all devices.
  • Automatic setting of regular payments.
  • Money-back options in the absence of merchandise.