Published on November 16th, 2022
Businesses today need to be able to accept payments online. It is because customers are increasingly doing their shopping and business transactions online. To keep up with this trend, businesses need to have an online payment system set up.
An online payment system is not a new trend, but nowadays, with a busy schedule, it requires an hour. Every business should have an online presence to stay ahead in this competitive market.
No one wants to stand in long queues for billing, so businesses should have an online payment gateway to avoid such delays and hassles. There are many ways to set up an online payment system.
You can use a third-party provider, such as PayPal or Stripe. Or you can set up your own system using a payment gateway and a merchant account. To build online payment system, you need to know a few basics about online payment and its types. Let’s discuss this in the following blog.
Come Up With A Unique Ideation
First, you need a unique idea. It is because, with so many businesses today, it is essential to have a unique selling proposition that sets you apart from the rest. After all, customers are always looking for something new and innovative.
Your ideation should be such that it helps you target a niche market. Your online payment system must comply with the digital wallet project, so customers can easily and quickly pay for their purchases.
Your ideation should also be such that it helps you save on transaction costs. For instance, if you are a small business, you might consider using a flat-fee payment gateway instead of a percentage-based system. This way, you will only be charged a fixed amount per transaction, regardless of the amount.
Design The UI/UX For Your Payment Gateway
The next step is to design the UI/UX for your payment gateway. After all, customers should be able to easily navigate your website and find what they are looking for. Furthermore, the checkout process should be simple. Otherwise, customers will likely abandon their shopping carts.
To design the UI/UX of your online payment system, you first need to understand the needs of your target customers.
For instance, if you target millennials, you must ensure that your website is mobile-friendly. It is because millennials are constantly on the go and use their smartphones for everything. Android and iOS app development companies can help you develop a mobile-friendly website.
Develop The Backend Of Your Payment Gateway
After you have designed the UI/UX of your payment gateway, it’s time to develop the backend. It is where all the important stuff happens, such as processing customer payments and storing customer information.
You will need to use a server-side programming language, such as PHP, to develop the backend of your payment gateway. If your business is small, you can use a shared hosting server. However, you must use a dedicated server if your business is large. Many payment gateway providers offer hosting services so that you can host your payment gateway with them.
Set Up A Payment Processor
A payment processor is a company that processes credit card and debit card payments for businesses. When a customer purchases using a credit or debit card, the payment processor will process the payment and deposit the funds into the merchant.
You must set up a payment processor with an online payment gateway. A merchant account is a bank account that allows businesses to accept credit and debit card payments.
Develop The Frontend Of Your Payment Gateway
It is undeniable that when customers visit your website, they will see the frontend of your payment gateway. This is where customers will input their credit or debit card information to make a purchase. The frontend of your payment gateway must be secure and user-friendly.
Deploying And Testing Your Payment Gateway
To ensure that your payment gateway is secure and works properly, you must deploy and test it. You can use a service like Amazon Web Services (AWS) to deploy your payment gateway. Once you have deployed your payment gateway, you will need to test it to see if it works correctly.
There are many ways to test a payment gateway, but one of the most important tests is to see if it can process a real transaction. If you find any errors or bugs during the testing process, you must fix them before making your payment gateway live.
Making Your Payment Gateway Live
After you have developed the front end, deployed and tested your payment gateway, you are ready to make it live. Your payment gateway is now available to anyone who visits your website.
You can market your payment gateway to attract more users. You will also need to monitor it to ensure it is working correctly. You can use a service like Amazon CloudWatch to monitor your payment gateway. CloudWatch will send you alerts if there are any problems with your payment gateway.
Read More Related Posts:
- How To Set Up Online Payment For Business
- How To Create A Secure Online Shopping Experience
- How To Make More Secure Payments For Online Gaming
- 16 Best WordPress Plugins For Payment Gateway
- Payment Gateways And E-Commerce Businesses
- Understanding Contactless Payments And Their Benefits
- Key Terms That You Need To Know In Nonprofit Payment Processing