After your business has existed for some time, you may want to expand into eCommerce. Having most of your transactions online will require you to have a system that allows you to accept payments online. 

What are the steps to accepting online payments?

Set up a Merchant account

A merchant account is an account that which you create after receiving a go-ahead by an acquiring bank or a merchant service provider. These two enable you to accept transactions.

A website

A website is a fundamental requirement for you to start accepting online payments. It gives you an online platform.

Choosing your integrations

With eCommerce, choosing integration options is inevitable. The integration method you choose is highly dependent on the level of functionality you require.  Also, the developer resources you have, greatly influence your choice. There are three ways to integrate online payments into your business. They are eCommerce plugins, full API integration, or payment form/checkout page.

Ecommerce plugins

An eCommerce plugin integrates with your payment processor. These plugins have one primary role, which is to make transactions through your website possible. You ought to link the plugin to the payment processor you have partnered with. You can have your plugins created by the processor you are working with.  Alternatively, a third party can design the plugin.

Full Application Programming Interface (API) integration

 API integration allows you to build one payment method through your website. The API method comes in handy for merchants who desire full control over the flow and type of their checkout experience. Your customers can key in their credit card information directly to your website. Also, monitoring your customer's checkout experience is made super easy.

Payment from checkout Page

Here, a payment form is put on your website. The forms are hosted by your payment processors who leads your customers from your check out page to a safe payment page for checkout. After the customers have successfully made the payment, the payment information is directed back into your website. 

Placing the pay button on your website

After choosing the integration method of your choice, you can place a pay button on your site, after which you can now focus on possible ways to increase your ability to make a profit. 

What are the rates to watch out for when creating an online payment means? 

The rates you choose are dependent on whether your business is new or established. For you to do a profitable business, an actual transaction is nothing compared to providing the best check out experience. A payment process requires three types of rates; flat rates, interchange-plus pricing, and tiered rates.

The flat-rate pricing comes in handy for new businesses, while the interchange-plus pricing is the best for established companies.

To sum up

Most millennials prefer to shop online as it saves time. To successfully accept online payments, finding a good payment gateway or processor is of paramount importance. Integrate NOWPayments and start receiving online payments in crypto.