What are Online Payment Systems?

Online payment systems make it easier to shop online. Although credit card payment is the most commonly used method, it would be better not to condemn people to a single method. E-commerce site owners should attract a wider audience by offering different payment methods.

Offering different alternatives among online payment systems also provides advantages for consumers. Many people who do not find it reliable to pay online with a credit card prefer methods such as EFT, money order or payment at the door. There are also those who prefer methods such as digital wallets and virtual cards.

Options such as installments and postponement of maturity are also offered during online payments. Thanks to extended installment opportunities, high-priced products can be purchased more easily. Some of the online payment systems may be more costly for companies.

Commissions are charged by banks for methods such as credit card, debit card and virtual POS. The more payment alternatives offered on an e-commerce site, the more sales revenue can be generated. In this way, it becomes easier to reach a loyal customer base.

What is an Online Payment System?

Online payment systems are payment methods used by companies that sell over the internet. Online marketplaces receive payments through their own systems and transfer them to sellers. The earnings of companies that pay commissions on sales are transferred to their accounts at the end of the invoicing period.

E-commerce companies can use the payment systems established by infrastructure providers. In addition, companies can also create a virtual POS can also agree with the provider. In this way, payments and invoices are tracked much more easily.

Online payments provide advantages to both consumers and companies. Both parties gain advantages in terms of practical payment. In addition, people who cannot access cash at any time can use the privileges offered by credit cards.

Most Used Payment Online Payment Systems

Among the mostwidely used online payment systems, there are different methods such as credit card, debit card, payment at the door. Many banks have their own special credit cards. At the same time, debit cards can also be used for online shopping if requested by consumers.

On the other hand, payment systems at the door are more advantageous for consumers. Consumers can benefit from classical payment systems such as money order or EFT. Another method that has slowly become widespread in recent years is the digital wallet.

To set up a shopping system where you can get paid online, you first need to open your e-commerce site or use other sales channels. Online sales methods can be listed as follows:

• Selling through an e-commerce site
• Selling from online marketplaces
• Selling through social media

You can get a ready-made site from companies that offer e-commerce infrastructure, or you have the chance to have a special design made. Your e-commerce site should have a secure infrastructure and a user-oriented design. Another important issue in e-commerce is that product stocks are always up-to-date and communication channels are always open for customers.

To sell from online marketplaces, you need to open a store in the relevant marketplace. You should upload your products to this store together with their images and descriptions. There are many payment alternatives in marketplaces. In some marketplaces, in addition to the commission fee, fees such as store opening and product listing are also charged.

In sales via social media, the customer is usually directed to the e-commerce site. In this way, sales are realized through the e-commerce site. Social media is advantageous in terms of reaching a wide audience. Many people make purchasing decisions by first examining products on social media.

Once you start trading by choosing one of the different online sales channels, it is very important to access the right payment system.

Credit Card/Debit Card

Credit and debit cards are one of the most commonly used payment methods in e-commerce. Credit cards offer the opportunity to shop in one shot or in installments. At the same time, some cards also have advantages such as postponement of maturity and installments for cash. You can turn on the online shopping feature by adjusting the credit card settings through the internet branch.

The installment feature of the credit card provides advantages to many consumers. However, installments for some products are prohibited by law. It is not possible to make installments on credit cards for products such as mobile phones, gold and food.

Debit cards allow people to make purchases through their checking account. People who have money in their checking account can use their debit card for shopping. To do this, you need to activate the online shopping option in the card settings.

A certain amount of commission is deducted from companies that receive payments via credit card and debit card. The commission rates of each bank may differ from each other. During payment, the e-commerce site or online marketplace is directed to the banks’ system.

Thanks to this system called 3D Secure, an SMS is sent to your number registered with the bank. People who enter the code in the incoming SMS complete the payment process in a highly secure way. This system prevents card information from being used without the person’s consent.

Consumers can store their card details on trusted e-commerce sites and online marketplaces. Thus, shopping can be done without the need to re-enter card information each time.

Payment at the Door System

The payment at the door system is a system carried out with the agreement of cargo companies and e-commerce companies. Customers who prefer the payment at the door option of e-commerce companies pay the total amount to the officials of the cargo companies. Thus, there is an opportunity to pay in cash without using a credit card. However, payment at the door also has a certain fee.

Buyers pay for the cost of receiving payment at the door, which is more than the transportation fee of the cargo. At the same time, sellers must also pay a certain commission per transaction. The amounts collected by cash on delivery are usually transferred to the seller within three days.

Wire Transfer/ACH Method

Remittance and EFT method is a payment type that online sellers have preferred for many years. Wire transfer is when customers who have an account at the relevant bank transfer money to the seller’s account at the same bank. EFT can be expressed as the customer sending money from a different bank to the bank where the company’s account is located.

Payment systems with money order and EFT are advantageous for both the buyer and the seller. Some e-commerce companies offer discounts to their customers who pay by wire transfer and EFT.

Consumers must have money in their account to use this method. It is also possible to make payments using an additional account.

Digital Wallet

Digital wallet is a very practical option as a payment method. You can store all your credit card information in the digital wallet and use it for payment. Digital wallet is a system used through mobile applications. All transactions made with the digital wallet are recorded. In this way, you can track the payments you have made in the past.

In order to use your credit card with a digital wallet, the mobile application of the relevant bank must be installed on your mobile phone. The advantages of digital wallets for consumers who purchase products through e-commerce are much greater. The information of people who pay with a digital wallet is not transferred to e-commerce sites and online marketplaces. Therefore, the shopping process is completed safely.

Virtual Card

A virtual card is a product that can be used like a credit card even though it does not physically exist. Virtual cards are created through the internet branches of banks. The number of virtual cards is different from credit cards and they have their own unique number.

It is possible to activate or deactivate virtual cards as you wish. You have the chance to set the limit of the virtual card as you wish. If you wish, you can get a more secure usage chance by setting a limit for only one shopping.

It can be said that virtual cards have the same advantages compared to credit cards. The installment advantage is also provided for virtual cards. At the same time, you can increase the limit as you wish. Point advantages offered in credit cards are provided in some virtual cards.

How to Check the Security of Payment Systems?

The security of payment systems is often related to infrastructure providers. If the e-commerce site has an SSL certificate, personal data and users’ credit card information are more secure. High payment security systems should also be installed on e-commerce sites to increase security.

The security of payment systems can be provided by e-commerce infrastructure companies. For this reason, it is beneficial to work with a reliable infrastructure provider. One of the most common security problems encountered in payment systems is the capture of card information by third parties. In addition, identity and contact information of individuals can also be stolen.

Data must be stored in a secure infrastructure to prevent the theft of user information. Some payment infrastructures encrypt personal data and store it in a different environment. Not storing data in the infrastructure prevents potential fraud from occurring.

The 3D secure method is also a very effective way for the security of payment systems. Thanks to 3D secure, it is not possible to make a payment without an SMS sent to a personal phone.

Alternative Payment Systems

Alternative payment systems include shopping credit, virtual POS and mobile payment. Thanks to this variety of payment systems, people from all walks of life can benefit from the advantages of online shopping.

Shopping Credit

Shopping credit is a payment system that has become widespread in recent years. Shopping credit can be used especially in the sale of electronic products such as computers and phones. For shopping credit, e-commerce site owners make agreements with different banks. The number of installments is determined according to legal limitations and the total amount.

It is possible to benefit from shopping credits in return for a certain interest rate. Customers who choose the shopping credit option during shopping can benefit from this privilege. The number of installments provided with this method can be up to 36 months.

Mobile Payment

Mobile payment is a transaction made through GSM operators. You can use a mobile wallet for mobile payment or you can have the payment reflected on your bill via your mobile phone.

During mobile payment, you will be asked for your phone number. If you confirm the message sent to your phone number, the payment process is completed. Although mobile payment is a reliable payment system, problems may arise with companies. For this reason, consumers should always shop from reliable places.

Mobile payment is a practical and fast method. In this way, it becomes possible to shop with just your phone number. Mobile payment system may not be available on every e-commerce site.

Advantages of Virtual POS Systems

Virtual POS is the name of the system that allows payments to be received over the internet. Each bank has its own virtual POS system. In addition, instead of using a separate virtual POS for each bank, you can collect from all banks through payment infrastructures.

The most important advantage of receiving payments via virtual POS is that there are no time restrictions. Payments can be received via virtual POS at any time of the day. Another advantage of this system is that it is also fast. Especially those who store their card information through the infrastructure can make their payments faster.

Virtual POS also makes it easier to track payments. Some infrastructure systems also offer you reporting. Thus, you can also track sales amounts. You can develop different strategies to increase your sales in the future.

Virtual POS infrastructures also have advantages such as receiving payments in different currencies. Infrastructure providers convert payments made in foreign currency into Turkish lira and reflect them in your account.

How Are Online Payments Taxed?

Taxation of online payments is based on your sales and earnings. You must pay income tax according to the income you earn through your e-commerce site. You should also calculate VAT and reflect it in the prices. The taxes you pay also vary according to the type of company.

It is also possible to sell on social media and some online marketplaces without paying tax. For this, you need to obtain a tradesman exemption certificate. A tradesman exemption certificate is a document issued for tradesmen whose monthly earnings do not exceed a certain amount.

Is It Necessary to Establish a Company to Receive Online Payments?

It is necessary to establish a company to receive online payments. You do not have the chance to make sales through the e-commerce site without establishing a company. For this reason, you must first complete the company establishment stages. You can choose the one that suits you among different types of companies such as individual, capital and joint stock.

You should work with a reliable financial advisor during the company establishment process. Since all tax payment and declaration processes will be followed by the financial advisor, you should pay special attention to this issue.

How to Receive Online Payment from Abroad?

You can choose some of the classic methods in e-commerce to receive payments from abroad. EFT and virtual POS providers are among the methods you can use in the export process. If you use a reliable and professional e-export infrastructure, you can receive payments smoothly.

People abroad pay via credit cards from banks in their home country. Infrastructure providers easily transfer the payment to your account. Virtual POS providers are also one of the most reliable methods for receiving payments from abroad.

Secure Online Payment with PayTR

With PayTR, you can make secure online payments. PayTR is advantageous both in terms of security and other opportunities it offers. One of the most important advantages of PayTR is that payments are transferred to your account the next day. You can integrate this system with other payment systems you use. At the same time, thanks to the commission rates based on your business volume, you can receive your payments without straining your budget.

PayTR is extremely reliable in terms of infrastructure features. With SSL certificate and other security features, you can receive your payments without any problems. PayTR is the most advantageous option among online payment systems.