Business Tool: Payment Systems

The volume of online sales increases annually by 15-20%, with several local and global crises only slightly slowing down this growth. Monetary transactions between companies and remote clients total more than 2 trillion U.S. dollars. For a successful entrepreneur, the question of connecting a payment system is more of a matter of time. Even the service market has shifted towards remote sales, which require a reliable, secure, and simple payment service system.

Financial Circulation Online

Since internet sites are commonly used as information platforms, the issue of enabling online payments in such cases is very acute. There are two ways to make online purchases: using electronic money or connecting to the banking card process.

Transactions through banking cards are popular primarily because potential buyers already possess them. Nearly everyone has a bank card for social benefits, savings, or credit. However, registration in special electronic money systems is often inaccessible to older individuals due to limited internet skills.

For those engaged in earning online, such as offering online courses, who appreciate the benefits of electronic payment systems, electronic money is a full alternative to banking cards. It's important to note that a significant percentage of individual entrepreneurs rely solely on cash in their operations, a method that is often inefficient and inconvenient for customers.

Benefits to Entrepreneurs When Connecting Payment Systems:

• High speed in processing requests with remote clients;
• Relatively easy way to track and control income and expenses;
• Increased security for each transaction;
• Enhanced customer loyalty;
• Freedom to withdraw and distribute funds to other accounts.

This article will explore legal payment systems that operate through bank acquirers, acting as agents or partners of banking structures, as well as those with their payment processing centers.

International Payment Systems

Most online stores and service providers strive to work directly with debit cards or credit cards within international payment systems like VISA, MasterCard, VISA Electron, and Maestro. This isn't surprising because, firstly, electronic money remains a novelty for many, requiring time for analysis, and secondly, entrepreneurs feel they take less risk when working with bank cards. For these reasons, your potential clients may also trust payment systems to some extent based on these factors. Therefore, when choosing, consider the preferences of your potential clients. For instance, if you are launching an online platform for retailing auto parts, it's logical to assume that your target audience may be less adept with systems like Yandex.Money or WebMoney and more familiar with traditional cards.

Disadvantages:

• Banks often offer unfavorable terms related to commission and payment processing time;
• Long connection time, physical presence, or written application from the owner;
• Lack of flexibility compared to electronic money systems.

Nevertheless, non-cash transactions through banking cards remain the most popular method of communication between buyers and sellers worldwide. Interesting fact: In Russia alone, there are 300 million bank cards, which is twice the country's population.

Electronic Payment Systems: Yandex.Money, WebMoney, QIWI Wallet

For an entrepreneur in need of an efficient payment exchange tool, the logic should be simple – the higher the turnover through the payment system, the better. The combined share of three major systems (Yandex.Money, WebMoney, QIWI Wallet) in the CIS countries exceeds 70% and continues to grow. Therefore, nearly every high-turnover online store connects to these three online payment systems.

Connecting a Payment System Algorithm for Novice Entrepreneurs:

• Choose a payment system, gather all information on commissions, and review wallet or account registration requirements;
• Collect necessary documents and submit them to the partner office, bank acquirer, or payment system structure;
• Sign the contract after all registration procedures are agreed upon;
• Integrate the payment system technically onto your website;
• Launch and test the system's functionality.

Using Yandex.Money, WebMoney, QIWI Wallet Offers:

• Ability to make international payments and receive funds into your accounts;
• High transaction speed;
• Option to connect mobile banking, convenient account monitoring services;
• Quick problem resolution;
• Competitive commission terms.

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