Consumers now prefer the ease of everything and anything online. A majority of Filipinos own a smartphone where they use to communicate, take photos, work, and even pay.

Online payments offer a hassle-free experience to consumers and the benefit of saving lots of time. It provides small to medium businesses operational efficiency to meet the needs of modern consumer expectations when purchasing products or availing a service.

Not yet using payment solutions? Here is why you should Make The Switch:

1. Time saving factor

Paying online removes the need for customers to travel, wait in line, and pay. It allows customers to save not only on time but on personal expenses as well.

Customers are now free to virtually travel your store, browse through its contents at the tips their fingers. This also allows business owners such as yourself to save on rent by relocating and renting a smaller space or allowing your business to completely go digital.

Third party delivery companies allow you to provide for your customers no matter where they are in the country, or even the world.

• Location is not an issue

Your business is not hindered whether your customers are local or international. Online payment allows automatic conversion through credit cards, e-wallets, and/or bank transfers.

The convenience of paying online also allows customers to pay your business from anywhere else in the archipelago or even the world.

• Secured Transactions

Contrary to popular belief, transacting online is safer. It removes anxiety in handling and keeping cash for business owners and eliminates the need for customers to hold on to big amounts of cash during commute or travel.

With the advancement of technology, fraudulent transactions are also detected by adding a layer of protection such as OTPs, PINs, and other security measures while making a purchase.

Businesses are also given a trail of all of their transactions which makes backtracking easier and overall, taking account the businesses’ cash flow.

• Control and Hygiene

Health threats are not over yet. Two years after the discovery of COVID-19, a new disease called “monkeypox” makes headlines.

It is important for people such as business owners, employees, and customers to be mindful of the people they have contact with. Payment through QR codes, bank transfers, and payment links eliminate the need for contact between in store personnel and customers.

How do online payments work?

Wait. What are online payments exactly?

Online payments are the exchange of currency through the internet. It usually consists of a customer, whose monetary funds from online accounts are transferred to a merchant’s bank account. It can be done through a system that is linked or a system that bridges bot the buyer and the seller’s bank account and/or e-wallet.

The typical journey of an online transaction can be shown below:

1. Purchase is made online.

A customer is required to provide details when “checking out” or availing a service or product online. It is sensitive information with regards to debit//credit cards, bank details, names, and others.

The sensitive information is sent to a payment processing software/gateway which has its own protocols with regards to data privacy.

• Information is encrypted.

One of these protocols is ensuring that all information is encrypted to provide added security which makes these information difficult to be copied or stolen.

• Details provided are verified.

Once the information is encrypted, the information is sent to a payment processor that validates the information and to verify whether the transaction is valid.

• Funds are approved

This happens once there are no “red flags” upon verification such as but not limited to:

• Insufficient funds
• Frozen account status
• Wrong information such as name and address
• Transaction limits

This portion is where the banks authorize the transaction.

• Funds are requested

Once approved, the payment processor requests the required fund to be sent from the buyer’s source of funds/bank account/e-wallet to the merchant/seller’s bank account.

• The seller receives the funds

The transfer and purchase is complete.

Although lengthy, all these steps happen within seconds and happen multiple times all over the world.

Online payments can be done through  various ways such as: credit cards, debit cards, Third-party payment services, Electronic checks, bank transfers, and more.

Make the SWITCH. Accept online payment via GIYAPAY!

A step in going cashless is availing a service that allows you to accept online payments in just one click of a button.

GiyaPay is an easy-to-use online payment solution that provides an easy set up for businesses while providing a simplified user journey for their customers.  It is a service that provides a lot of benefits when it comes to payment.

You can learn more about GiyaPay by visiting https://www.giyapay.com.

Source:

g2.com/glossary/online-payment-definition