current payment methods for online stores
An online store must ensure secure acceptance of online payments and fast payment processing. This can be done in several ways. I will consider current methods of online payment and tell you how to prepare a site to accept payments.
Legal requirements for accepting payments online
One of the key aspects is the use of a cash register for legally accepting payments on the site. The cloud cash register generates electronic receipts for customers and transmits payment information to the tax service. According to Federal Law No. 54, only self-employed and individual entrepreneurs with a simplified tax system are allowed to work without an online cash register.
If your business is based entirely on online trading, you will need to connect a cloud-based online cash register to avoid getting a fine.
Each buyer finds it more convenient to pay in one of the ways: using a bank card, electronic wallet, SBP or another method. Some payment methods require significant costs for integration and maintenance.
Bank cards
The most popular payment method for the buyer. To implement payment by bank card, you need to connect Internet acquiring or a payment aggregator.
The store pays a commission for each payment directly to the bank where acquiring is connected, or to the payment aggregator. We will talk about these methods a little later.
The buyer can pay for the order with a credit or debit card of one of the payment systems – Visa, Mastercard and “Mir”. Most banks accept cards of these systems for payment. The buyer only needs to enter the card details.
SBP
In this case, you don’t even need to enter your bank card details. Just follow the link or QR code to the bank’s application. SBP is actively used for payment, as it is a fast and safe method for the buyer, and profitable for the company. SBP has a lower commission than banks. Therefore, this method will be cheaper than connecting acquiring, since banks’ commission starts from 1%, and SBP has about 0.4–0.7%.
But there are some disadvantages, for example, the buyer will not receive cashback for the purchase through the SBP. Also, not all people are familiar with this payment method/not everyone has it connected, so such users will not be able to complete the order.
You will have to think about how to persuade the buyer to use this payment option. For example, offer a discount on goods or services when paying via the SBP.
Award additional rewards points that can be used for future purchases. Promote other benefits such as speed, security, and convenience.
Electronic wallets
An option for those users who are concerned about their card details and do not want to transfer them to third-party resources. There is also a plus for businesses: withdrawal of electronic money occurs instantly, money is credited to a bank account from several minutes to 1-2 business days.
Electronic wallets have multi-stage data protection; to connect a wallet, the user needs to select an operator and sign a contract with them. The funds will be stored not in the bank, but with the operator.
The Bank of Russia regulates the activities of payment services (EDS) that service electronic wallets (OZON Bank, Yumani, Yandex Bank and 58 other operators from the Central Bank register). Commission: on average about 2–4%.
The main disadvantage of e-wallets is that they are not protected by an insurance system. That is, if the operator turns out to be dishonest and loses its license, the funds that were in the client's wallet will not be reimbursed.
This is a good option for small businesses or those who work with freelancers.
Payment services
Payment services Apple Pay and Samsung Pay are gone. In Russia, analogues have appeared – Yandex Pay, Tinkoff Pay, SberPay, Gazprom Pay and others. In this case, payment is made through the bank application or Yandex ID. The services have different commissions and loyalty programs. For example, Yandex gives points to Yandex Plus users, but takes a commission of 4.5%.
But not all clients may be ready to use modern services such as SberPay or Yandex Pay, so it is worth offering several payment options.
Payment in parts (shares)
Payment methods in installments (BNPL) are becoming increasingly popular among buyers, giving them the opportunity to make purchases with deferred payments without significant overpayments. However, the BNPL service has differences that must be taken into account when implementing it:
When paying in installments, the seller immediately receives the entire amount for the order through the BNPL service provider. In this case, payment is made in installments between the buyer and the BNPL service. This requires a careful approach to accounting and legal registration of transactions.
You can only pay in installments for inexpensive goods or services, the maximum amount of which is up to 100 thousand rubles. It is worth thinking in advance about what goods will be offered for this payment method, and also consulting with the service about limiting purchase amounts.
When paying in installments, the buyer cannot pay off the debt in any way; he “links” the card to the service and the company that provides this service automatically writes off the required amounts.
The agency agreement regulates Civil Code of the Russian Federation. Accordingly, the agency agreement between the buyer and the operator of the payment service in installments does not apply to the loan. The client has a better chance of having his application approved: his credit history is not checked, and documents from work are not requested.
Although payment services in shares are attractive to customers, merchants must take into account the fees they pay to the BNPL service operator. These fees may vary depending on the terms of the agreement with the provider and the amount of the purchase. Therefore, it is important to choose a service with optimal conditions for the store, so as not to lose a significant part of the profit.
It is important that the selected payment service in installments can be easily integrated into your online sales platform. Services provide various connection methods: integration via API, through ready-made CMS modules, CRM systems, integration into an application (mobile SDK), integration with an online cash register, etc. Or you can connect a payment aggregator that allows you to make payments in installments and in other ways.
Combine different payment methods, to increase conversion and build trust, provide a reserve (if one payment method is temporarily unavailable or inconvenient, the customer can use another) and adapt, since different regions have their own preferences in payment methods.
What other payment methods may be available:
Bank transfer. In this case, the buyer (usually a legal entity) must have an account opened in the bank. A payment order is created for payment, and on the site you only need to add a button for the ability to create an account. Suitable for B2B.
Payment via terminal. The buyer deposits funds via the payment terminal.
Cash payment to the courier upon receipt. For this, the courier must have a receipt printer to issue a receipt to the buyer.
Payment at the pick-up point or at the post office.
Payment by credit or installments.
Payment from your phone balance.
There are two most profitable and safe options for implementing online payments: Internet acquiring and payment aggregator.
In the first case the agreement is concluded directly with the bank (as opposed to payment via a payment gateway). Acquiring supports payment by bank card, via the SBP and payment services (Yandex Pay, etc.). But electronic wallets and payment in installments will have to be connected separately.
The fee for Internet acquiring depends on many factors. For example, on the size of the business's monthly turnover, the number of transactions, the organization's status in relation to the bank (whether it has a current account with the acquiring bank) and many other factors. Therefore, it is also worth paying attention to ready-made complex offers that many banks and payment systems have for a specific type of business.
To choose acquiring, you need to find out how the bank's technical support works, what types of bank cards the system works with, whether there is a fee for account maintenance, whether there are additional options such as invoicing, funds reservation, etc.
In the second case you need to sign a contract with a payment aggregator. The aggregator allows you to make payments in different ways and in different currencies, you don’t have to connect anything separately, but the commission will be higher than that of acquiring. If you work with individuals and legal entities, PayMaster or OnPay will suit you. If you work mainly with legal entities, pay attention to these aggregators: Robokassa, Uniteller, YUKassa (Yandex.Kassa).
For example, Robokassa aggregates 26 different payment systems, Yandex.Kassa also supports various payment methods, including bank cards, electronic money and mobile payments.
How to prepare your website to accept payments
The site must be registered in accordance with the return and personal data processing policy and hosted on a paid hosting with a static IP address.
Accordingly, the site must have an SSL certificate for secure data encryption, consent to the processing of personal data in accordance with Federal Law No. 152, reliable descriptions of goods and services with prices in rubles, links to the privacy policy, public offer, and information about the company's details.
In addition to an SSL certificate, data protection requires compliance with PCI DSS standards, payment tokenization (replacing card data with tokens), two-factor authentication for clients, as well as regular security audits and system monitoring.
To connect the payment system, the following links must be implemented on the site:
Delivery page
The delivery page should contain a description of the available delivery methods (courier delivery, mail, pick-up), delivery conditions by region, delivery cost, including the possibility of free delivery (for example, minimum order amount). Also information about delivery services, the procedure for action in case of damage or loss of goods during delivery.
Payment page
List all available payment methods: bank cards (Visa, MasterCard, MIR), electronic wallets (for example, Yandex.Money), SBP and other relevant methods.
Add information about how the payment will be made, what data needs to be entered for the transaction.
Indicate secure payment processing (e.g. use of SSL certificates, data encryption) and mandatory use of a cloud-based online cash register for generating electronic receipts.
Provide information about refunds in case of order cancellation or product return.
Details
Please provide the company details (company name, TIN, OGRN, registration address, bank details for transfers, contact information for feedback).
Privacy Policy
Provide a detailed description of how the company collects and processes customers' personal data, as well as information about data protection and privacy guarantees.
Public offer
Place an offer agreement that specifies the terms of purchase of goods, return of goods, order cancellation procedure, and liability of the parties.
Payment Processing Rules (may be included in the security policy or on the payment page):
This section contains information about working with payment systems, information about security when making online payments, about the use of SSL certificates to protect data, an explanation of the need for a cash register (online cash register) and the mandatory issuance of a receipt in accordance with the requirements of Federal Law No. 54.
While the site is ready to accept payments:
Integrate payment systems that comply with PCI DSS security standards. Make sure that the site lists all supported payment methods and publishes instructions for customers.
Set up an email or SMS notification system to keep customers informed about order and payment statuses.
Conduct functionality testing to ensure that the system operates smoothly.
High-quality integration of payment systems is an important part of any online trading project. It is important that the chosen payment service in installments is easily integrated into your online sales platform.
