How can my eCommerce business take payments online?
Taking your business online? Here are some things you may need to consider before taking online payments in your business.
There are a few ways you might like to take credit card payments from your customers:
If you want to accept payments online, here are some of the things to know and think about.
A payment gateway is a service that works in a similar way to an EFTPOS terminal, just online. A payment gateway gives platforms such as websites, shopping carts and mobile apps a card processing facility, to enable businesses to accept card payments online.
If you have ever paid for anything online using a credit card, you have used a payment gateway.
An online merchant facility number is issued to you by your service provider. The number is connected to your gateway and will be required to accept and receive payments online.
Your online merchant facility number is linked to a nominated bank account. This is a business transaction account that receives the funds from the sales you make online. You might want to look for a provider (such as Westpac) that settles takings on the same day, so you can receive your money sooner.
There are some minimum standards your website must meet before you can accept card payments online. You should keep these in mind when you are designing your website – and make sure any website designer you’re using is doing the same.
The online payment solution you choose will depend on the way you sell products and services on your website. There are different solutions for sites with and without a shopping cart.
If you are taking payments on your website through a shopping cart and have access to IT experts, you could use PayWay Net. PayWay Net uses a trusted frame that integrates with your payment page.
Another way to securely process payments is to use an approved third-party payment gateway, which is an intermediary between your website and the bank.
Both options communicate with the bank to enable online payments by credit card.
If you have a smaller eCommerce business, an off-the-shelf online payment system that’s hosted externally to your site could be the way to go.
A hosted plug and play solution – such as PayWay Net (Hosted Payment Page) – takes care of payments in a secure environment, whilst avoiding the need to set up your own bespoke system.
If your customers do not physically present a card when you make a sale, you could take card payments via a secure web page (known as a Virtual Terminal). On a Virtual Terminal, you enter the card information much like anyone would who is buying from a website, without the need for a physical EFTPOS terminal.
If you choose a system such as PayWay Virtual Terminal, you’ll be able to process card payments online for orders that have been taken over the phone.
If your business receives regular weekly, monthly or annual payments for things such as subscriptions or repayments, it may be worth considering a solution such as PayWay Recurring Billing. PayWay lets you set up recurring payment schedules and securely stores your customers’ credit card and bank account details.
Accepting card payments in a safe, secure manner is essential to the operation of your business. It’s important that you have a sound understanding of credit card fraud, how it can be detected and how it can be prevented. Our brochure will help you understand the risks associated with accepting credit card transactions online.
When choosing an online payment solution, check out the fees and charges from service providers, including your payment gateway and merchant facility. For example, some providers may charge you a different percentage rate for different credit cards, while others (including Westpac) offer the simplicity of a single flat rate that covers most cards.
If you need help choosing an online payment solution for your business, our handy ‘ways to take payments’ selector tool may be a good starting point. With Westpac, you can request a callback to apply for an online payment facility. Or drop into any branch.
The right payment solution could help speed up your online payments. Learn more about our online payment solutions or talk to your business banker.
Westpac’s products are subject to terms, conditions, fees and charges; and certain criteria may apply. Applications for merchant services are subject to approval. Terms and conditions and apply. Full details are available on request. Before making a decision, read the disclosure documents for your selected product or service, including the Product Disclosure Statement and T&Cs for Westpac business bank accounts and PayWay and consider if the product is right for you.
The information in this article is general in nature and does not take your objectives, financial situation or needs into account.