Development of Internet payment systems
Paying for services and goods with plastic cards and/or electronic money is a common thing for every modern person. The transaction process is provided by the payment system. It allows for instant exchange and transfer of funds with minimal fees, and are an important tool of the remote labor market!
What it is and the specifics of development
Payment system (PS) – an organization designed for transfer of funds between physical entities or legal organizations. Functions within the established territorial and legal norms (for example, WebMoney or PayPal). The transfer can be made in non-cash or digital currency.
Especially relevant is the creation of a payment system for entrepreneurs selling products via the Internet. Its application will help the user to make payment as quickly as possible, and the merchant – to promptly receive funds to his settlement account. The mechanism acts as a kind of intermediary between buyer and seller.
The development of a payment system presupposes the fulfillment of certain actions on:
- Creation of a personal account – for entering information about the buyer and obtaining a personal electronic wallet for financial transactions; used for logging into the corporate network;
- Customization of payment forms – development of a user-friendly interface for the user with the ability to quickly fill in details;
- Setting up the payment management system – confirming or canceling the transfer of personal funds, issuing refunds;
- Installing sales management software – provides the ability to accurately analyze site dynamics;
- Creation of a record keeping program – will automate the process of compiling data registers by amount, status and date of payment;
- Payment security – PCI DSS encryption certificate and 3D-Secure protocol are used to protect information.
What does the cost depend on?
And so, the development of a payment system is a rather complex and time-consuming process that requires special skills. However, experienced professionals manage to make a quality product in 21 days, depends on the complexity. The main factor that determines the price of an online payment system is functionality.
Payment system for online store assuming payment for goods through a plastic card will have a minimal cost, while, multifunctional payment mechanism will cost a few from 20 thousand and more.
Main stages of payment systems development
- Market Segment Analysis – needed to understand the importance of SAR for your business and develop a concept with a precise definition of the goal;
- Definition of Terms of Reference (TOR) – development is carried out with a full analysis of the initial data from the entrepreneur, which allows you to create a payment system taking into account the general concept and wishes;
- Implementation of payment systems on the site – upon completion of the code programming process and PS testing with correction of possible errors, the program integration takes place; the system can be added to the site by setting up the payment individually for each service or setting up the payment system with the aggregator;
- Conducting application briefing – the last stage of development is to train the company’s employees to work with the new system.
Examples with interesting solutions
By right, the most popular is the international payment system – PayPal. Allows you to make and receive transfers and make instant payments for purchases.
A good example is WebMoney, a mechanism for electronic payments using title units, which are the equivalent of monetary currencies. There are quite a lot of them starting with WMU (Ukrainian hryvnia) and ending with WMG – pure gold.
“Interkassa ” is a universal payment system that realizes many different payment methods (bank cards, electronic money, LiqPay, Privat24, etc.). Interesting case study to put on the site and AdvCash. Features – popular virtual currencies, familiar online banking and multi-level security system.
Why work with KOLORO?
We offer our clients the creation of payment systems with the ability to track sales dynamics. In the process of working on the project you have the opportunity to make changes in the style of payment forms to get the desired result in the shortest possible time.
Our security mechanisms will ensure that your online payments are fully protected and your terms and conditions are met! They are fully compliant with Internet payment security requirements (examples, Verified by Visa, Mastercard SecureCode and two-step authentication).
