The transfer of funds between the buyer and the seller occurs in a matter of minutes, but during this time, there are numerous interesting processes and stages involved: user authorization, verification, processing, and conducting the transaction with appropriate encryption and protection. This entire set of actions is called payment processing, and thanks to the Fondy service, it becomes even faster and more convenient for you.
Fondy combines a comprehensive set of essential tools for managing funds stored in e-wallets or bank accounts. Moreover, you can initiate or accept payments in any required currency, reducing conversion costs.
The not-so-obvious advantages of payment processing for e-commerce
Payment processing systems act as a secure intermediary between online businesses and customers.
- Marketing research shows that implementing convenient payment methods on your website can increase conversions by up to 30%, even without additional marketing efforts or promotional campaigns. Hence, it is an effective tool for boosting your sales. Additionally, businesses receive other benefits:
- The ability to enter international markets and establish convenient payment acceptance from customers worldwide.
- Improvement in user experience and customer loyalty leads to an increase in the number of repeat purchases made on the website.
- The number of spontaneous purchases grows, especially if you offer inexpensive and interesting products. Pay attention to how this occurs on platforms like AliExpress or Amazon: a significant portion of purchases happens during trending periods. Having a convenient payment processing system allows you not to miss this segment of your customers.
In addition, when you offer secure and safe payment options that are processed and confirmed quickly, people are more willing to recommend your platform to their acquaintances and friends. This is because every individual feels more positive when they receive what they desire with minimal effort. This is the opportunity you provide to your customers by utilizing payment processing from Fondy.
How does payment processing work?
The technical foundation of payment processing involves establishing a secure connection between the seller’s and buyer’s payment services and swiftly transferring funds with the necessary credentials, eliminating the risk of scams. The transaction processing depends on the chosen payment method offered by the customer, but it typically goes as follows:
- The buyer initiates the fund transfer.
- The system automatically encrypts their payment details (card number, personal information).
- The payment processor sends information to the bank to credit a specific amount to your account.
- The funds are deposited into the designated account after deducting the necessary fees.
Thus, the funds are first transferred to the account of the payment service provider and then forwarded to the seller. The payment gateway ensures payment stability and guarantees the security of payment processing.
Fondy outperforms its competitors by offering more than traditional payment gateways. It allows for the use of all the necessary tools within the seller’s account and enables acceptance of non-standard payment methods like Alipay and cryptocurrencies like Coinbase and working with local payment systems such as iDEAL.
This allows you to gain more without using additional software or third-party solutions. Everything needed to manage the financial flow of your company is unified in a single account, which you can access anywhere and anytime, even from a mobile phone. If you want to learn how to integrate such a system into your business processes and gain all the advantages mentioned above, you can read more here.