If youвЂ™re not going with a third-party online payment system, you can follow these steps to create an online payment system:Д¬onsult an expert to ensure that youвЂ™re getting all the coding, security, and compliance issues right. Now that you understand a little more about online payment systems, letвЂ™s look at how you can create an online payment system for your organisation. Create an online payment system: step-by-step There are a broad range of Direct Debit payment providers to choose from, including GoCardless (weвЂ™ll explore this option in a little more detail later in the article). Once again, you can collect Direct Debit payments in-house (to do this, youвЂ™ll need to invest in Bacs approved Bacstel-IP software, as well as your own SUN), or you can outsource Direct Debit payments to a third-party whoвЂ™ll handle the payment collection on your behalf. Then, thereвЂ™s Direct Debit (an automated payment method that lets you take payments from your customerвЂ™s bank accounts directly). Plus, the weight of PCI DSS compliance wonвЂ™t be so heavy, as your company wonвЂ™t actually come into contact with any financial data. If you outsource to a third-party payment provider, theyвЂ™ll handle the entire transaction for you. If youвЂ™re taking payment via credit/debit cards, you can either create an online payment system yourself (which means that youвЂ™ll need to set up the payment gateway, payment processor, and merchant account) or outsource to a third-party. There are two main ways to take payments from customers online: credit/debit cards and Direct Debit. Together, these three elements of your online payment system process the entire transaction from beginning to end, withdrawing the funds from your customerвЂ™s bank account and depositing them in your businessвЂ™s merchant account. Without a merchant account, you wonвЂ™t be able to accept these types of payments, which is why start-up businesses should register for an account as soon as possible. Merchant account вЂ“ A special kind of bank account that businesses use to accept credit/debit card payments. The payment processor will communicate your customerвЂ™s card details with your bank and their own bank, and assuming that they have enough funds in the account, the payment will go through.

Payment processor вЂ“ A third-party that manages the card transaction process. The payment gateway essentially manages the technical side of the cardholder information transfer, ensuring that the transaction is completed quickly and securely. Payment gateway вЂ“ A middleman between the credit card companies and the payment processor. HereвЂ™s a little more detail about these elements of online payment systems for small business: These systems consist of three parts вЂ“ the payment gateway, the payment processor, and the merchant account вЂ“ which between them handle the entire transaction. Online payment systems are a way of facilitating payments for goods and services online. How does an online payment system work?ДЇirst, what is an online payment system? ItвЂ™s simple. WeвЂ™ve put together a simple guide to online payment systems for small business, breaking down the basics and providing you with all the information you need to create an online payment system. When youвЂ™re researching the best online payment system for a small business, youвЂ™ll probably see some names you recognise, like PayPal and Stripe, as well as a few you donвЂ™t. The online payments ecosystem is vast and can be a little overwhelming for a new business owner.

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