5 Frequently Asked Questions About Online Payment Integration

Online payment integration is crucial for any company that wants to grow their revenue. With more and more customers preferring to shop and make payments online, businesses that do not integrate online payment options into their platform risk losing customers to competitors who do.

As a business owner, you may find online payment integration to be a difficult, even intimidating prospect. However, we will break it down for you by listing and answering the five most frequently asked questions about online payment integration that we come across.

1. What exactly is online payment integration?

Online payment integration refers to the process of linking a business' website or application to a payment gateway that allows customers to make payments electronically. It involves the use of payment gateways, which act as intermediaries between businesses and their customers' payment methods. Payment gateways are responsible for processing payment transactions securely, verifying payment information, and ensuring that funds are transferred from customers' accounts to the business's account.

Normally, businesses that want to integrate online payments do so with a payment gateway provider who will facilitate the online flow of funds between the customer and the business.

2. Is online payment integration expensive?

The cost of integrating online payment into your business can vary depending on several factors, such as the payment gateway provider, the complexity of the integration, and the features required.

Some payment gateway providers charge a flat fee per transaction, while others charge a percentage of the transaction amount, and some charge a combination of both. Additionally, some payment gateway providers may require a monthly or annual fee to use their service.

The cost of integration may also depend on the complexity of the integration. Simple integrations, such as basic payment processing, may be relatively inexpensive, while more complex integrations that involve additional features, such as recurring billing or fraud detection, may be more expensive.

However, the advantages of online payment integration will usually outweigh the cost of using it.

3. What are the advantages of online payment integration?

There are several advantages to online payment integration that are worth the cost:

• Online payment integration helps businesses to reduce the cost and complexity of payment processing. For example, a normal bank transfer requires manual checking with the business account. Further processes like invoicing and issuing of receipts needs to be done manually as well, increasing the chances of errors.
• Through online payment integration, businesses can streamline payment processing through automatic notifications of any transaction. The customer can also automatically receive a receipt for their transaction through email and mobile.
• Online payment integration also enables businesses to offer multiple payment options to their customers, including credit cards, bank transfers via FPX, and e-wallets like GrabPay or Touch ‘n Go.
• Customers appreciate the convenience and flexibility of shopping online with multiple online payment options, and businesses that offer these are more likely to attract and retain customers.
• Businesses can also accept cross-border transactions in other currencies through online payment integration, for example in Malaysian ringgit, Singapore dollars, Indonesian rupiah, and so on. This is particularly important for businesses that have plans to expand in the region and reach a wider customer base.

4. Do I need programming knowledge to integrate online payments into the business?

You do not need to be a programmer for online payment integration. With no-code solutions, non-programmers can quickly and easily set up payment processing, link it to the business, and accept payments within minutes. All this can be done in a graphical, user-friendly environment without having to write a single line of code.

Hence, even if you run a small business, you don’t need a technical team to get started with online payments. Neither do you need extensive IT resources like a server rack. By using a no-code payment solution, businesses can further reduce costs associated with custom development, maintenance, and support of payment processing infrastructure.

5. What do businesses need to be cautious about?

Like anything to do with finance, businesses need to be cautious about the following when integrating online payment options:

• Security and privacy concerns are always present when it comes to online transactions, and businesses need to ensure that their payment gateway is secure, reliable, and meets all necessary industry standards.
• Customers’ payment information must be kept confidential, and businesses must comply with relevant laws and regulations, such as Malaysia’s Personal Data Protection Act 2010.
• Online payments are vulnerable to fraud. Businesses need to choose an online payment platform that has a robust fraud prevention system in place to detect and prevent fraudulent transactions. This can include measures such as address verification, CVV verification, and IP address tracking.
• Businesses also need to be aware of anti-money laundering and terrorism financing regulations. Thus, there may be a need to also adopt electronic know your customer (eKYC) before accepting online payments.

Integrate your online payments with Tekkis

Choosing an online payment integration partner can be difficult, particularly one that fulfills all your business requirements. That’s why we’ve designed Tekkis as the ideal solution for businesses. You can set up your preferred method of payment collection in less than a minute. Watch the videos here.

Tekkis’ t-Pay solution is:

• Convenient and easy for your customers to purchase quickly and securely from your store
• Practical and usable, supporting a range of payment methods including credit card, bank transfer via FPX, as well as e-wallets.
• Free to use with no subscription or hidden fees. You only pay when you make a sale.
• Easy to set up with no coding or programming knowledge required.
• Secure and reliable with 24/7 customer support.

Integrate your online payments with Tekkis today by getting in touch with us. Our friendly Customer Experience team is always ready to assist.

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