What are the digital payment options and how to accept them? The issue of accepting digital payment methods and conducting money transfers online naturally arises in the modern day, where e-commerce maintains an ever-stronger place in the global economy.  Payments systems serve as fantastic assistance in this regard.

The digital payment process, in simple terms, is a way to carry out financial transactions without the use of cash, through bank cards, and electronic money. Here, we can discuss making payments for products and services obtained from various internet retailers, transfers of money, and more. As e-commerce develops, so does the number of digital payment options. They become faster and safer. This suggests that the number of cash transactions in the world will steadily decrease.

digital payments business

There are such types of popular payment systems (Digital payment options):

1. Acquiring

The option of credit card acquiring allows the client to pay for the order with a card on the seller’s website. In this case, the payment passes through the processing center, which may belong to the bank or be an intermediary. This process involves the issuing bank that owns the buyer’s card and the acquiring bank that accepts the payment.


  • Payment in this way guarantees high security – 3-D Secure and SecureCode security technologies are used for Visa and Mastercard bank cards.
  • – Minimizing the risk of receiving counterfeit banknotes.
  • – Reducing the cost of collection.
  • – Growing revenue and attracting additional customers.


– For small businesses, a fairly high commission is charged since its percentage increases with rare payments and small turnovers.

– A lengthy verification process during the execution of the contract.

2. Electronic money operators

In electronic wallets, electronic currency can be kept in local or international currencies. You can transfer digital currency through operators without having a bank account. You must submit an application, reach an agreement with the operator, connect with the service, and partner with the bank in order to offer such a payment option to the website.


– Allows customers to pay using a familiar electronic wallet or current account without going to unfamiliar sites.


– Continuous check of the site for compliance with the operator’s requirements.

– The received payments are not immediately transferred to the online store but in the total amount for a certain period specified in the contract.

– Payment for verification of company documents.

3. Payment aggregators

Aggregators offer several different payment options at once – by card, through the terminal, or using an electronic wallet. Thanks to this functionality, it is enough to connect only one service to the site. After that, the aggregators will receive the money from the clients by passing it through their accounts.


Simple connection with a minimum package of documents.

Not a complicated technical implementation of the connection – there are modules for various CMS.


– If it is necessary to return funds to the client, there may be a delay since the money is transferred by the aggregator and not by the bank.

– There are no special services in aggregators that provide increased security of payments. For online stores with expensive goods and high turnover, this creates risks.

4. Payment gateways

A payment gateway is required to make any kind of payments over the Internet. To ensure the secure transfer of payment information between the buyer, the online merchant and the acquirer, the payment gateway protects the card data by encrypting the buyer’s sensitive data, such as the card number.


– A solitary interface for payments made via various banks. It is possible to move to another bank in the event that one is experiencing technical difficulties. Similar to aggregators, this option provides a variety of payment choices.

– For secure payments, data here on gateways is encrypted.

Since the gateways transfer the money to the bank instead of accumulating it, there are fewer dangers associated with moving funds when using such services.

– When purchasing gateway services, large businesses will have the advantage of being able to choose the commission percentage.


– Protracted registration procedure. The gateway must coordinate each payment method with the ultimate payment service, and an agreement must be made. The gateway connection will take longer than the aggregator integration.

Preparing Your Resources for Mobile Payments

As we said earlier, the business that offers its customers the most convenient interaction with its product or service is ahead of its competitors. Today, with the click of a button, shoppers can pick up their items and businesses don’t have to worry about fraud since all mobile payment systems use tokens. Let’s talk a little more about how to integrate such a payment system into your business.

Three parts are required to accept mobile payments. You need a mobile device, a payment processor, and some sort of billing and payment software. Smaller businesses can do without dedicated invoicing software. You can rely on payment system reports, which you can then import into your accounting software.

For mobile devices, you need to figure out how you manage mobile devices if you haven’t already. The options are: give your employees phones, let them bring their phones, or ask them to bring a certain type of phone.

Fortunately, there are now so many ways to process cards that almost any phone will do. Many mobile payment processors allow you to simply enter information into a mobile form. You don’t need to swipe the screen or use the camera.

If you want to get creative, you can connect with one of the many mobile payment companies that use mobile card reader technology. Square made this system famous, but you can get devices from a lot of vendors these days.

modern payment methods


The more you know about pricing and opportunities, the more leverage you’ll have when it comes time to renew your contract. The main thing to keep in mind here is commissions. You may be surprised when you send payments and find that you haven’t sent enough payments or you’ve sent too many payments – these can all be reasons for an extra charge. You also have an installation and maintenance fee, an access fee, and a discharge fee. It can accumulate quickly, so we recommend that you keep a record of all these numbers.

You should also look beyond the classic vendors to see if there are options that fit with the work you already do. Many on-site software companies now offer payment processing at nearly comparable prices. If you’ll be using the software anyway, tying it to payment processing isn’t such a bad idea. Hope now you know the digital payment options and how to accept them.