When a business model involves sales on a website, it requires the owner to implement a payment system. Today we will consider payment systems in Ukraine and their features. We have chosen to review the three most popular systems: PSP Platon, Wayforpay, and LiqPay.
What should you pay attention to when choosing a payment system?
- The ability to implement the payment system in the country.
- Tariffs and commission fees. A fixed percentage may be charged for each payment, which should be taken into account when forming the final price for goods or services.
- The payment methods that the system provides. Of course, the wider the range of possible payment methods, the more convenient the service will be for the customer.
- The complexity of integrating the payment system on the website.
- The security of money transactions.
Overview of PSP Platon Payment System
PSP Platon is a payment system designed for implementation on e-commerce websites and offers solutions for credit, ticketing organizations, educational projects, cloud and hosting providers, as well as freelance exchanges.
Commission and Payment Methods
The commission fee ranges from 2% to 3%, depending on the specific business of the client and the amount of their monthly turnover. Platon supports the following payment methods:
- Visa
- MasterCard
- Privat24
- GooglePay
- ApplePay
- Prostir
- Masterpass
- VisaCheckout
- Privat Pay
The Platon payment system offers a variety of payment methods to suit the needs of different businesses and customers. With its competitive commission rates and wide range of payment options, Platon is an attractive payment solution for many businesses.
Security
Platon uses European Protective Security Detail 2.0 protocols and General Data Protection Regulation to protect payments. It employs manual and automatic anti-fraud systems, as well as Mastercard's SecureCode and Visa's 3D-Secure technologies.
Additional Features
Platon supports installment payments for Monobank clients. Additionally, the payment system offers branding, meaning that the payment form will be designed in the system's corporate colors and with appropriate graphics, and the page itself will be placed in an iframe. The service also includes automatic invoice generation with subsequent delivery to customers via email or SMS.
With its use of cutting-edge security protocols and additional features like installment payments and branding, Platon is a secure and customizable payment solution for businesses of all sizes.
Features of Wayforpay
Wayforpay has quite a wide range of functions. The system is used for online stores, ticket sales, educational or credit services, cloud and hosting providers, and has special solutions for info-business, freelancers, donation pages, and offline businesses.
Commission and payment methods
The commission fee for each payment is 2.2%. There is a special tariff of 2.0% for the tourism business.
The payment system supports the following list of payment methods:
- Visa
- MasterCard
- Privat24
- mVisa
- Masterpass
- GooglePay
- ApplePay
- Prostir
- BotPay
Security
The WayForPay system guarantees a high level of security and verifies each payment card through its 5 levels:
- AntiFraud System.
- 3D secure.
- PCI DSS compliant.
- Low-charge back.
- GeoTrust.
Additional features
The payment system has a wide range of functionality, including:
- Installment payment option;
- Recurring payments;
- Acceptance of payments worldwide, with Visa/MasterCard cards;
- Holding funds on the client's card;
- Creation of payment QR codes;
- One-click refunds.
Payment System LiqPay and its capabilities
The last payment system we will consider is LiqPay. It has solutions for e-commerce websites, marketplaces, credit services, mobile applications, communal enterprises, and merchants in social networks.
Commission and payment methods
The commission for each transaction is 2.2%.
Possible payment methods:
- Visa
- MasterCard
- Privat24
- FacePay24
- Tokens
- Visa checkout
- Masterpass
- GooglePay
- ApplePay.
LiqPay Payment Security
LiqPay implements OTP technology and 3D secure code to ensure transaction security. Operations must be confirmed with a dynamic one-time password sent in a message.
Additional features
The payment system allows for installment payments.
In addition, there are three one-click payment options:
- By scanning a QR code with the Privat24 app, payment is made after clicking "Confirm."
- Token payment allows the site to accept all subsequent payments using the client's card token, which is obtained on the server-url after payment through the Checkout API.
- Client data storage. The system stores client data and assigns them a unique identifier, so all subsequent client payments are made in just one click.
The payment system supports two-stage payment. At the first stage, the money is blocked on the card, and at the second stage, it is debited. This is relevant if the web resource owner needs time to verify the availability of the goods or the possibility of providing the servicе.
The process of implementing payment systems on a website.
The process of integrating any payment system onto a website typically involves four stages:
- Submitting an application on the system's website and providing all necessary documents.
- Verification of the submitted web resource by representatives of the payment system to ensure compliance with the law.
- Direct implementation of the payment module of the system onto the website.
- Testing the integrated system and addressing any errors (if present).
Before applying, it is important to ensure that the web resource meets national requirements and to prepare the necessary documentation. Detailed information on compliance is usually available on the payment system's website.
Payment systems offer two integration tools:
- quick deployment using ready-made payment modules for content management systems (CMS)
- API integration with an extended list of payment tools.
However, some payment systems, such as Wayforpay, allow for payment acceptance without integration using various payment tools such as QR codes, payment buttons, and invoices.
While the latter method is relatively simple and allows for self-connection, the first two have a more complex algorithm. In any case, registration on the payment system's website is required, followed by filling out all the necessary information.
Choosing a payment system should not only be based on current business needs but also requires an understanding of its future scaling and customer needs. After a detailed study of each payment system's capabilities, it is essential to choose the one whose functionality meets all current and future requirements.
