Thinking about setting up an online payment form for your business? This has never been more relevant! 

Lansoft experts share their thoughts on how payment technology will evolve, how these changes will improve the customer experience and how to accept payments online in 2023. 

So, to begin with, what’s the future of payment tech?

Payment processing stands as an indispensable pillar of commerce and the realm of online transactions. In an era characterized by rapid technological advancement, the landscape of payment processing is continually reshaped, offering both unprecedented opportunities and challenges for businesses and consumers alike. 

• Contactless Payments. The world of contactless payments, featuring Near Field Communication (NFC) and QR code-driven payments allow consumers to make payments without physical contact with a payment terminal. The COVID-19 pandemic hastened the adoption of touchless payments due to hygiene concerns linked to cash and cards and now this segment continues to develop actively to this day, discovering new methods and tools.
• Cryptocurrency and Blockchain. Cryptocurrencies such as Bitcoin and Ethereum were gaining traction as a mode of payment. Furthermore, blockchain technology was being harnessed to enhance the security and transparency of payment systems and reduce fraudulent activities.
• Biometric Verification. Fingerprint and facial recognition were being seamlessly integrated into payment systems, elevating security and streamlining the payment process.
• Subscription-based Payments. Subscription-based payments are becoming increasingly popular for businesses that offer recurring services or products. Subscription-based payments allow for automated billing and payment processing, reducing administrative burdens and improving cash flow.

How to Set Up Online Payment for Business in 2023

If you need that payment process to be simple and modern for your customers, we have created a guide on how to set up and optimize an online payment form. Let’s take it step by step. 

1. Choose the Right Payment Gateway

Picking the right payment gateway serves as the foundation for a flourishing online payment system. Extensive research and comparison among the array of options available are essential, taking into account elements such as transaction fees, compatibility with your e-commerce platform, accepted payment methods, security protocols, and integration simplicity. 

Prominent payment gateways in 2023 include PayPal, Stripe, Square, and Braintree.

2. Enforce Adherence to Security Standards

In an age dominated by data breaches and cyber vulnerabilities, prioritizing the security of your customers’ sensitive data is non-negotiable. Ensure that your chosen payment gateway aligns with the latest security benchmarks, including adherence to the PCI DSS (Payment Card Industry Data Security Standard), fortifying the protection of your customers’ payment data.

3. Integrate with Your eCommerce Platform

Seamless integration between your chosen payment gateway and your service is pivotal for a streamlined checkout experience. Contemporary eCommerce platforms usually provide plugins or APIs to facilitate this integration process. Whether you’re using Shopify, WooCommerce, Magento, or another platform, confirming the compatibility of your chosen gateway is imperative.

4.Integrate Technological Steps for Optimization

• API Harmonization: Harness the capabilities of the payment gateway’s API to fluidly connect your website’s checkout process with the gateway, allowing for real-time transaction processing and augmenting user experience.
• Adaptive Design: Employ responsive web design strategies to ensure that your payment pages adapt seamlessly to various device screen dimensions, guaranteeing uniformity and user-friendliness across both desktop and mobile interfaces.
• Tokenization for Enhanced Security: Implement tokenization to replace sensitive payment details with unique tokens, significantly mitigating the risk of data breaches by securely storing payment data on the gateway’s servers.
• Streamline One-Click Payments: Integrate options for one-click payments through the use of stored customer profiles or digital wallets, simplifying the checkout process and enhancing conversion rates and overall customer satisfaction.
• Conduct Rigorous A/B Testing: Engage in A/B testing to experiment with different elements of the payment process, such as button placement, color schemes, and checkout flow. Carefully analyze the resulting data to optimize for elevated conversion rates.

5. Prioritize a Mobile-Optimized Experience

Given the proliferation of mobile devices in online shopping, it’s imperative that your payment system is tailor-made for mobile users. The checkout process should seamlessly adapt to different screen sizes, ensuring a consistent experience across various devices. Rigorous testing of the payment process on diverse devices is critical to guarantee a uniform experience for all customers.

6. Offer a Variety of Payment Methods

Customers exhibit diverse preferences when it comes to making online payments. Catering to this broad spectrum, provide an array of payment methods including credit/debit cards, digital wallets (Apple Pay, Google Pay), and alternative methods such as PayPal, Venmo, and even cryptocurrencies if suitable for your business model.

7. Implement Transparent Pricing

Hidden fees and unforeseen charges can deter customers from completing transactions. Providing lucid information regarding transaction fees, shipping costs, and taxes before the final checkout stage is essential. Transparency fosters trust and mitigates the incidence of cart abandonment.

8. Test and Optimize

Regularly subject your online payment system to comprehensive testing to identify any glitches or bottlenecks in the process. Conduct thorough assessments across diverse browsers, devices, and payment methods to ensure a seamless and uninterrupted experience for all customers. Consistently monitoring payment analytics allows for the identification of trends, drop-off points, and optimization opportunities.

9. Stay Abreast of Emerging Trends

The landscape of online payments is in a constant state of evolution. Staying well-informed about the latest trends and technologies, such as AI-fueled fraud detection, biometric authentication, and expedited one-click payments, positions your payment system for heightened efficiency and security.

10. Compliance with Legal Regulations

Different regions are characterized by distinct legal and tax requisites for online transactions. Ensuring that your online payment system aligns with local and international regulations is paramount. This encompasses adherence to data protection statutes like GDPR and adhering to VAT regulations when operating across multiple countries.

Conclusion

In conclusion, establishing a seamless online payment system is no longer a mere option but a crucial necessity for businesses in 2023. The dynamic landscape of commerce demands adaptability, and offering customers the convenience of online payments can significantly enhance your competitive edge. By carefully following the comprehensive guide we’ve provided, you’re equipped with the knowledge to navigate the intricate process of setting up online payments successfully. However, the journey doesn’t end with knowledge alone. Implementing a robust online payment system requires technical expertise, precision, and a reliable technology partner. 

With years of experience in crafting tailored digital solutions for businesses of all sizes, we are poised to assist you in bringing your online payment system to life. Our team of skilled developers, designers, and experts can work closely with you to understand your unique needs, preferences, and goals, ensuring that the payment process is not only secure and efficient but also aligned with your brand identity.

Get in touch with us today to embark on this exciting journey towards a more streamlined and prosperous future.