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Standard Payment Solution
Banks in Australia offer complete payment solutions for your business. Whether that be in store via a Eftpos machine or online via a Ecommerce payment gateway. The solution is called a merchant facility.
The online payment system comes in two forms. Accepting payment on your website or what is called a hosted webpage where the payments happens on the banks webpage.
Accepting payment on your website you will need a secure server to process the transaction, and you will need to constantly keep up the maintenance on your site so that is secure .This sort of payment system is fine if you are processing a lot of transactions and want continuity in the look and functionality of your site and can afford IT security experts to maintain the site. Other wise having a hosted payment solution becomes a very viable solution.
Ecommerce solutions by bank generally include fraud protection as part of package.
The cost are generally in the range of .9% to 2.9% percent of transaction ,depending on volume plus and the type of transaction.
One of the pros of having a payment solution from a bank is that generally the funds from the transaction are cleared within 24 hours or under and in your bank account.
It is worth finding out how easy it is to integrate the payment gateway into your website / ecommerce store. Some banks will have a plugin which you simply upload to your site and you’ll be up and running in minutes other will require IT development work to integrate on your site. Most bank will have a list of shopping cart that they support. There are third party plugins that may do the job.
List Of Online Payment Providers by Banks in Australia
Ecommerce Payment Specialists
If your seeking a payment system for your shopping cart outside the banking industry, there are variety of options to choose from. One of the most well known would be PayPal.
The benefit of using a third part payment gateway ,is that generally there are less hoops to jump through and they tend to be cheap on a transaction cost. There technology is build for many shopping carts and easy to setup.
Settlement is generally around three business working days from transaction. With some of these providers you might have to transfer the monies into your bank account ,payment is not direct into your bank account. The cost of the transaction can be from .9% to 2.2% plus a standard cost per transaction.
Ecommerce Payment Providers
Ecommerce and Shopping Cart Package.
Tech companies have now moved into the space of providing shopping cart technology ,web hosting and integrating a ecommerce payment solution. They provide easy customization of you website and shopping cart ,with backend functionality ,such as stock control and integrated freight costing from the major post or courier companies.
The benefits are drag and drop technology no need for a web designer. They charge at set monthly fee for the complete package ,included transaction costs.
List Of Online Ecommerce carts Providers in Australia
Ecommerce , Shopping Cart and POS (CASH REGISTER) Package.
Another area where tech companies are seeing opportunity is combining web hosted shopping cart ,integrated payment system with a point of sale. This provides a seamless integration of you shopping cart with your physicals shop presence.
The benefits are stock control ,ease of use and reporting .When some thing sells online this is reflected in the stock control of your shop. The cost of having a integrated product is reduced. It comes with all the bells and whistles of a integrated hosting cart ,no need for a IT technician to maintain the site as the technology is maintained by the source provider.
One of the notable providers in this area would be Square