An Online Payment System is a means of taking
payments for goods and services online.
What is an Online Payment System And how does it work?
This allows your customers to pay for their goods or services – allowing their funds to reach you securely. The system has three components – the payment gateway, the payment processor and the merchant account.
The combination of these three things handles the whole transaction.
What is a Payment Gateway?
A payment gateway acts as the middleman between the customer’s card and your business bank account. It is how credit and debit card payments are accepted online. The Payment Gateway is also the way that your card details are protected by encrypting sensitive payment information – such as the main card number. It ensures that all the information that is being passed between the payer, payee and the bank remains secure.
What is a Payment Processor?
This is a company that manages the credit/debit card transaction process, acting as a mediator between the bank and the merchant. It communicates information from the customer’s card to both your bank and the customer’s bank.
If there is enough money in the account the transaction then goes through!
What is a Merchant Account?
A merchant account is a type of bank account that allows businesses to accept payments in various ways – mostly through credit and debit cards. If you don’t have a merchant account you will not be able to accept these types of payment. This is something that 5G-365 will organise for you at no cost.
It is the combination of these three elements of your online payment system that is able to process the entire transaction from beginning to end.
There are many different payment gateways out there – but only one with a 5 star review on trust pilot.
We at 5G-365 are able to introduce you to OPAYO (formerly SagePay). Their Payment Gateway is able to provide secure payments for merchants and is described as the most reliable UK payment provider.
The Special rates we have been able to secure from Opayo are extremely competitive so not only are we the most reliable we are also more than likely the best priced as well. There is no monthly service charge when you use 5G-365 to add the Opayo Gateway to your website.
As standard, Opayo customers can process the following cards (this may depend on your merchant account)
In 2019, Opayo processed £40bn worth of card payments for over 50,000 merchants, online and in-store.
Opayo provides support, anytime. Even in the middle of the night!
Their UK-based team are there for you, day and night, on the phone, via email, and through social media. They also offer a huge selection of helpful resources through their website.
Opayo is able to integrate with all the major e-commerce and POS platforms. See here for more information.
Payment Card Industry Data Security Standards (PCI DSS)
PCI DSS are a set of standards to help protect businesses and shoppers from data theft and fraud. It is mandatory for all businesses who accept card payments to comply by getting a PCI certificate. This applies to all types of card payments: online, by mail, over the phone or using credit card terminals.
There are 4 levels of PCI DSS compliance. These are based on the number of transactions processed by a business annually and how they are processed.
Opayo has the highest level (Level 1) of PCI DSS certification.