Thanks to the Internet, many new things have appeared in the world that greatly simplify life. Among them are various electronic payment systems that allow you to pay for services and transfer funds without leaving your home.
This is Elena Zaitseva, a financial analyst at HeatherBober magazine. I will talk about the features and capabilities of electronic payment systems and analyze the most popular of them. If you want to choose or change a service for remote financial transactions, you will find a lot of useful information in the article.
1. What are electronic payment systems
An electronic payment system (EPS) is an organization that provides mutual settlements between users on the Internet. The participants in the process are individuals and commercial enterprises, banks and other financial institutions.
EPS activity in Russia is regulated by the state. The main normative act is the law “On the National Payment System”.
Electronic payment systems allow:
- pay for utilities, mobile communications, television, etc.;
- purchase goods in online stores;
- withdraw funds to bank cards and accounts;
- exchange currency;
- transfer money to other participants in the system, for example, within a business.
The list is incomplete. The possibilities of virtual services are extensive, their functionality is constantly being improved and expanded.
For settlements, electronic money is used - virtual digital units issued by the system.
Features of digital cash:
- Issued only in electronic form.
- Backed by real money.
- Guaranteed by the EPS (issuer) that issued them.
- Stored on electronic media.
- They are recognized not only within the system, but also in settlements with external counterparties.
Virtual money is stored on electronic wallets - this is the name of the user's account in the selected system.
2. How they work
The principle of operation of the EPS is similar to the conduct of traditional non-cash transactions. Each user has a personal account, through which settlements are made with counterparties and between their wallets.
Simplified scheme of work is as follows:
- real money is transferred to the user's digital account;
- at the internal rate, the service exchanges for virtual currency;
- the account holder makes the necessary transaction (transfers funds to a private person, buys goods, etc.);
- the counterparty receives electronic currency;
- the system redeems its internal money back, giving traditional ones in return.
After exchanging real money for digital money, the issuer has obligations to the user for the amount of receipt. EPS guarantees that, at the request of the participant, the virtual currency will be exchanged for real money.
In order for the use of digital cash to be possible, the recipient organization must accept payment in virtual currency.
Often transactions go through intermediaries.
Example:
The owner of the wallet makes an application for the transfer of virtual money to a bank card. The operation takes place through an intermediary - an organization that accepts digital money, exchanges it for traditional money and transfers it to the specified details.
As a result, the amount in the desired currency, for example, rubles or dollars, comes to the client's account.
Similarly, operations are carried out in favor of companies that do not accept virtual money. Sometimes the role of an intermediary is performed by the EPS itself.
3. How do electronic payment systems earn?
The main income comes from transaction fees. For example, Webmoney, one of the leaders in the digital cash market, withholds 0.8% from each user transaction. The tariff applies both to external transfers and to actions between accounts of one user.
Additional income EPS receive from:
- User certifications. There are wallets with different capabilities. To perform an extended set of actions or transfer more money, you need to pass certification - provide passport details, confirm your phone number, meet with a company representative for personal identification. Often a fee is charged for the service.
- Use of terminals. You can replenish your wallet in different ways, a payment terminal or a partner ATM is one of them. There is a fee for the operation. For example, the Yandex.Money service, depending on the selected terminal, withholds from 0% to 19% for one replenishment.
- Using your own cards. To simplify the input and output of money, EPS issue cards, the maintenance and maintenance of which costs money. The fee is taken for issuance, cash withdrawal, SMS informing and other operations.
The list is incomplete. In addition to the above, there are many other ways to earn money - payment for confirming transactions, commissions from partner organizations, providing intermediary services, etc.
4. Advantages and disadvantages
Electronic transactions are beneficial both for the EPS itself and for its corporate partners. The issuer of virtual currency receives a commission for the transaction, and outlets do not spend money on collection and storage of cash.
The user from such calculations receives:
- convenience - operations are carried out from home or another place with the Internet;
- reliability - subject to the security rules for using the wallet, the service ensures the protection of information and the safety of funds;
- unlimited use - digital cash has no expiration date and does not burn out;
- free support - no fee is charged for wallet maintenance;
- high speed of payments - many transactions are carried out almost instantly, delays are possible when intermediaries are involved;
- transparency - all transactions are recorded, the history of electronic payments can be requested at any time.
But in addition to the advantages, EPS also has disadvantages:
- the need to verify identity - for the full use of the account, you will need to provide personal data and documents;
- restrictions on use - not all companies and trade organizations accept virtual money, although their list is growing;
- commissions - some mandatory fees are significant, which is especially noticeable on large amounts;
- difficulties with recovery - if you lose your password, it will be difficult to resume work due to increased security requirements, you will need to provide a lot of identity information.
Each user will find significant advantages and significant disadvantages. For example, for me, the commission for withdrawing funds from Webmoney to a card is too high. Because of this, I try to minimize the use of virtual money.
Watch the video for an independent expert opinion on the features and prospects of digital cash:
5. What are the types of EPS
There are several types of electronic payment systems. They can be divided by participants in the transaction, by the amount of the transaction, by payment terms, by currency, etc.
More often than others, classification is used according to the moment money is entered into the system. According to it, credit and debit types of EPS are distinguished.
Credit
For settlements between participants of such services, credit cards with additional protection are used - message encryption and digital signature. To carry out the operation, it is required to confirm the creditworthiness and compliance of the provided payment data with reality.
The main feature of such transactions is that first a contract is concluded, and then payment or money transfer is made.
Credit EPS include First Virtual, Open Market, CyberCash, CheckFree and others.
Debit
Almost all international electronic payment systems are debit. The principle of their work is that transfers and payment operations are available to the user strictly after replenishing the account.
Some debit EPS do not use digital cash, but electronic checks.
The principle of their work is as follows:
- The sender of the payment issues a check and certifies it with a virtual signature.
- The document is transferred to the recipient through the arbitration system.
- The service checks the check.
- If no violations are found, then payment is accepted.
- Funds from the account of the user who issued the check are transferred to the recipient.
Digital checks use a limited number of systems - NetCash, NetChex, NetCheque and some others.
6. TOP-5 electronic payment systems in Russia
Not all world EPS are known or used in Russia. This is due both to the difficulties with replenishment and withdrawal of funds, and to limitations in application.
webmoney
Considered the market leader. The development of the company began in 1998. During this time, more than 36 million people have joined Webmoney.
The account owner has the right to open an unlimited number of wallets in virtual counterparts of various currencies, including Bitcoin and gold. All accounts are combined into a kind of Keeper vault, each is assigned an individual WMID number.
All transactions are instant and irrevocable. The commission for any transaction is 0.8%. To work, you must provide personal data and confirm it. There are several types of certificates. The higher the account status, the more opportunities the user has.
Yandex money
Commercial non-banking organization, licensed by the Central Bank.
The user is prompted to open one of three possible wallets - anonymous, named or identified. The status affects the maximum possible balance on the electronic account and limits on transfers.
NPO Yandex.Money has its own card for paying and withdrawing cash, linked to a wallet. Cost for 3 years - 200 rubles.
PayPal
International EPS unites more than 200 million users. PayPal allows you to pay for purchases online and make transfers both within the country and abroad. You can open both personal and corporate accounts.
The main advantage of the service is that a transfer within the country for a private client will be free when debiting funds from a PayPal wallet. There is also no commission for payment of services.
If the transfer is at the expense of funds on the linked card, then the commission will be 3.4% + 10 rubles for each operation.
Qiwi
Offers simplified registration - to create a wallet, you just need to provide a mobile phone number. When opening an account, the Qiwi service will assign the client the status of Minimum, which, after passing the certification, will be replaced by Basic or Professional.
Through the service, you can pay for services or transfer money. For ease of use, the client is invited to issue a free card associated with the funds in the wallet.
payeer
The service offers to transfer funds to more than 200 countries in dozens of ways. At the time of this writing (March 2018), 157 online exchangers were announced on the Payeer website.
It is possible to issue a free card and withdraw funds to it without commission.
To understand which service is more profitable to use for withdrawing funds to bank accounts and cards, the data on commissions are summarized in the table:
| № | Service name | Card withdrawal fee | Commission for withdrawal to the account |
| 1 | webmoney | 2.5% + 40 rubles or 2% if the service finds a counter request from another participant | Depends on the offers of other participants, on average 2% |
| 2 | Yandex money | 3% + 45 rubles | 3% + 45 rubles |
| 3 | PayPal | Free, subject to the use of funds from the wallet | |
| 4 | Qiwi | 2% + 50 rubles | 2% + 15 rubles |
| 5 | payeer | 0% to 5% | 0% to 5% |
7. Conclusion
Now, knowing the basic information about EPS, you can easily choose the one that suits your needs.
The main thing is to ensure the safety of using the service. Use strong passwords and do not share personal information with anyone. When working on the computer from which you log into your virtual account, do not visit dubious sites and do not follow suspicious links.
Question for readers:
Do you consider the possibilities of virtual money useful for you personally?
We wish you to find a convenient, functional and easy-to-use electronic payment system. If you have any questions, ask them in the comments. We will gladly answer them!
Greetings friends.
It is difficult to imagine online payments, online investments, without the use of electronic money. Electronic payment systems have firmly entered our lives. Today we will talk about electronic payment systems ( EPS, electronic money ). Find out when the first electronic money appeared. Learn about the advantages and disadvantages of electronic payment systems.
When the first sprouts of e-commerce began to emerge on the Internet in the early nineties of the last century, it quickly became clear that traditional financial institutions were poorly suited to the requirements and specifics of the World Wide Web. How do you imagine it - the purchase is made online, on the Internet, and you have to go back to the bank to pay for the goods? What then is the advantage? This is how digital money appeared and .
DigiChash, an electronic money payment service launched in 1994, is considered to be the first example of an electronic payment system. The founder of the common ancestor of today's e-money was a certain Mr. David Chaum from the sunny state of California, USA.
How electronic payment systems work.
There are a lot of electronic payment systems on the Web. Here are just a few of them:
The principles of functioning of electronic payment systems are different. Most founders of electronic payment systems tend to introduce their own digital currency. Since it is illegal to consider it money, nice-sounding symbolic names are invented:
- Electronic payment obligations.
- Certificates for specific online stores.
- Gift certificates.
- Digital letters of credit or checks.
- Credit obligations with a guarantee in the gold reserve.
Experienced financiers understand that all these beautiful words mean only one thing - the complete absence of all kinds of legislative guarantees. In relation to electronic money, an ordinary user can only rely on the care of the owners of the electronic payment system about their reputation. After issuing its own virtual currency, the electronic payment system organizes a cloud financial infrastructure:
- The official portal where new members register and most transactions take place.
- Electronic wallets that record how much electronic money a particular depositor has.
- Electronic terminals or gateways for accepting payments on websites. All these critical nodes are connected by a specially designed network of encrypted communication channels, through which the exchange of electronic money is carried out.
- Some electronic payment systems create their own networks of ATMs, electronic money exchange points for regular ones.
Additionally, each electronic payment system must establish links with real banks in order to convert real money into virtual. However, the dependence of EPS on conventional payment systems is minimal, which explains the presence of a large number of advantages of the former.
Advantages of electronic payment systems
- Almost instant transactions, money transfers, payment for goods, currency exchange.
- Due to the lack of a deployed physical infrastructure, the cost of an online transaction tends to zero. Most electronic payment systems on the Web try not to take commissions from ordinary users at all.
- Privacy and anonymity. This is an attractive moment for many semi-legal online services such as adult services or gambling.
- Simplicity and speed of opening electronic accounts.
- Replenishment of wallets and transfer of funds to real banks.
- Transaction security. If we omit the moment of trust in the payment system itself, then it is possible to protect currency transactions at the digital level much more reliably than at the physical level. Transferring web currency over an encrypted Internet channel is not like handing over a suitcase full of dollars in an abandoned warehouse.
Most of all, online payment systems are used by freelancers for settlements with remote customers, virtual casino players, online store buyers, and investors. Gradually, offline services are being drawn into the infrastructure of digital payments. It is very easy and fast to top up your mobile phone account with digital currency, pay the Internet tariff, even pay for some utilities.
Disadvantages of electronic payment systems
The disadvantages of electronic money stem from their incomplete legitimation. Not all services and purchases can be paid from your electronic wallet. Indeed, transactions with electronic money can be free, but converting into real banknotes is expensive. Since accredited banks do not convert virtual money into real money, private online exchangers charge huge percentages for transferring homemade certificates.
Due to weak government regulation and the complexity of law enforcement control, scams and fraud flourish in the field of electronic money. In principle, any advanced user can concoct in five minutes on a free hosting “like a site of a payment system” or an exchanger, and for some time cut coupons from gullible users.
How to find out in practice whether this e-money service is fraudulent? It is necessary to check whether such banks of state importance as SBRF, Gazprombank, cooperate with this system. If the giants of the financial world agree to deal with EPS, then the average user has nothing to fear.
Future and prospects of electronic money
It is hard to imagine that states will long tolerate the existence of parallel financial institutions and even currency issuers with little government control. Evidence of this is adopted not so long ago.
So far, parliamentarians simply do not know what to do with it, with this Internet. When sorted out, electronic money is smoothly transformed into a conventional convertible currency. And then there will be peace and universal agreement at the level of fiscal structures in the world.
Already today, the largest payment systems on the Internet are closely cooperating with the state and are striving to obtain the status of legitimate financial organizations, to catch up with real banks and funds. Therefore, such services as WebMoney, Yandex.Money are vitally interested in the trust of users and will try to do everything to avoid any problems with electronic money transactions.
Successful Investments and success in all your affairs. See you on the blog pages.
Electronic payment systems are a technology of direct settlements on the Internet between the parties to the transaction (most often, without additional conditions: indicating personal data, purpose of payment, etc.).
Against the backdrop of dynamic development in the e-commerce network, EPS have become one of the most preferred methods of settlement between individuals and between individuals and legal entities (payment for cellular communications, utility bills, Internet service providers, payment for purchases in online stores).
2 Three stages in the development of electronic money
Electronic money received its first expression in credit cards (the very first were magnetic debit cards). The second stage of development is the introduction of smart cards. The third stage is the development of an electronic money form, with the help of which we all have the opportunity to make on-line payments.
- And today EPS function for:
- Implementation of credit schemes
Until now, the most popular scheme in the world that works with conventional plastic cards (MasterCard, VISA, UnionPay).
- Implementations of debit schemes
Less popular scheme, which is based on the use of digital equivalents of cash and checks (NetBill, NetChex, NetCash).
- Mutual settlements using digital money
Implemented using payment gateways - special electronic payment systems that transmit cash to the World Wide Web (Perfect Money, WebMoney, QIWI, Yandex.Money, Neteller, etc.) and provide mutual settlements within it.
We are interested in the third type of on-line payments, which just shows the greatest dynamics of development and use. And, moreover, it is the latter that are increasingly being used as part of the Internet investment process.
3 Advantages of electronic payment systems for the investor
Of course, most brokerage and other financial companies, as one of the possible ways to replenish a trading / investment account, offer a bank transfer. But in fact, the percentage of its use is no more than 3% -5%. The main volume falls on the VISA and MasterCard electronic transfer systems, as well as a fairly impressive number of other electronic payment systems, through which investors receive:
- The ability to instantly credit funds to your personal account opened with a financial company.
- The most simple intuitive process of replenishment.
- No commissions (on the part of the financial company) for crediting funds.
- The fastest (often instantaneous) withdrawal of funds from a personal account to EPS.
- Minimum broker commission for withdrawal.
- Possibility of converting credited funds into the currency of the personal account (from rubles to dollars, euros and vice versa).
- The ability to withdraw funds from a personal account opened with a financial company to an EPS without verifying the account (if the withdrawal is made to the EPS with which the funds were deposited).
This is by no means an exhaustive list of the benefits that an Internet investor can receive through the use of EPS. And now separately about the most popular electronic wallets in Russia and other CIS countries.
4
Perfect Money is a popular electronic payment system that allows its users to carry out financial transactions on the Internet.
This payment system, like most popular ones, allows you to:
- Perform user settlements
- Receive payments while doing business online
- Make regular payments
- Keep cash with dividends on the balance
- Pay for goods and services online
Depositing funds into Perfect Money can be carried out by: bank transfer, transfer to electronic money of other payment systems and exchange offices.
It should be noted that this EPS has made significant efforts in ensuring the financial security of customers, which is achieved through various Internet technologies and the use of a special electronic key when transferring funds, which only the owner of an account opened with Perfect Money has.
We evaluate this payment system as one of the most interesting for use in the investment process, and you can consult about its additional features through our.
5 WebMoney
WebMoney is an equally popular payment system for online payments, which is famous for its meticulousness in security issues.
The list of services provided by WebMoney is almost similar to Perfect Money. With the difference that mutual settlements between users in gold are available in this system (Most likely, this opportunity appeared on WebMoney, more as a tool to motivate users to keep their funds within the system itself, offering them a classic asset for savings - gold) and there is no interest accrual for funds.
And, of course, it's time to mention the notorious security measures within the WebMoney system, which limit most of the client's operations until the latter receives a passport (real confirmation of the client's identity through a special identifier), and for making on-line payments, except for the browser web -terminal also offers a separate program, by connecting it with a specially issued electronic certificate, the user can completely exclude the possibility of unauthorized access to his wallet by third parties.
Such security measures often annoy WebMoney customers. But those who really care about the security of their payments and funds stored on the network, that is why they choose WebMoney.
As an investment-themed portal, we highly appreciate all the possibilities of WebMoney and will be happy to help you learn about its additional benefits in ours.
6 Yandex.Money
Yandex.Money is a payment system of the well-known Russian Internet company Yandex.
This EPS can be characterized as a simple and, at the same time, a functional system with the above list of opportunities for users (except dividends for the balance) and average security measures.
Within the system, user identification is provided, within which the amount of withdrawal of funds is limited. But, such measures are more of a precautionary nature and are required more as a control of payments in the RF network than to combat hacking and fraud.
However, if you don’t worry too much about the safety of your own funds and use Yandex.Money only for transfers within it and replenishing your personal account with an investment company, then only a few can compare with Yandex.Money in simplicity. Since almost any broker has this EPS, it is very easy to start funds from it, and withdraw it very quickly. And a little negative - within the framework of the Yandex.Money system, mutual settlements are possible only in Russian rubles.
7 QIWI
The QIWI payment system is no less popular, in comparison with those listed above, EPS.
The most important difference of this payment system is its binding to the user's phone number (which will be the number of his current account) and almost zero requirements for user identification and payment security.
On the one hand, this simplifies the procedure for using EPS as much as possible. On the other hand, willy-nilly, it often draws QIWI into various fraudulent schemes that Runet is so famous for.
Indeed, apart from the number of the QIWI account to which the funds are transferred or from which the funds were transferred, nothing is known about the real user. In addition, we note that only ruble transfers are available within this payment system.
8 Is it possible to store money in electronic payment systems
We would answer this frequent question of users as follows: “It is possible, but it is better not to!” and that's why:
- The activities of electronic payment systems are not regulated on the territory of the Russian Federation and other CIS countries.
- When crediting money to the EPS, your funds turn into so-called "title units". And for the theft of title signs (if someone still steals them from your wallet), you will not be held criminally liable. It is the use of title characters in the system that allows EPS to evade obtaining a license to carry out financial activities.
- In most cases, EPS are systems with a "registration" in offshore. And, therefore, they will be really unavailable for litigation in cases of their bankruptcy and your attempts to recover your own funds from them.
- The funds that are inside the EPS are usually "dead weight" (with the exception of the Perfect Money system, in which you can receive interest on the balance). This means that the meaning of storing funds in the electronic payment system is lost. Money must work and earn capital for you!
In other words, on the one hand, electronic payment systems are successful financial companies, which, due to the fact that they do not issue loans to anyone, are the least exposed to economic risks (we do not know cases of EPS bankruptcy). Moreover, due to the simplicity of its mechanism of use, it successfully replaces all other possible electronic funds transfer systems.
On the other hand, EPS are weakly regulated schemes, which, moreover, do not imply an increase in the investor's capital. That is why we consider it inappropriate to store funds in EPS. But the use of EPS as gateways for mutual settlements and "transportation" of your funds to the investment company is more than effective.
It is up to you to decide which payment systems to use in the process of online investment. We would advise you to pay attention to those who care more about the security of client payments!
9 Conclusions
Today, electronic payment systems are an indispensable tool for a financially oriented user of the World Wide Web. And we must pay tribute - without the EPS, the current investment process would be much less efficient and more complex. That is why we believe that electronic payment systems are an integral part of modern on-line and off-line investments..
A payment system is a system for exchanging transactions and settlements between financial partners: banks, institutions, shops, etc. In the broad sense of the word, these are intermediaries between the buyer and the seller.
The functions of the payment system are the stable turnover of funds using bank cards. When paying with a plastic card, a special terminal sends a request to transfer the buyer's funds to his bank and from there transfers the necessary amount to the seller's account. All calculations occur in real time and take no more than 10 seconds. There are many payment systems that control the circulation of money within the state, locally within a credit institution and between countries. There are also electronic payment systems for online payments.
International payment systems
International payment systems provide access to financial transactions in all countries, which allows you to pay for purchases and services without reference to territory. This is the most secure type of payment systems. To service international systems, the most modern computer technologies are involved, which are constantly updated and help to resist fraudulent attacks and ensure the security of personal data at a high level.
The most popular in our country are Visa or MasterCard. The world's major systems are also American Express, Diners Club, and JCB.
Visa
The Visa payment system appeared in America in the 60s of the last century. For this reason, one of the features of the Visa payment system is that it is focused on transactions in dollar currency. There are four types of cards - debit cards, credit cards, installment cards and prepaid cards, which differ from each other in the method of accruing funds. This is one of the most popular types of plastic cards in the world. It is possible to make purchases, withdraw money and replenish an account using a special code - a pin-code, which confirms the identity of the owner. Also, cards can be personalized and contain special numeric codes for secure online purchases.
master card
The MasterCard system is also an American company, but transactions with its help are carried out with the participation of the base currency in the euro. For an ordinary buyer, this does not make much difference, but if you use a card for purchases abroad, then you should not forget that the payment system will recalculate all amounts first into its base currency, and then into the purchase currency, which may affect the amount of commission . Purchases with MasterCard cards up to a certain monetary limit can be made without using a pin code. This makes it more vulnerable to fraudulent scams. MasterCard cards can also be named and anonymous, embossed and smooth.
Payment systems cooperate both with large banking giants and with non-banking credit organizations such as the "Payment Center" and the Corn card.
National payment system MIR
The national payment system was created to unite all local intrastate networks with the participation of the state regulator - the Central Bank. It supports the security of using payment systems within the country and offers to conduct financial transactions independently of international systems. Security lies in the fact that all information about the financial resources of customers and companies will be stored within the state.
The MIR national payment system was launched at the end of 2015. Today, the national payment system is used by many large banks. Cards can be debit, in addition, you can issue credit cards. For the plastic of the MIR system, the overdraft service and auto payments are also available. For additional verification during cash flow, the cards are equipped with chips and hologram images.
The use of a national payment system may weaken the peg of the national currency to the dollar and the euro. Also, it will save domestic income from financial payments made in Russia. But it will not be possible to pay with a card abroad yet - the MIR payment system functions only within the country.
Intrabank payment systems
Vuntribank payment systems are used to speed up and order the circulation of financial resources within the bank, improve the quality of customer service. The stable operation of the banking system allows you to speed up the workflow and reduce financial losses. Banking organizations receive the main income from the turnover of investments and loans. Up-to-date information can increase the profitability of the enterprise and reduce the burden on employees. Usually, private payment systems control the activities within the company on their own and do not involve the state regulator.
Electronic payment systems
Payment systems created for conducting money transactions within the network differ from conventional systems in special technologies. There are both payment systems linked to real cards of international payment systems, and systems using virtual cards. The principle of operation of online systems is similar to conventional ones - each registered user receives an account - an electronic wallet that can be used to store finances or pay for purchases. You can use an electronic wallet both for payments on the network and for receiving money from other users - many MFIs now issue loans without bank cards, but directly to the client’s electronic wallet. Without electronic payment systems, using loans by SMS or any other online loans would be impossible.
Due to the fact that the process of registration and use is quite simple, it is difficult to consider electronic payment systems as safe products - knowing the account number and password, any user can take possession of other people's financial resources and personal data. The most popular domestic online systems are WebMoney, Yandex.Money and Qiwi. Not so long ago there was a novelty from the social network vkontakte. It has become easier to pay for purchases on the site and mobile services through VK Pay, which is predicted to be popular among young people. And in the world, the PayPal system is most common, but for the CIS countries its functions are limited.
Mobile technologies and payment systems make it possible to free people from part of the paperwork and facilitate the circulation and accounting of financial resources. The plastic card has become an essential attribute of modern life and the use of paper money is becoming less and less popular. The choice of payment system should be based on the needs of the user, otherwise you will spend more money on commissions and not be able to use all the features of the product.
How to choose the best payment system? Surely, when starting an Internet project, everyone faced this issue. Indeed, each business has many requirements in terms of the timing of the withdrawal of incoming funds, the maximum amount of commission, the necessary ease of integration and convenience for buyers. In addition, Internet business can be of different levels of riskiness and is often conducted from legal entities from offshore zones, which, of course, requires non-standard solutions. Next, we will consider the main electronic payment systems of the Internet that exist today, or rather their types with the advantages and disadvantages of each.
Electronic wallet systems such as QIWI, WebMoney, Yandex money, etc.
Payment intermediaries accumulating funds like PayPal or Moneybookers
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Internet electronic payment systems
In total, there are four main types of payment systems for the site:
1. Card payment systems for websites
Their typical representatives are not VISA and MasterCard themselves, but always a bunch of two legal entities, namely a bank and a processing company. Both of these organizations are always present and are essential elements of the card payments clearing procedure. The bank that opens the so-called "merchant account" is a repository for the received funds and is responsible for their "cleanliness". And the coordinator of the entire complex process of checking card data and the guarantor of transactionality is the processing center. At the same time, when a payment system for the site is connected, both of them can work with many other banks and processors. The only conditions are the existence of agreements and technical integration between the participants in the process.
When, when connecting to the payment system of bank cards, the question arises of contacting a bank or a processing company, the choice is made unconditionally in favor of the processing company. There are several reasons. Firstly, from the “bank + processing” bundle, only banks are responsible persons before card and interbank regulators, therefore it is incomparably harder to negotiate with a bank. Plus, as a rule, banks specialize only in certain types of businesses and do not work well with Internet companies that do not fall under their established template, and it is impossible to determine in advance whether a bank is suitable or not. Processing services, on the contrary, are not bound by strict requirements and the fear of losing a license and therefore are “absolutely flexible”, in addition, unlike banks, they employ IT specialists who are close to all your questions and who are always ready to suggest what and how best to do .
Given the above and the fact that both banks and processors work with many counterparties, it’s easy to understand that it’s easier to contact a processor that will almost certainly be able to work with you and then “fan out” your questionnaire to the banks with which it is integrated, rather than sorting through the banks in turn, waiting for one of them to agree and then, hoping that normal processing is cooperating with him.
With electronic currencies, everything is much simpler than with bank cards. Since these organizations simultaneously combine the functions of a technical provider when connecting, and a “central bank” for themselves, and a supervisory authority, and a legislator for their own money, it is easy to guess that under these conditions the bureaucratic component of connection is minimal. Of course, in Russia the Federal Law “On the National Payment System” has somewhat increased the requirements for organizations, but in general, connecting to a payment system such as QIWI and WebMoney are the easiest non-cash payment solutions to integrate. Perhaps the only drawback of these systems is their low popularity, with the possible exception of such a group of buyers as technically advanced youth, which, of course, negatively affects the ability to use any electronic wallet as the main payment system for the site.
A special group of organizations that are, on the one hand, electronic wallets, and, on the other hand, work with real world currencies, are payment intermediaries. If you need a payment system for plastic cards, but you can’t go through the “compliance” procedure in any bank, or you just want to save time, you can try contacting systems like PayPal or Moneybookers, which, acting on your behalf, will accept money into your account clients, and then transfer them to you. What is most interesting, commissions in such organizations can even be equivalent to normal processing. Unfortunately, in these systems there is always a requirement for each end buyer to complete the registration procedure, which greatly complicates the purchase process, which in the conditions of Internet commerce can become a fatal flaw.
Some processing centers working with VISA and MasterCard are striving to become universal payment systems. To do this, they integrate with many representatives of all previous groups. Due to the fact that they are the official distributors of all their counterparties, these "aggregators" provide their customers with "one-stop" services for connecting many payment solutions of "electronic wallets" and "payment intermediaries" at once.
As a rule, when contacting such an aggregator, a client only needs to fill out a questionnaire once, and then the aggregator takes over the entire process of working with other systems. At the same time, commissions and other conditions for each individual solution are always exactly the same as when working directly with service providers. The identity of the conditions with the end provider is a prerequisite for activity. One example of such an aggregator is our universal payment system Ecommerce Payments.
Dear Sirs, as you can see, we have done everything to become the most convenient and profitable way for you to receive payments. We own our own processing center, cooperate with many banks, and have organized a "one-stop shop" for connecting third-party providers. In addition, since our motto is "Everything for Internet business", we also provide legal and tax optimization services, as well as various consultations. Thanks to this, we are perhaps the most versatile online payment system in existence. We are always glad to see you.
