How to choose billing?

No matter how wonderful your online store is, no matter what cool products you offer, if you have not correctly configured the payment acceptance system, you can never even dream about the good profitability of your project.

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Imagine the situation. You sell bicycles in Ukraine – well-known brands, at a competitive price. But you can pay only with electronic money – Yandex Money or WebMoney, which are prohibited in our country …!

Will you have a lot of buyers? Of course, the example is somewhat exaggerated, but it clearly shows how important a properly configured payment system is for a site.

In this article, we will consider how to properly organize the acceptance of payments on the site for Ukraine.

Billing for Ukraine

There are several definitions of what billing is. Therefore, we will immediately clarify.

By this concept, we will mean everything that is connected with receiving money for our goods / services remotely, that is, receiving and processing payments.

There are a large number of payment systems that allow remote payment:

• bank cards of various banks (there are more of them in Ukraine … ..)
• electronic money (Yandex Money, Web Money, Qiwi – despite the fact that they are formally prohibited in Ukraine, Pay Pal, etc.);
• mobile wallets;
• cryptocurrency (Bitcoin, Litecoin, Ripple, etc.).

Such a large number of various payment systems implies a large number of payment methods.

For example, having a bank card, you can pay using various terminals or online banking through acquiring bank. A mobile wallet allows you to pay for goods / services via SMS through a mobile operator.

Payment by electronic money or cryptocurrency takes place directly, through these payment systems – money is withdrawn from the seller’s wallet and transferred to the seller’s wallet.

So which billing is better to choose for Ukraine? Ideally, one that allows you to accept money in any way known.

But it is clear that the more payment methods the service allows, the more expensive it is. Therefore, you should look for the best option.

How to choose billing?

By and large, there are three billing strategies:

1. Create your own store in the system of some marketplace – Amazon, eBay, Rozetka, Prom.ua, Aliexpress, etc. There exists its own payment acceptance service. Disadvantages – you are forced to obey the rules of these marketplaces and pay a certain percentage for using their sites. In addition, payment systems that are most common in Ukraine do not work in foreign marketplaces. Therefore, if you are focused on the domestic consumer, then they do not suit you.
2. Connect to each payment system in Ukraine for the site separately. This approach makes sense (in terms of minimizing deductions for billing) in the case of using a small number of payment systems. Indeed, in this case, it is necessary for each system to create its own account (wallet). Then, from each account (wallet), withdraw funds to a single account. Each account has its own reporting, etc.
3. Aggregator of payments. Such a system ensures the receipt of payments on the site for individuals from all kinds of payment systems. At the same time, you get rid of the need to have a large number of current accounts and wallets. You will have one, the so-called merchant account, where a diverse currency will flow, be converted there and already sent to your current account in national currency. Conveniently? Without a doubt. But for these amenities you need to pay a certain commission.

We make intermediate conclusions:

1. It is possible to create an online store on the platform of some marketplace. Depending on the target audience, this may be a foreign or domestic trading platform. By the way, this also includes social networks and instant messengers. In this case, it is a platform and assumes all responsibilities for receiving payments. By the way, given the fact that these marketplaces are well integrated with search engines and have built-in search engines, you can save a lot on promoting goods on the Internet. So for small online stores this is a very good option. But for large trading web services this is not profitable. At high speeds, the commission in absolute terms becomes tangible. Plus, the need to align their trading policies with the rules of the marketplace.
2. Individual connection to each payment system. Also suitable for small online stores, whose CA pays for goods in just a few ways.
3. For large online stores with CA in different countries, the most preferred option is with an aggregator of payments. Firstly, the store is completely independent. Secondly, the fee for billing from the payment aggregator is lower than marketplaces charge for their services.

How to choose a payment aggregator in Ukraine

We offer the following selection algorithm:

1. Rates. For large online stores, even a difference in commission of 1% for a turnover of hundreds of thousands of hryvnias per month is significant.
2. The number of connected payment systems and payment methods. A payment aggregator does not necessarily provide connection services to all payment systems in the world. This is unrealistic. Therefore, analyze your target audience, determine your preferred payment methods and, in accordance with this, choose a billing service for yourself. Note that the following situation may arise. Are you satisfied with the service in terms of tariffs, but it does not work with any payment systems that you need? What to do? Looking for another aggregator? Maybe. But consider the option to connect the missing payment systems for the site individually.
3. Opportunity analytics. Who owns the information, owns the world. We would add: “And whoever knows how to correctly and quickly analyze information, that owns everything.” The ability to quickly analyze payments – where did they come from, which ones are greater, the distribution of payment systems and types of payments for goods, etc. will allow you to more accurately build your trading strategy, which means that you get more profit.
4. Reliability. It is mainly determined through the number of years during which the aggregator provides its services, the number of customers and who they are.
5. Tech support. Billing on the site should work 24/7. In the same mode, technical support should work. But given that all the more or less well-known operators work this way, this parameter is not relevant.
6. The ability to integrate billing into an online resource. If your site is created on some standard CMS – Joomla, Drupal, WordPress, OpenCart, etc., then there will be no integration problems. All major services have modules for connecting to such “engines”. But if the CMS is somehow individual, then there may be problems. In this case, it is necessary to negotiate with the owner of the aggregator.
7. Customization of the interface. The ability to make the design of the payment page (which already belongs to the aggregator) similar to the design of the site is, of course, a plus. Firstly, the image of the site is increasing, which positively affects the conversion. Secondly, a sharp change in design can just scare away the visitor. Everyone has heard about Internet fraud, and a person in this case may well think that he got on the scam page.

Wellcoinpay payment aggregator benefits

We analyze our company in accordance with the described algorithm:

1. Rates are among the lowest. There are several tariff plans for different user needs.
2. The number of connected payment systems is more than 50, including all that work in Ukraine. At the same time, it is possible to connect payment with cryptocurrency, which is rapidly gaining popularity around the world.
3. Opportunity analytics. The user receives a merchant account with a large set of analytics tools.
4. Reliability. Wellcoinpay provides services in more than 180 countries. His clients include hundreds of companies operating in different areas of the market.
5. Tech support. Of course, 24 hours a day, 7 days a week, without holidays.
6. The ability to integrate billing on the site. More than 150 modules for various CMS are offered. If you have an individual CMS, please contact. We will consider your proposal and make every effort for fruitful cooperation.
7. Customization of the interface – let’s do it. Our payment page will be similar in design to other pages on your site.