Traffic regulation is necessary not only for the movement of transport but also in relation to cash flows. Transfers, payment of salaries, business settlements with partners, payment for goods in a store — all this was once done with the help of banknotes and payment checks. However, in the digital space, these tasks are solved by a payment system that is responsible for regulating transfers from one individual or legal entity to another. To date, there are plenty of them: from small ones that are common in certain regions to world-famous payment systems that allow you to transfer money from almost anywhere in the world.
What Is the Reason for the Large Selection of Payment Systems
The possibility to choose a payment system among the huge variety of offers is explained not only by economic reasons and competition between providers but also by political ones:
- Each state seeks to create its own payment system to secure financial flows in the country and get rid of dependence on external providers.
- In addition, you can use an international payment system that allows transfers between residents of different countries. These are such systems as SEPA, SWIFT, Mastercard, American Express, VISA, and others.
- Other less-known brands are actively competing with them, offering new technological solutions and pushing these financial giants to improve their services.
How Payment Systems Differ
Each payment system is unique and differs from any other by a whole range of characteristics:
- Territory to which it extends its services;
- Possibility to make money transfers in different currencies or only in one;
- Transaction speed;
- Security of circulating money and methods of data encryption;
- Possibility to make anonymous transfers;
- Transaction fees charged by the payment system provider.
Which Payment System to Choose
Each payment system has its strong sides and weak points that should be improved. You can read more about them on the website of Fondy.io payment gateway provider. Some systems allow you to make fast payments, but their level of security may be lower than you would like. Others are reliable and recognized all over the world, but you will have to wait several days for the transfer of money. In order not to depend on the shortcomings of any of the payment systems, you can use several on different occasions. Depending on your goals and objectives, you will choose which one to give preference to at a particular moment.
Why You Need a Payment Gateway
To connect an e-commerce store or any other company’s website or app to a payment system, you need a payment gateway. It sends a transaction request after the consumer has entered the data of their card, eWallet, or other on the payment page of your website. Due to the fact that it can connect to various payment systems, one perfectly working gateway is enough to ensure the smooth operation of your e-commerce website.
By choosing Fondy’s payment gateway services, you will be able to offer your customers a choice of over 300 payment methods and expand your company’s operations to over 200 countries. With this payment gateway, you will easily build bridges and allow the smooth circulation of money flows.
