Design and Development of Electronic Payment Systems

The proliferation of the Internet ignited the appearance of lots of online stores and services. As of now, everyone can order any product or use any service, online. There is just one question: how to pay for all this? Do we need to waste time walking to the nearest bank office? Electronic money significantly facilitates this process and reduce all obstructions and difficulties allowing us to make virtual payments. It is by far more convenient to pay with electronic money than with conventional banknotes.

As e-commerce evolves, various electronic payment systems are developed and their functionality extended. They have already become an integral part of our life — somewhat of an interface for online deals. Payment systems working with electronic money are considered the most handy way to perform financial transactions. Namely, electronic payment systems allow the following:

  • Paying utility bills, taxes, and fines;
  • Paying for cable TV, Internet, and mobile services;
  • Making purchases in online stores and games;
  • Transferring money to other users;
  • Currency exchange;
  • Repayment of loans;
  • Depositing and withdrawing money through bank accounts and cards.

With that, e-commerce payment systems ensure high transaction speed and relieve us from the necessity to count up and fumble with change. These are benefits not only for users but also for service providers and sellers.

Design and Development of Electronic Payment Systems

Electronic payment systems popular in Europe

The world knows a plethora of heavily-used electronic payment systems. Here are some of those that had spread and become widely-known in the United Kingdom and Europe:

  1. Worldpay. Founded in 1997 in the UK. 400 thousand corporate customers across 146 countries. 126 currencies supported. Worldpay Inc. earns on transaction fee (0.75 to 2.75 percent of the transaction amount), and monthly fees (£19.99/month).
  2. PayPal. Founded in 1998 in the US. 200 million users across 202 countries. 25 currencies supported. PayPal Inc. earns on fees: 3.9 to 5.4 percent of the transaction/payment amount.
  3. Neteller (1999, Canada) and Skrill (2001, UK) were e-commerce rivals, currently owned by Paysafe Group Limited. Neteller supports 28 fiat currencies and 9 cryptocurrencies; counts 31 million users across 200 countries. Skrill handles 40 fiat currencies and 9 cryptocurrencies; serves 36 million users across 200 countries.
  4. Stripe. Founded in 2011 in the US. Counts 4 million users across 23 countries. Supports 100 conventional currencies and Bitcoin. Stripe Inc. earns on fees based on the transaction amount: 2.9 percent for credit/debit cards, 3.9 percent for internationally-accepted cards.
  5. Your electronic payment systems we will help you create.

You don’t have to craft an electronic payment system yourself

The key purpose of any payment system is handling money. On the other hand, electronic payment systems are designed for processing financial transactions online. Their core is technical procedures that enable users both transfer funds between each other or to organisations.

Every proprietary e-commerce payment system is primarily developed to serve specific tasks and activities. Tasks such a project can tackle are diverse as most transactions today are executed over the Internet. In terms of executing cashless payments, this method is the simplest as the connection to such a system automatically eliminates the bulk of any imaginable red tape. Electronic payment system also incorporates functions of a bunch of organisations: supervision, payment processing terms, and other processes are managed by the system itself rather than third parties.

Having developed your own e-commerce payment system, you will provide your users with the following benefits:

  • Easy payments for any products and services with electronic money (highly demanded by individuals);
  • Remote access for any-time transfers (unlike traditional banks that do not know what it is to work 24/7);
  • High transaction speed: it just takes a few seconds to process a payment (bank payments need several hours to several days);
  • Simplicity and accessibility: anyone can register in a couple of steps and start using your system in a jiffy.

Online stores and e-commerce entrepreneurs will be able to expand their enterprises and attract more clients with introducing a new handy payment method.

As the electronic payment system owner, you will get:

  1. Finely-organised payment acceptance.
  2. Effortlessly-configurable rate scales and fees, separate for companies and individuals.
  3. Complete control over the circulation and cash flows within the system.
  4. Plastic card issuance (with recurring service charge).

Your electronic payment system: we create, you enjoy

Our company is ready to develop a turn-key electronic payment system for you. Rest assured that we can steer any complexity and lay the basis for any grade of scalability. We can understand what your business needs, tailor our solution to your specifics and requirements. Also, we will provide you with Android and iOS mobile apps: administrator apps (for access to the database and service panel) and user apps.

The cost of creating an electronic payment system is from 50,000 USD.
The cost of developing mobile applications in addition to EPS is from 20,000 USD.

To facilitate development and testing, Polygant will assign a whole team to work on your project. The team will include designers, front-end and back-end developers — all competent in what you expect them to be. Such an approach enables us to release products on time and follow the pace of your desire. To learn more, please submit a request.

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