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Differences Between Bank Payment Systems and Shared Payment Systems

With the increasing demand for online shopping today, e-commerce sites have entered a race to integrate different and secure payment systems into their infrastructure. E-commerce sites that offer consumers the most secure payment method through alternative options such as bank payment systems and shared payment systems thus increase their trust in the eyes of the consumer.

The success of an e-commerce site is directly proportional to the variety and security of payment options it offers. In this article, we have compiled detailed information on topics such as "What does a shared payment system mean?", "How to apply for a bank virtual POS?", and "What are the advantages of secure payment pages?".

What are Bank Payment Systems?
Bank payment systems are among the most frequently used methods in online payments. When we say "What is a virtual POS?", this process can be defined as the digital transfer of the purchase price from the buyer's bank account to the seller's bank account online.

E-commerce sites that want to benefit from bank payment systems apply directly to the banks they want to work with for a virtual POS. As for the question of how to make a virtual POS payment; customers enter their card information on the payment screen during the payment process. The required information generally consists of:

Name and surname on the card
16-digit card number
Card expiration date (Month/Year)
Security code on the back of the card (CVV number)
After entering this information, bank approval is obtained and the payment process is completed in seconds.

Documents Required for Virtual POS Application

Every bank offers POS services. Of course, banks have certain requirements and official documents they request from businesses. These documents vary depending on the type of company:

For Sole Proprietorships or Partnerships: Tax certificate, photocopy of identity card, signature circular, and partnership agreement are required.
For Commercial Partnerships (Limited/Joint Stock Companies): Tax certificate, signature circular, and photocopy of the trade registry gazette are required.
What Does a Shared Payment System Mean?
When we talk about a shared payment system, it is not unrelated to our topic; on the contrary, it is one of the most popular solutions in e-commerce. E-commerce sites are turning to alternative payment systems instead of obtaining virtual POS terminals from each bank individually and performing separate technical integrations for each.

Payment systems such as PAYTR, İyzico, İpara, Paynet, Paytrek, Wirecard, Sipay, Param, and PayU allow you to use the virtual POS terminals of many banks from a single screen and with a single integration.

The payment service providers (PSPs) listed above negotiate with banks on your behalf, enabling you to use the virtual POS terminals of many banks simultaneously with a single commission rate or agreement. This eliminates the need for individual applications and fees, allowing your online store to use all banks' virtual POS terminals in a shared manner.

What is a Secure Shared Payment Page?

This service allows you to receive payments through a shared payment page provided by banks or payment providers without the need for special security measures on the server hosting your online store.

In this service offered by banks, the virtual POS screen on the bank's own secure servers is used. In other words, the customer is redirected to the bank's or payment institution's page at the time of payment. To use a shared payment page, it is sufficient to apply for this service specifically from banks or payment institutions.

Advantages of Using a Bank's Secure Shared Payment Page
When we talk about the advantages of a secure shared payment page, the following points stand out:

There is no need for special software or security work on the online shopping site.
The bank's virtual POS is used securely through the bank's own infrastructure.
For those who prefer a shared payment system (since the payment page is with the provider), there may not be a technical obligation to obtain a very high-level SSL certificate on the e-commerce site (but it is still recommended for customer security).
Businesses that want to use a Secure Shared Payment Page need to apply for a virtual POS from the banks that provide this service. What are the E-commerce Payment Options?
In e-commerce, it is possible to offer consumers many payment methods in different ways. Whether you choose a bank virtual POS or use alternative payment methods, offering variety to consumers is vital in terms of encouraging them to buy and building trust. We have listed the most commonly used payment systems in e-commerce for you in detail:

1. Credit Card Payment:

Credit card payment is by far the most used payment method in the e-commerce sector. Because credit cards are easy to use, offer wide installment options, and are generally secure, they are widely used for online shopping. Shoppers only need to enter their card information to complete the purchase process.