What Are Consumer Rights in Online Shopping?
Learn about your rights in online shopping and what accepted agreements mean. Visit our blog for all the details!...
Payment systems refer to all financial technologies used to collect payments in your online stores. Visit our website for more details!
E-commerce payment systems can be defined as a data exchange that corresponds to offline money transfers. In this exchange, the amount equivalent to the price of the purchased product is transferred from the buyer to the seller’s bank account. This transfer process creates a financial impact for both parties, which makes it essential to operate on a highly secure infrastructure.
In Türkiye, the growth of the online market containing e-commerce payment systems has accelerated since 2018 and tripled in size by 2020. According to Statista, by December 2021, e-commerce accounted for 20% of total retail sales. In the same year’s fourth quarter, the number of e-commerce transactions reached a record-breaking 400 million.
The large transaction volume in e-commerce motivates sellers to compete and improve customer experience. This motivation also makes consumers more selective when deciding to purchase a product. Payment systems used in online purchases are one of the criteria customers pay attention to. Alternative payment systems are essential for customer satisfaction in e-commerce. Each stage of the transaction is meticulously handled under the supervision of neutral and independent interbank systems.
Regulated by laws, legal frameworks, and various regulations, payment systems offer great convenience to both customers and businesses. These systems are not only practical but also provide secure transaction processes, as they are examined at each stage by government institutions and independent auditing bodies.
If you are involved in e-commerce, it’s important to have detailed knowledge of online payment systems. On websites offering card-based payment systems, customers add the products or services they want to their cart and proceed to the payment page.
On this page, they enter their 16-digit credit or debit card number, expiration date, and CVV code. This initiates the communication network for the payment process. Before being sent to the acquiring bank, the encrypted card information goes through multiple layers of security and encryption. If the consumer's account is eligible for the purchase, the bank approves the transaction, and confirmation messages are sent to both the customer and the website. The entire process, including encryption and backend security, should be completed in less than three seconds.
Money transfers are carried out through various applications developed by different banks or payment providers. These applications allow you to see all your cards on a single platform and choose from multiple payment methods. After integrating with Lidio, you can easily use a variety of online payment methods across different channels. Lidio POS is just one of these options, along with Lidio Pass—a one-click payment infrastructure that enables accepting payments from various banks. All of these applications are integrated and highly advanced systems.
Virtual POS systems play a key role in enabling practical and secure online shopping. These systems must meet global certification standards and are monitored by independent authorities and governmental institutions. Especially in systems involving payments, such as virtual POS, it is important to collaborate with institutions approved by Türkiye’s Banking Regulation and Supervision Agency (BDDK) and the Central Bank of the Republic of Türkiye (CBRT).
Electronic payment systems in Türkiye follow the same structure and flow as global applications. Thanks to the rapid growth of e-commerce, especially in the retail sector, a wide range of payment systems can be found on websites. Some of the most commonly used payment systems in Türkiye include:
Payment systems vary based on user preferences and convenience. In recent years, changing trends have led to the widespread adoption of different payment systems both in Türkiye and around the world. Among the most popular online payment systems are integrated platforms like Lidio Virtual POS and Lidio Pass. With this setup, you can manage all your financial operations from a single point. With Lidio Virtual POS, you can receive credit card payments from your customers in milliseconds in the online environment. With Lidio Pass, you can securely store your customers’ cards within Lidio’s infrastructure and offer them a seamless shopping experience. Additionally, with Lidio’s Smart Transaction Routing and Fraud Prevention products, you can reduce your business risks and losses while increasing conversion rates.
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