Payment Systems Comparison

When starting e-commerce, everyone's common problem is how to collect the payment from the customer. The most well-known methods for this are Wire Transfer/EFT, Cash on Delivery, and of course, Credit Card.

To receive payment via wire transfer, it is sufficient to open an account with any bank. When you open your account, your IBAN number is generated, and by entering this into the system, you can receive payments via wire transfer and send your orders to your customers.

For cash on delivery, it is sufficient to make an agreement with the cargo firm; when the customer completes the order, you send the cargo, and the courier collects your payment at their doorstep in cash or by credit card on your behalf.

Let's come to the hardest one, collection by Credit Card. To receive payments by credit card, first of all, you must be a company; of course, it doesn't end with this, every bank can have different procedures, but generally, they request the documents we have listed below from you.

For Sole Proprietorships
- Power of Attorney
- Copy of identity card
- Tax certificate
- Signature Circular
- Special Permits and Documents, if any
- Chamber registration certificate

For Partnership Companies
- Trade Registry Gazette
- Trade Registry Authorization Certificate
- Tax certificate
- Signature Circular
- Special Permits and Documents, if any

It doesn't end with these documents either; you need to apply to whichever banks you are going to work with. The reason you need to work with multiple banks is that, for example, if you get a virtual POS from Garanti Bank, you will only be able to make installment transactions with cards belonging to Garanti Bank. You will only be able to make single-payment transactions with the cards of other banks.

At this point, both domestic and foreign firms come to our rescue, and with a single application, you can make installment transactions on the cards of 6 brands (Bonus, World, Axess, Maximum, Paraf, Card Finans). These intermediary firms collect your customers' payments on your behalf in exchange for fees such as commission, transaction fees, etc., on your virtual POS transactions. So, who are these firms? Below, we have listed the firms for you with all their features.