What Are Virtual POS Commission Rates?

What Are Virtual POS Commission Rates?

Over the past 20 years, there has been a noticeable increase in the use of non-cash payment systems instead of cash payments. Along with this, many consumers have started using automatic and electronic payment tools when making payments. The rise of internet banking and online shopping has enabled consumers to make payments without time and location restrictions. Payment instruments have emerged as a facility that allows the transfer of resources from the payer to the creditor. Different payment instruments with different characteristics have begun to exist depending on the type of transaction and relationship between the payer and creditor. The most common among these are undoubtedly cash and non-cash payment instruments. While cash payment instruments are a traditional payment system tool dating back to ancient times, where debt is paid in cash and goods and services can be purchased immediately in exchange, electronic payment systems have also become a frequently used and preferred payment method today. Payment systems encompass all the tools, operational processes, and communication networks that facilitate the exchange of goods and services between economic units. Over time, new studies on financial risks, reliability, and speed within the financial system have led to major changes and transformations in payment systems.

Today, with the development of electronic payment systems, individuals and institutions can easily purchase and transfer funds, securities, etc. through instructions given to banks via electronic payment instruments or online systems. Electronic payment systems are briefly; internet-based technologies that automatically pay for goods and services, such as electronic fund transfers, credit cards, smart cards, and debit cards. In our country, the Central Bank of the Republic of Turkey (CBRT) is responsible for payment systems and operates in line with CBRT's targets and policies. For this reason, the CBRT has acquired authorities and duties such as making regulations to ensure the safe, uninterrupted, and efficient operation of established and future payment systems, minimizing the risks they may contain, ensuring financial stability, properly executing monetary policies, updating itself according to current conditions in payment systems, and conducting studies on developments that may affect the efficiency and security of systems.

• Payment methods
• Virtual POS system
• Virtual POS system features

Online Payment

Online payment is a fast and reliable type of payment for various reasons such as making service payments, transferring funds, and shopping online. Goods and services can now be easily purchased online. In this case, online payment portals, besides being a powerful tool that simplifies our lives, allow us to perform all desired payment transactions from anywhere without leaving our location. Today, almost all products can be purchased through online payment systems. Consumers can see photos or videos of the products they will purchase and quickly decide on what to buy. Users can make payments for all products through instruments such as credit cards, debit cards, and deposit accounts. As of December 2011, the total number of customers registered in the system for internet banking in our country reached 18.1 million people. In addition, the amount of transactions made using internet banking was a total of 1,551,062 million TL in 2011. According to another study, when comparing online shopping payments made via the Internet with European countries, Turkey's growth rate reaches 50%.

Virtual POS

Whether you are a service business that communicates with customers by phone, a retailer that regularly receives internet orders, or just a seller who wants to diversify payment methods for customers, virtual POS stands out as a prominent choice for merchants in examples. Virtual POS is a system that accepts payments from online shoppers through credit or debit cards; a simple and fast application that allows manual authorization of card transactions over the internet. This payment method allows merchants to make payments from their smartphone or computer/laptop without a card reader. This process greatly expands payment sources and simplifies the payment process by adding additional security. It allows you to accept payments without storing consumers' card data and without needing to get their email or phone number. This technology simplifies the entire procedure by allowing you to control each of your payments from a single location. Today, when shopping online, all you need to do is add products to your cart. Then you are directed to the virtual POS for payment. This is the page where you securely enter your credit card information and pay for your purchase. Many virtual POS system integrations work compatibly with numerous e-commerce platforms. In addition, you can make it easier for consumers to go to the payment page by placing various payment links and buttons at any desired location on a website.

Advantages of Virtual POS System

Setting up a virtual POS is extremely easy and you don't need to acquire any additional hardware. The only fee here is the commission charged by the payment solution provider. Another advantage of the virtual POS system is the convenience it provides. Those who sell services or products online connect their systems to a payment platform of their choice, and the process speeds up and becomes easier. With Virtual POS, which increases applicability and versatility while also enhancing the customer experience, your business is always with you wherever you are. This procedure greatly diversifies payment sources and reduces the duration of the payment procedure by providing extra security. In addition, with the virtual POS system, you can receive remote payments by debit card from your customers. On the other hand, if virtual POS owners want to set up a kiosk at a trade fair, in a clinic, or at any point where you can accept payment, all you need is a computer and internet connection. Another advantage of having a Virtual POS is that you don't have to provide maintenance for hardware. Additionally, since you can send invoices by email, there is no need to print. With a reliable internet connection, you won't get any of the errors associated with physical POS units. Also, with payment methods like Iyzico, you can share the link you create on social media and receive your payments quickly without any integration or website needed.

Virtual POS System Commission Rates

The best virtual POS providers do not differ much from one provider to another in terms of features. Instead, your research should focus on companies that offer proper contracts, fair pricing, and reliable customer support. Current virtual POS system commission rates are as follows:

• PayTR: 1.50% – 3.90%

• TEB: 1.10%-5.20%

• HalkBANK: 2.84%-17.86%

• QNB Finansbank: 1.39%

• Param: 0.99%

• Payizone: 3.2%

• iPara: 2.30%

• Shopier: 2.99%

• Iyzico: 2.79%

• İş Bankası: Between 1% and 11%

• Shopinext: 2%

• Weepay: 2.30%

• Paytrek: 2.79%

• Paratika: 0.69%

Companies That Can Benefit from Receiving Payments Through Virtual POS

Online shopping is increasingly attracting more consumers, and many businesses are trying to make the system safer and easier to use. Companies that can benefit from a payment system that will save them time and effort are as follows:

• Food Delivery
• Remote freelance work
• Service professionals (e.g., doctors, lawyers, accountants)
• Other delivery services

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