In 2025, it will no longer be enough for businesses to simply connect to one payment system — the online payments market has become too diverse and technologically advanced. Companies are choosing between traditional banks, payment aggregators, and more modern solutions — payment orchestration platforms. Each of these models has its advantages and limitations: some provide ease of connection, while others offer flexibility and control over transactions. In this article, we will examine the specifics of each, analyze how they work, and help you understand which solution will be most beneficial for your business in 2025.

What Is a Payment System?

An electronic payment system is a service for convenient and secure payments between financial partners. These can be both individuals and legal entities. The system acts as an intermediary between those who receive money and those who transfer it. There are many payment methods available — electronic money, other payment units, and even cryptocurrencies.

How Do Payment Systems Work?

The main function of an electronic payment system is to ensure prompt payments between its participants. Participants can be individuals, credit institutions, businesses, or government representatives. New technologies reduce transaction times to fractions of a second.

The three main functions of payment systems:

• Guarantee the smooth operation of the service system.
• Ensure transaction security.
• Insure against any disruptions in financial transactions.

It is important to note that legislation regulates all payment system activities, meaning all financial transactions and operating principles have a legal basis.

The standard system flow is as follows:

1. The client transfers their funds to the payment system.
2. The transfer amount is frozen and recorded.
3. The system verifies the security of the transaction, then completes the transaction.
4. The client receives a receipt via SMS or email and is automatically returned to the store’s website.

What Payment Systems Are Available?

Payment systems are divided into online bank acquiring and payment aggregators. Aggregators are essentially intermediaries between the bank and the client, but they offer more payment methods.

Online Bank Acquiring

Bank acquiring often only accepts card payments, which can be inconvenient. Firstly, you lose some customers who are used to using other payment methods, such as e-wallets or mobile phone balances. Secondly, not everyone is willing to enter their payment details, especially when a brand is just entering the market and hasn’t yet established a good reputation. However, if you know that the majority of your clients are accustomed to paying by card rather than other methods, online acquiring may be suitable — it’s often significantly cheaper.

Payment Aggregators

Payment aggregators are a more versatile solution than bank acquiring because, unlike bank acquiring, they offer a variety of payment methods. In addition to bank cards, these can include e-money, mobile phone balances, and payment systems such as Apple Pay, Google Pay, and PayPal. Some even allow you to pay for goods in cryptocurrency.

How to Choose a Payment Service for Your Website?

When choosing a payment system, consider the following aspects:

1. Security. This involves assessing the security systems and encryption protocols used. This is important because customers trust your company, and their payment details are processed through an electronic payment system. Fraudulent transactions with customers’ bank cards put your business at risk. To protect your funds, make sure the service has the following solutions:

• SSL certificate;
• PCI DSS compliance;
• 3D Secure support;
• fraud control system — the service’s system should constantly monitor transactions and identify fraudsters by analyzing IP addresses and creating blacklists.

1. Electronic document management. Every month, you will need to close service reports confirming that funds are being deposited into your account from the payment aggregator, which, in turn, collects payments from your customers. Electronic document management makes this much easier.
2. User-friendly interface. Sometimes widgets force users to make unnecessary clicks, which can be a significant turn-off.
3. Tariffs and fees. Every system charges a commission — bank acquiring fees are typically 1 to 5%, while payment aggregators charge up to 10%. The rate almost always depends on the business’s monthly turnover. The higher the turnover, the lower the commission. If your store has a high turnover, choose a bank that calculates the commission individually. Companies with a small turnover, on the other hand, are better off choosing a fixed rate. It’s also important to consider the bank’s minimum turnover requirements.
4. Hidden fees. Sometimes a low commission comes with a catch: hidden fees. Fees for subscription services, system setup, cash management services, and fees for transfers to other third-party accounts can all add up to more than the benefit of a low commission.
5. Acquiring banks — their number, reputation, and whether you can choose the best one for you.
6. The ability to test the interface. This allows you to check the user experience of the system’s features beforehand.
7. Support response time. To maintain customer loyalty and avoid disruptions to your business due to technical issues, it’s important that our support team responds to your inquiries as quickly as possible, 24/7.
8. Recurring payments. These are automatic payments made once per a set period, occurring automatically if the first transaction is successful. Cardholder verification is required only for the first payment. The store doesn’t store card data, which is safe for the buyer. This format may be of interest to providers and services with monthly subscriptions and auto-renewal.

Payment Orchestration Platforms

Payment orchestration platforms are a more modern solution for businesses. Unlike aggregators, which simply consolidate payment methods, orchestration platforms like Tranzzo allow you to manage all payment flows from a single center — choosing optimal transaction routes, reducing fees, and increasing payment success rates.

This is especially important for online stores: an orchestration platform helps quickly enable new payment methods, integrate anti-fraud systems, and obtain comprehensive analytics.

Final Thoughts

When choosing an electronic payment system, consider who your buyer is. What country they’re from, what currency they pay in, and whether they use e-wallets. Product features are also important. For example, if your product typically attracts impulsive demand and is purchased spontaneously, convenient payment methods — ApplePay, GooglePay, or mobile payments — are essential. If you’re interested in the capabilities of a payment orchestration platform, we recommend considering Tranzzo, which allows integration with over 330 banks and PSPs.