How do I get a payment agreement for my online store?

What is a payment agreement, and why is it important?

A payment agreement is absolutely crucial if you want to sell products or services online and receive payment from your customers. It's the agreement that makes it possible for your online store to process payments via credit cards, mobile payments, and other digital payment methods.

Without a payment agreement, you can't receive money for your sales, and your customers can't complete purchases on your online store. Fortunately, it's become much easier to get a payment agreement, especially for new online store owners.

Two paths to a payment agreement: The traditional vs. the easy

There are basically two ways to get a payment agreement for your online store. One is the traditional, which historically has been more complex, and the other is the modern, integrated solution, which is designed to make it as easy as possible.

The traditional path: Requires multiple agreements and more technology

In the traditional way, you typically need to enter into two separate agreements with different parties:

  • Acquirer agreement

    This is an agreement with a so-called 'acquirer', which is a bank or financial institution. They're responsible for 'acquiring' the transaction, i.e., transferring the money from the customer's bank to your bank after they've approved the payment. Examples of acquirers are Nets, Worldline, or Bambora.

  • Payment Gateway

    A payment gateway is the technical solution that connects your online store with the acquirer. It's the one that "talks" to the customer's bank and checks if there's coverage on the card. Popular gateways are, e.g., Stripe, PayPal, or others. You need to set up and integrate this gateway with your online store yourself.

This model requires you to coordinate between two different companies, set up technical integrations, and often pay fixed fees in addition to transaction fees.

The easy path: Integrated payment solutions

To make it easier for entrepreneurs and small businesses, online store platforms have emerged that offer a fully integrated payment solution. Here you get one integrated agreement that covers both acquiring and gateway.

These solutions are designed to eliminate the technical hassle and the many intermediaries. You just need to sign up and activate the payment solution directly from your online store administration page.

An example of such a solution is GoShup.com with their built-in GoShupPay. With GoShupPay, you don't need separate acquirer agreements or an external payment gateway. Everything is in one place, so you can receive payments immediately without technical setup or additional fees from third parties.

Advantages of integrated payment solutions for beginners

For you who aren't technically skilled or just want to focus on running your business, the integrated solutions are a clear winner. Here are the advantages:

  • One integrated agreement: You avoid juggling multiple contracts and contacts.
  • No technical setup: The payment solution is already built into your online store platform. It's plug-and-play.
  • All popular payment methods: Most often both card payment (Visa, Mastercard) and mobile payments are included from the start.
  • Transparent pricing: The pricing model is often simpler and more transparent, typically just a small transaction fee, without hidden fixed fees.
  • Integrated support: If you have questions about your payment, you can contact your online store provider directly instead of having to figure out if the problem lies with the acquirer or gateway.

Choose the right payment solution for your online store

When you need to choose how to get a payment agreement for your online store, you should consider the following:

Criterion Traditional solution (Acquirer + Gateway) Integrated solution (e.g., GoShupPay)
Setup Complex, requires technical knowledge and manual integration. Simple, often no technical knowledge necessary, activated with a few clicks.
Number of agreements Typically two separate agreements (acquirer + gateway). One integrated agreement with your online store provider.
Payment methods Must be configured and approved separately for each method. Often included as standard (cards, mobile payments, etc.).
Pricing model Can have fixed monthly fees, setup fees, and transaction fees. Typically transparent, all-inclusive or simple transaction fees.
Support Multiple contact points (online store provider, acquirer, gateway). One integrated place (your online store provider).
Time consumption Can take weeks to set up and get approved. Can be ready in a few days or hours.

Conclusion: Make it easy for yourself

Getting a payment agreement for your online store doesn't have to be a complicated process. For most new online store owners, especially those without technical background, an integrated payment solution will be the clearly easiest, fastest, and most hassle-free path to start receiving payments online.

Choose a platform that prioritizes simplicity, transparency, and good support, so you can focus on selling your products instead of struggling with technology.