Payment Systems 101 – Basic Overview

 

What Are Payment Systems?

 

Payment systems are digital infrastructures that allow businesses to receive payments and process transactions through financial institutions. These systems operate according to legal regulations and technical standards, and digitization has expanded the variety of payment channels available to customers.

At their core, payment systems match the buyer's card information with the seller's details during a purchase. They are especially common in e-commerce and online shopping platforms.

In Turkey, most global payment systems are operational. However, technologies used for cryptocurrencies are not yet widely legalized or used for payments in the country.

 

Can Anyone Accept Online Payments?

 

To start accepting online payments, you need to be a registered taxpayer and comply with the business model evaluation criteria set by iyzico.

Typically, the following documents are required:

• Tax registration certificate
• Signature circular
• Copies of ID cards of company partners
• Bank account statement in the name of the company or individual

Additionally, the website must meet certain technical and legal requirements (SSL certificate, distance sales agreement, etc.). Once all conditions are fulfilled, businesses can usually start receiving online payments within 48 hours. The process is straightforward and fast.

 

What If I Don’t Have a Development Team?

 

If your website is for promotional purposes only and you do not sell any products or services, you cannot accept payments online. However, if you offer products or services but lack a development team, you can use ready-made e-commerce platforms and package solutions.

These solutions allow businesses to start selling and accepting payments without technical expertise. iyzico’s integration with both open-source and packaged solutions makes the process seamless.

 

Can I Accept Small and Large Payments?

 

In theory, you can accept both very small and very large payments. Single payments have no minimum limit, while installment payments require each installment to be at least 1 TL.

Although there is no general upper limit, actual limits are determined by customer credit card limits and restrictions set by banks.

 

How to Reduce Risks for High-Value Transactions?

 

For high-value transactions, it is recommended to make 3D Secure authentication mandatory. This significantly reduces the risk of chargebacks and fraud. The threshold for requiring 3D Secure is up to the business.

Additionally, for large transactions, contacting the customer before shipping and verifying certain details (e.g., card expiry date, date of birth) can further reduce risk. These manual checks complement automated security measures. iyzico’s fraud team also provides ongoing support for suspicious transactions.

 

Why Is Online Payment Better Than Bank Transfer or Cash?

 

Relying solely on bank transfer or cash payments may result in losing potential customers who prefer credit cards or installment payments. Online payment systems attract new customers and can increase sales.

According to the Interbank Card Center (BKM), card payments in Turkey reached 709 billion TL in the first half of 2021. Online card payments grew by 77%, reaching 188 billion TL. Contactless payments tripled compared to the previous year.

These numbers show a clear shift in user behavior toward digital payments and highlight the importance of online card collection for businesses.

 

Can I Accept Payments from Abroad?

 

Yes, you can accept international payments. iyzico supports merchants in exporting their products worldwide. Even small businesses can sell globally via the internet and receive payments securely through iyzico.

 

How to Offer Installment Payments?

 

iyzico allows 2, 3, 6, and 9 installment options for multiple credit card families. This enables merchants to provide their customers with installment payment options and increase sales.

 

How to Enter the E-Commerce Market?

 

Entrepreneurs entering e-commerce should first find the right product and, ideally, focus on a vertical market. Using a ready-made e-commerce platform and iyzico’s payment system helps accelerate growth.

In Turkey, SMEs still use online sales channels below desired levels. Activating e-commerce channels is crucial for increasing sales and gaining new customers.