If you plan to generate revenue with digital learning, or even sell seats in classroom training, you need an internet payment gateway. According to Forbes, by 2022, transaction values for payment processors in the United States will reach $ 5,411,354.
What is a payment gateway?
A payment gateway is a third-party service provider that authorizes and processes payments. There are many different payment systems, such as Stripe, PayPal, Authorize.net, Google Checkout, and direct MasterCard and Visa cards.
How does it work?
The block diagram above shows the payment processing workflow:|
1. The customer pays at the website
2. Payment information is sent securely via the payment gateway
3. Money appears in the merchant account/money debited from a customer bank account|
4. The customer receives a notification indicating success or failure
5. Transaction complete
Two of the most popular are PayPal and Stripe. For this article, let’s discuss how to get started with Stripe. The Instancy Learning Platform integrates with many third-party systems out of the box. Our feature-rich system connects almost seamlessly to most API’s.
- Go to Stripe and create an account.
2. Continue to the next screen
3. It is a good idea to browse the docs where you can learn about the best business use cases for your industry or business needs. For example, you may only need online payment functionality, or you may want a mobile or in-store as well. Also, you can clone (copy) a sample setup.
Once you have created your Stripe account, it’s time to configure the Instancy LMS account. The Instancy LMS becomes a ‘Site Administrator’ to process the payments through Stripe. Add pricing details to all the courses – eLearning, classroom, or branded – you wish to sell.
Once you add the payment processing component, the Instancy LMS website and course catalog become your eCommerce site. Instancy has built-in support for a shopping cart. The shopping cart even allows you to apply coupons for purchases.
Once the buyer selects learning events and authorizes the purchase process to begin, the Instancy LMS, through its API integration with Stripe, processes the payment. The learner sees the confirmation of the purchase on the LMS website screen. Although we refer to Stripe in this article, you can also use other payment processors such as PayPal or authorize.net. Instancy’s plug and play technology makes the integration easy.
Learners can see their purchase and payment transaction history any time from their Accounts Details page. If you prefer to offer recurring payments and membership subscriptions to your learning website and course, Instancy handles it with ease. Because of Stripe’s superb technology, all recurring payments are processed through Stripe. Not all payment processors currently do this.
Summary
Monetizing your training and education content requires an exceptional LMS that allows you to grow your business. One size does not fit all. The Instancy team ensures our LMS works side by side with you to grow your business. Let us know how we can help.
