How To Accept Online Payments For Your Business
This mobile connectivity seems to have sped up things and have taken businesses into full throttle. If you are running an online business or brick-and-mortar business, you can explore your payment options to save you time, effort, and money.
There are different options to send invoices or bill your clients online. Having multiple billing and payment options is said to improve or enhance overall customer experience. Aside from providing your customers convenience with shopping or paying bills, as a business, this also reduced the amount of time spent waiting for payments. Having a payment schedule also helps you save time and get your business running seamlessly. Many customers now prefer to receive email notifications about promos and transactions which makes these platforms attractive to both customers and business owners.
Here are Different Ways on How to Accept Online Payments for Your Business:
Enable mobile payments.
According to research, around 79% of households own a smartphone. This is bound to increase in the next years. The mobile industry is huge as you can tap thousands of customers via mobile. Mobile bill payments or for shopping purposes is also easier and more convenient with the use of your smartphone. Mobile payments provide more value for customers as it introduces a secure, faster, and convenient way of making payments.
Set up PayPal.
This is regarded as the largest and most secure online payment processor that allows consumers to send money instantly to anyone with an e-mail address with or without a PayPal account through their checking account or credit card. PayPal is definitely a great way to get organized in terms of payments especially for companies that operate online. This is also very cost-effective because PayPal only charges minimally or at 0.7% to 2.9% per transaction plus 30 cents for every order or based on the total sales volume. To use PayPal for your business, just add the “Buy Now” PayPal button to your website so your customers can easily click on the button to pay with PayPal. The payment will then automatically be processed and then sent to your merchant account while the customer is rerouted back to your site.
Create a merchant account.
Your customers can pay easily with a credit or debit card while shopping on your site. To enable this feature, you have to open either an intermediary holding account or a merchant account. The most accepted credit cards are American Express, Visa, and MasterCard. To set this up as a payment method, you would need a credit card merchant account and a bank account. Start-up fees for credit card payments would range from $50 to $200 plus monthly statement fees and the transaction fees.
Set up E-mail Invoicing.
Most people have e-mail accounts and use them for both personal and business use. You can set up an e-mail invoicing system so you can send them an invoice and then get paid with a few clicks. This also generates a receipt for your customers. This helps you get organized reports of your payments and help you manage your data anytime and anywhere.
Your goal with online payments is to make transactions easy and painless for you and your customers – a win-win scenario. There are different options for accepting payments online that your business can take advantage of to provide your customers an integrated user experience from shopping to checkout.