Online payments have really made progress in today’s technology. Nowadays, everyone is buying, selling, or trading things online, and the rate of mobile payments has massively doubled within the last 8-9 years.
One of the most important things one should put into consideration when it comes to accepting payments online is that customers need a variety of options. This is simply because most people use more than one payment method in paying for bills or items bought online. Ensuring you give your customers a variety of options will help you increase customer satisfaction, and in the process, improve your business.
You can quickly achieve this by:
- accepting credit and debit cards online.
You can do this by creating your own dedicated merchant account or using a third-party merchant account. Check out powercash to see some of the merchant solutions available.
- accepting a direct debit of a bank account with electronic checks (e-checks).
- accepting mobile payments.
- providing EMV or chip card solutions.
- using a recurring billing system.
- implementing email invoicing.
This gives your customers the ability to pay and receive bill online within a click of a button.
There are various digital transaction payment options for both small and large businesses in the industry that provide a lot of different and new ways of taking payments online.
1. Due
Due is an online payment option that’s very beneficial for gig workers as well as home business owners. It allows users to accept online payments with transaction rates as low as 2.7%. It also enables fast and efficient global payments that generally go through within two working days.
The platform also has an e-bank where users can store their money online, as well as a digital wallet to send and receive money across the globe.
2. Dwolla
Dwolla distinguishes itself from PayPal due to its API. The platform specializes in bank transfers or ACH payments, allowing users to build a personalized payment system; payments can be received within a day. Another surprising fact about this platform is that transactions are free!
3. Payoneer
In as much as it’s among the oldest platforms in the industry, Payoneer is used in over 200 countries across the globe and accepts up to 150 different currencies. Transactions are totally free. Just like Dwolla, it also includes a flexible API that increases with your company.
4. Square
Square offers a new way of accepting payments online with its magstripe reader that allows users to swipe credit cards anywhere for a 2.7 transaction fee for each swipe. It also has an app, the Square Cash App that enables users to send electronic invoices and ultimately get paid.
5. WePay
High-quality customer service and fraud protection are the top selling points for this platform. WePay allows customers to make purchases without having to leave their site due to its virtual terminal. It also offers merchants the opportunity to know their customers’ collection and risk management.
6. Authorize.Net
This is a payment gateway that’s used by over 300,000 merchants across the globe. It charges a $0.10 fee per transaction. Major online business platforms such as Magento, X-Cart, and Volusion accept payments using this gateway.
7. PaySimple
PaySimple allows merchants to accept credit cards, debit cards, and e-checks in one system, and at the same time, offers them the ability to set up an online payment form to put on their website. What’s more interesting is that the platform provides a credit card reader, as well as a smartphone or tablet. It charges $34.95 per month and also sends merchants’ payments for invoices they send to their clients’ emails.
