Online Payment Methods: How to Accept Payments Online
With the rising trends in e-commerce and digitalisation, more and more people are shopping online. If you don’t take payments online, you’re missing out on a significant customer base. Research shows that two-thirds of consumers would avoid merchants that offer a poor payment experience.
Providing customers with different payment options makes the sales process faster and improves the customer experience. Here’s a rundown of online payment methods you can use to grow your business.
How to Accept Payments Online
There are various options you can use to accept payments online, including:
- Mobile payments
- Payment processors
- Invoicing and billing
- Online foreign currency money transfer specialists
Mobile wallets are a popular online payment option as they offer more convenience than a card payment. These apps provide one-click payments built into your website or e-commerce store. Examples of mobile wallets include Apple Pay, Google pay, Samsung Pay, AliPay and WeChat Pay.
Online Payment Processors
Payment processors are companies that provide a payment gateway to accept payments on your website. They facilitate the movement of funds from the customer’s bank account to yours for a fee.
There are two broad types of processors.
- Merchant account providers: Provide you with your merchant account and merchant ID (MID). The approval process is more complicated, but your account will be more stable and fully customisable.
- Payment service providers: These aggregate different merchant accounts under the same merchant ID. Examples include Amazon Pay, Stripe or a Paypal account. They are easier to use because approval is faster.
Website builders like WordPress typically allow you to integrate easily with payment processors. Platforms such as Shopify and WooCommerce also come with in-built payment gateways.
Invoicing and Billing
You can use a provider that offers Click-to-Pay email Invoices integrated with major payment service providers such as Zoho, Wave or Xero.
You input your invoices or bills on the platform, creating an email message with a payment button. Once you send your customers the invoice or bill, they can simply click on the payment form.
Online Currency Exchange Money Transfer Specialists
You can receive payments through currency exchange services if your business extends across borders. These platforms convert one currency into another, allowing you to receive money in your local currency from foreign customers.
They offer simple and quick transfers over a website or exchange platform, usually with a fee per transaction.
When choosing a foreign exchange currency service for accepting payments, remember to do your due diligence to choose a secure platform. Go through reviews on independent sites to see other customers’ experiences. Also, ensure that you use an FCA-regulated site to increase the safety of your funds.
Benefits of Accepting Online Payments:
Increases Your Global Footprint
When you take online payments, you can reach customers worldwide, expanding your territory, market share and the growth of your business. Online payments help to overcome geographical barriers as opposed to accepting credit cards as your sole method, which would limit your reach.
Easy and Affordable
Most providers are easy to set up at no cost. Most platforms also typically offer lower transaction fees to keep your costs low.
Improves Your Workflow
Speed and efficiency increase productivity and smoothen your workflow. Faster and reliable payment methods attract more shoppers, increasing your turnover, which translates to more profits. In addition, the digital age has given customers a taste of convenience, making them more likely to bounce without completing the purchase if you have an outdated payment method.
Online payment options are obliged to have multiple layers of security, for example, customer verification code checks, to reduce the risk of scammers. Your money will also be moved to your account safely. You can easily cross-check your payment, as most platforms have a detailed transaction history.
Cash Flow Management
An online payment system typically clears faster than traditional methods such as checks. This helps you manage your liquidity and boosts your cash flow.
Factors to Consider:
Here are some of the primary considerations to make when choosing a payment platform.
- Speed of transaction processing – Choose a platform that allows for a fast payment process to avoid delays.
- Integration with your website or e-commerce platform.
- Transaction fees – Find the lowest possible fees without compromising on security and reliability.
- Business risk, for example, some payment processors may freeze or block your account without notice.
- Security risks – Keep your platform safe to protect customers’ banking and credit card transactions information.
Look For A Reliable Foreign Currency Transfer Service
It’s important to look for a currency exchange service that is not only quick but secure and reliable. Look out for companies with affordable transaction fees that support multiple currencies and offer free account set-up. Even better if the company provides dedicated currency specialists that will walk you through the process and help you with risk management and exchange rates.
About the author:
Clear Currency provides a hassle-free way to make a foreign exchange transaction.
Their in-house currency experts are on hand to help you keep more of the money you transfer, guiding you through every step of your exchange and offering you the best rates. They provide instant rates and same-day transfers. What’s more, they’re FCA regulated for absolute peace of mind.