Our All-in-One Payment Orchestration Platform is designed to increase sales and reduce costs for all businesses accepting payments. Your payment processor should have live tech support available if you need it. In some cases, you may even get a dedicated account manager that you can call anytime with a problem.
- An eCommerce website — paired with one of the top online payment processing providers — is an integral part of selling online for many businesses.
- AliPay is popular in China and supports both online and in-store transactions.
- PayPal is a widely recognized and trusted digital wallet that enables users to pay with their PayPal balance, linked bank accounts, or credit cards.
- Recent data shows that 9% of customers who abandon their cart before checking out do so because there weren’t enough payment methods.
Many eCommerce platforms offer built-in payment gateways or easy integrations. Being able to accept payments online is essential for online businesses aiming to expand their customer base and streamline transactions. Looking ahead, the use of credit and debit cards online is expected to fall, but don’t let how to accept payments online those predictions fool you.
b. High Transaction Fees
Many also facilitate Automated Clearing House (ACH) transfers from your customer’s bank account to yours. Flat-rate payment service providers are best for businesses that do less than $5,000 per month in sales, while more complex models could be better for larger businesses. To accept credit card payments online, you will need to find a reliable payment processor.
Tap to Pay on the PayPal App helps service businesses and those without a countertop (or physical location) to provide a fast, professional way to pay. Customers can make payments using a variety of payment methods, virtually anywhere that you do business. When your payments hit a snag, will the processor be there to support you until you’re back up and running? Further, an automated phone system isn’t the same as speaking to a live person, so make sure to ask if they have live customer support. Low rate processing fees don’t mean much if you can’t reach someone to help when you need it most. Online purchases have the highest incidence of fraud, so payment processors cover their risk by charging a higher rate.
What is the best way to accept credit card payments?
As we note in our look at the cost of credit card processing online, payment service providers work best for small, low-volume, and seasonal businesses. Established businesses with a higher processing volume should typically invest in a full-service merchant account. This method is secure and cost-effective, which is why it’s a popular choice for businesses and customers alike. ACH transfers are ideal for recurring payments such as subscriptions or membership fees due to their low transaction fees compared to credit card payments.
- It includes robust client management and integrates with Stripe for online payments.
- On the other hand, an ACH payment is an Electronic Funds Transfer (EFT) that allows your customers to make a direct deposit from one bank to another.
- At this point, you certainly do not have to have a website to take payments online.
Adhere to compliance and accounting requirements
You, the business owner or merchant account, are one end of the transaction. A sophisticated array of technology bridges the gap between the two, designed to facilitate this exchange efficiently and securely. Payment processors with flat-rate transaction fees are usually the most affordable option for businesses that make less than $5,000 in sales per month. Processors with interchange-plus models are best for larger businesses with higher sales volume. Older systems require you to purchase a separate credit card terminal and either connect it to your cash register or manually enter a transaction amount to run a card. The terminal might include a card reader and a printer, which is what you often see on the counter at a small business.
Choose a payment processor
So in addition to the standard transaction fee –– say 2.9% + $0.30 –– you’ll pay a gateway fee for each transaction. Invoicing software like FreshBooks lets you send invoices and receive payments through one quick, secure, and easy system, with clickable links to encourage faster customer bill payments. Electing to go with the payment gateway from the payment processor you’ve picked to handle your payments is often the easiest, safest option – for the reasons we outlined just above. Once you’ve selected the payment processor you’d like to use, you’ll then need to pick the right payment gateway for your needs.
Firstly, hit the books to weigh up the different payment processors available. Once you’ve tested your payment system thoroughly, you can switch it to live mode and start accepting payments. With 72% of e-commerce sales happening via mobile devices, ensuring your payment process is mobile-friendly is critical. Payment APIs from providers like Instantpay allow businesses to customise payment experiences tailored to their specific needs, such as embedding payments directly into apps or websites. Essentially, using payment gateways can benefit your business in many ways while also keeping your customers close to your payment page. Every business is different, so talk through your fraud protection options with your service provider before signing up.
There are some services that allow you to send invoices to clients directly via email, allowing them to view, pay, and receive a receipt of their bill in just a few clicks. This is especially useful for any service-based industries that rely on invoicing for quick payment for their work. This also helps cut down on the work and environmental impact of your company’s billing process, saving time and paper along the way. The payment gateway, usually supplied by a third party, allows customers to pay with a card at checkout. Early-stage startups, emerging brands or brands that are only just expanding their e-commerce footprint might have resource constraints that preclude building an in-house payment-processing setup. Merchant Cost Consulting analyzes your payment processing statements to find any hidden junk fees or exorbitant rates and estimate how much they can save you per month.
What’s the best way to receive money online?
Payment processors (or merchant account services) handle all the heavy lifting in online payment processing. This involves everything from moving the transaction through the processing network to sending you a billing statement, and then working with your bank to ensure you get paid. In other words, it includes everything it takes to process online payments.
You might pay for a bank account, inventory or a cleaning service, for example. Transaction fees (or monthly service fees) are the way you pay for the ability to use a credit card network. If you’re starting fresh, a payment service provider is likely the simplest and most affordable way to accept credit card payments for a small business. To use a PSP, you’ll have to connect it to your online storefront, which is usually fairly simple with the right website builder. Many modern website builders, such as Squarespace, Kajabi and Shopify, and marketplaces, such as Etsy, are designed to facilitate online purchases and integrate easily with payment processors. While most website builders come with a secure sockets layer (SSL) certificate to ensure your customers’ security, you might have to use a stand-alone service if you want to accept payments over the internet.
The more powerful your payment provider’s fraud prevention strategy, the better your chances of success. The services you need will vary according to whether you accept payments over the phone or accept payments on your website. Digital wallets give customers a secure and convenient way to store their payment information and make purchases with a single click or tap.
