How To Accept Online Payments
So, you have set up your eCommerce store or website, and now you are ready to start taking payments online.
According to research, more online transactions have taken place in 2020 than ever before.
Of course, the global pandemic played a huge part in this.
But, even so, consumer habits have changed and online shopping is here to stay.
Now, the question is, how can your business make the most of this?
The answer? By offering a variety of payment options.
This is extremely important if you want to take your business to new heights.
In 2016, the Annual Billing Household Survey concluded that consumers use on average 3.6 different online payment methods.
Not only does having a variety of payment options boost sales, it also increases customer satisfaction.
Now that we have established the importance of offering different payment methods.
Let's take a look at some of the options available...
Credit and Debit Card Online Payments
This is the most popular payment option and probably the most basic ways to accept a payment online.
Whether you want to have your own merchant account or use an intermediary is completely up to you.
However, it is important to understand that each method has a different funding and processing time.
Mobile Payments
Today, most people own smartphones. That means making payments via mobile phones is becoming the norm.
Smartphones are "smart" for a reason. This makes them extremely convenient for online payments.
In fact, many consumers feel that making a payment via a mobile makes shopping easier and saves a lot of time.
The potential revenue via mobile payments is enormous and cannot be ignored.
Consumer Lending Option
Offering consumer financing for your business can be a game changer.
Consumer financing works well for businesses of any size.
Why? Because it opens the door for new business.
For example, if you offer a product or service that comes with a big price tag a consumer may not be able to pay the full amount upfront.
Therefore, by offering a consumer financing option, you are also boosting your sales.
Consumer financing also increases customer satisfaction. Research suggests that customers are more likely to make a purchase if there is a finance option available.
Additionally, with consumer financing it increases a consumers average spend.
Consumer financing allows you to create special offers and incentives that will increase a customers average spending.
More importantly, this helps to build trust between you and the consumer.
Online Payment Gateway
By applying a online payment gateway, your customers will be able to pay you directly on your website.
Repeat customers can also create accounts where they payment information is saved, making the next purchase fast and easy.
Many companies choose to outsource this feature. Depending on your provider, features can be customized to suit your companies requirements.
Online payment gateway providers specialize in the services. They usually take care of the payment form, processing and safe handling of your customers information.
Chip Card Solutions
Unfortunately, with online payments there is a risk of identity theft and fraud.
This can be extremely damaging to your business, therefore, taking the necessary precautions is a must.
Chip card solutions or EMV are important considerations for business. Unlike cards that have magnetic stripes, cards that have chips are much harder to counterfeit.
When considering your online payment options, make sure EMV is incorporated. This is will help protect your business and your consumer from any fraudulent activities.
The Bottom Line
All businesses, whether big or small, face the challenge of looking for ways to increase their sales.
When you offer a variety of payment options, essentially you are instilling a sense of trust in the consumer.
And a happy customer, usually turns into a loyal customer.
That is why offering a range of online payment methods is beneficial to your business.
Today, there are many payment option platforms available than ever before. Each payment option comes with its advantages and disadvantages.
However, it is up to you to decide which is payment methods best suit your business.
The key is to establish which methods will work best for you and your customers. Your goal should be to provide the most simple, fast and reliable method of payment to your customer base in order to take your business to new heights.
