Customers are making more online payments in 2020 than ever before. And the number of consumers making online purchases has doubled. As a result, the digital transaction field and the business of check processing companies are getting more and more crowded. When it comes to making payments online, consumers need a variety of payment options.
PayPal and Square are some of the industry-standard payment methods. But businesses that need to accept a lot of digital payment from the consumers need more options.
Offering multiple payment options online enhances customer satisfaction and experience. Besides, it creates a convenient way of accepting payments. Having more online payment options reduces the time it takes your business to get paid.
Technology is evolving every day, probably in every fraction of a second, creating more opportunities for your business. We have put together a list of all the different ways companies are accepting payments in 2020.
PayPal: This is undoubtedly an industry-standard digital payment option for consumers and businesses. PayPal entitles the users with access to a payment gateway. The customer is directed to the PayPal checkout page while making a purchase online. Companies can create, receive, and send payments of invoices through PayPal. PayPal charges 2.9% of every transaction plus a flat amount of 30 cents. Businesses with higher sales volume get declined rates on PayPal service charges.
Square: Square is one of the chief competitors of PayPal. Square offers a free online store to the business owners where you can sell your items or services. The items can be embedded onto your website, and the embed acts as the gateway for the consumers to make a transaction. Like PayPal, Square also allows sending and receiving money for invoices.
eChecks: The third most popular way of making an online payment is paying through an eCheck or electronic check. The eCheck service allows the customers to input their account information from a paper check in a software interface or online form. This method can electronically manage the transaction without a paper check.
An eCheck transaction is monitored by the National Automated Clearing House (ACH), and all check processing companies have different transaction fees, which are usually lower than the credit cards. It is way safer than waiting for a paper check to come in the mail.
Amazon Pay: Amazon Pay is another business-friendly way of receiving and paying money online. The service of Amazon Pay is integrated easily in your existing website, and allows the customers to make payments for a variety of digital goods and services that you are selling. Amazon Pay is quite a streamlined solution as it enables the customers to pay directly to the business while using the information they stored in their Amazon.com account.
Online Payment Gateway: Through a simple payment form, your customers can pay directly to your website for any purchase made. Returning customers can also save the details of the payment by creating accounts. This feature can be outsourced to companies that provide online payment services, ensuring secure payment processing. Through an online payment gateway, the customers are able to pay with their debit and credit cards.
The list of the top ways for a business to accept online payments is regularly growing. The key is to determine the right way of accepting payments for your business. One should consider the pros and cons of every payment method, including the time it takes to get processed and the cost of receiving payment.
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