It’s no secret that the world is steadily transitioning over to a cashless society. With so many consumers using their smartphones and e-wallets and businesses using innovative point-of-sale systems, the need for physical money is going down with each passing day. This shift has led many merchants to wonder whether or not they could use digital payments for business transactions. Increasingly, more people accept digital payment services such as Apple Pay and Google Wallet. At the same time, more shoppers are requesting these types of transactions from online retailers.
Whether trying to grow your business or monetize your product, setting up digital payment acceptance is the key to success. In this article, you will learn how to get started and what benefits come with accepting payments online.
Why Should You Set Up Digital Payment Acceptance?
Accepting digital payments will allow you to expand your audience and sell to people who prefer to pay in such a way. As previously mentioned, the popularity of the digital payment process is growing at an exponential rate. More people are using their mobile wallets, allowing you to reach a new market demographic through eCommerce.
In addition to expanding your audience for selling, setting up digital payments is also beneficial for membership sites and subscription services. Rather than paying at the time of joining, users can set up automatic, recurring payments that are taken directly out of their bank accounts every month. Not only is this convenient, but it also helps ensure you get paid on time every month!
Ways To Accept Online Payments
Choosing a reliable payment provider is a solid step for your company, online store, or other digital business to accept payment and deposit funds automatically into your merchant account. While selecting payment providers, you should consider the following things:
PCI Compliance
Solid payment processors should have a PCI compliance. These security standards are necessary to protect customer data by not storing any on the company’s servers. There are some of the most important points in choosing a payment processor.
Fraud Prevention
Fraud prevention can be good for businesses and customers too. To prevent fraud, you should check if your payment provider offers EMV chip payment terminals.
Options To Accept Payments In Store
If you have a mobile or online business and planning to expand your business to a physical location, you should look for credit card machines or POS systems. Some payment processors offer POS systems with inbuilt card readers. This can be an easy way to accept payments in the physical stores without looking for help from anybody.
Card On File Solution
Some businesses want to store their customers’ credit card information securely and allow them easier ways to make purchases through the website or mobile app. Some payment gateway providers offer this service along with other features of a payment gateway system.
Digital Invoicing
Some payment gateway providers also offer an option to issue digital invoicing. Customers can get an invoice without any hassle, and it will be easier for you to track your customer’s payments with a single click on the invoice portal of your payment provider.
How You Can Accept Online Payments
There are some common ways to set up digital payment acceptance.
Online Payment Service Provider
If you have an e-commerce store or website that sells your products, then in most circumstances, a digital payment service provider is ideal. These providers allow people to pay with ease, and they’re compatible with mobile devices and desktops alike, making them ideal for selling both physical and digital goods (such as software). This method is great because it allows users to pay using their payment service providers that can be easily integrated into your online platform.
ACH Transfer
Another option for accepting online payments is through ACH transfer (Automated Clearing House). Every transaction requires an ACH transfer from customer bank accounts to yours. All you need is to provide a customer with your direct deposit information, including your bank’s routing and accounting numbers.
It takes just a few minutes of work to create a payment form, and you can even add it to your website’s checkout page in order to make it easy for shoppers. You may consider adding an additional payment interface that allows people to pay with their bank accounts. This will allow you to expand your market reach by reaching more people who prefer this type of transaction.
Mobile Payments
Mobile payments are a great way to accept online payments, especially if you’re running an app-based business. Rather than having customers pay through their bank accounts, they can use their mobile wallets like Apple Pay or Google Pay to buy products through a simple payment interface. This process is much less time-consuming than filling out a form, inputting card information, and waiting for it to go through.
Invoicing And Billing
Run an accounting service or have a business that offers billing, invoicing, and charging services. You can take advantage of digital payment options to invoice instantly and bill clients. This option enables one-click payments directly from the customer’s email. Your customers can instantly pay their bills online with their credit cards, mobile wallets, or bank accounts.
Benefits Of Accepting Online Payments
Accepting online payments will bring you many benefits, and it’s only a matter of setting up the system to get started. This section will cover the most common benefits of accepting digital payments.
Expand Your Audience
Because you’re accepting payments online, you’re able to expand your audience. This is because the payment system is universal, and not only can it work on desktop computers, mobile devices, and tablets, but it can also be used via apps and software!
Get You Paid Faster
You don’t have to wait weeks or months for payment when accepting payments through your e-commerce business. This is faster than waiting for paper checks and helps people feel safe paying their bills via a mobile wallet or bank account because they know that everything is secure.
The Bottom Line
If you’re considering setting up a new e-commerce business, you should consider accepting online payments. This will allow you to expand the number of people who can buy your products and services, and it will also allow you to grow your market reach easily!
