Nowadays, online merchants and electronic commerce have simplify the ways on selling their products directly to the customers. While accommodating only a single form of payment can actually bring in a new customer base, it can also be effective in the other way around. Any business that only has one type of payment most likely leads to the inconvenience of certain customers. While big companies can stand to lose some potential customers since they are already stable, small businesses are in need of more customers and in fact they can’t even afford to lose a single one of them.
So as much as possible, businesses must have to accept several forms of online payments. Online payment could not only bring efficiency for the payment transactions but more likely brings out convenience to both vendors and customers. It makes more easy for a lot of customers to make purchases online in just a few clicks. And vendors can instantly receive their payments without any hassle at all.
There are various methods to accept online payments, yet the most known method is through credit cards. However, some online customers choose to pay in some other ways. Below are some of the methods where any business can accept their payments online.
Paypal is one of the most popular methods when it comes to credit card payment through online processing. It has been use by many online companies worldwide for quite a while. It makes online marketers more convenient and most of all it’s not hard for customers to use it. It is so simple with regards to setup, and at the same time, transactions will be dealt directly. Customers only need to provide mailing address to merchants when needed and it is not necessary for them to give further information so it is totally safe. Furthermore, PayPal’s charge only costs $0.30 plus 2% of the total transaction. This will automatically be deducted to the payment.
Google actually created this method in response to PayPal. It allow consumers to purchase products using a Google account. The main advantage of this method is that anyone can use their Google account to purchase goods, the fact that they are using the same account in some other services as well. Google Checkout charges $0.30 plus 2.9% for every total transactions.
This method is not as renowned as PayPal and Google Checkout yet, it is still a good alternative. Amazon Payment is also created to offer payment solutions for online businesses. Unlike the previous mentioned methods, Amazon has different charging method since it depends on the product size. It will only charge $0.05 when it is $10 below and if it’s more than that, the charge will be 0.30 plus 2.9%.
Bill Me Later
Bill Me Later is a good method for selling costly products. It is one of the merchants’ credit solution. However, it may be enticing to some customers to purchase something much expensive.
This is the most common method above all the aforementioned options since most of the business that are selling online are required to accepts payments via credit cards.