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How small businesses can accept payments online
Dec 2 , 2024 | 5 minute read
Choosing the right payments provider makes accepting online payments effortless for your business.
Consumers today expect to make purchases anytime, anywhere – in-person, online, and on the go – using the most convenient payment methods available. That’s why businesses of all sizes can benefit from integrating an online payment processor into their websites and other digital properties like mobile apps, SaaS platforms, kiosks, etc. This integration includes the capability to seamlessly accept payments online through debit cards, credit cards, digital wallets, and other emerging payment options.
To accept online payments efficiently, you’ll need to have a dedicated checking account. It serves as a foundation for managing transactions and provides a centralized space for tracking payments and expenses. Once you’ve set up an account for your small business, it's time to explore diverse types of payment methods you can offer to your customers.
Types of payment methods:
As a small business owner, you can choose from a wide range of payment methods to facilitate in-store and e-commerce transactions. Here are some common payment methods and their benefits:
- Credit cards: They are widely accepted and convenient for customers. They offer instant payment processing for small businesses and large enterprises.
- Debit cards: They are popular for their safety and ease of use, directly connecting to the customer's bank account.
- Mobile/ digital wallets: Digital payment solutions like Apple Pay®, Google Pay®, etc. They provide quick, contactless payments for businesses catering to mobile-savvy customers.
- ACH: This system facilitates domestic bank-to-bank transfers.
- Wire transfer: This system facilitates domestic and international bank-to-bank transfers.
Consider implementing payment methods based on your customer’s preferences, and then select a payment processing solution to enable these options on your website.
Types of online payment options:
There are different options for accepting payments online, here are the benefits of each:
- Online payment gateway: These gateways securely accept card payments and enable online payment transactions through websites. They manage customer data through a secure channel. It's ideal for small businesses focusing on e-commerce sites and landing/ payment pages.
- All-inclusive payment option: This system provides you with the flexibility to accept payments both online and in-store. It offers a POS system for your retail stores and manages online transactions with a customized payment gateway to suit your business needs. This flexibility is invaluable as you look to streamline your operations.
Once you've chosen the payment methods and processing solutions that work for your business, it's important to find a trusted payment provider who offers specific features and services to round out how you accept payments online.
The right payment provider should help you to:
1. Choose a payment gateway that easily integrates with your website and in-person shopping experience.
As the owner of a growing small business, you need a seamless solution for accepting multiple forms of payments online. Your payment provider can help you choose the right system that can capture the customer’s information from their card issuer. This ensures a transaction is authorized during the checkout process.
In addition to accepting payments online, your payment processor should integrate e-commerce features and in-store shopping capabilities to provide a smooth checkout experience, no matter where your customers prefer to make their purchases.
2. Build an online store that attracts consumers and drives sales.
Every business is unique, so your online store should be too. Your online store should also reflect your brand identity, customer needs, and the products and services you offer. Whether you sell products, services, or recurring subscriptions, your payment provider should be able to offer invoicing, buy buttons, and social commerce features to help you conduct business and securely accept payments online.
3. Invest in security solutions to protect your business and customer data.
Small business owners already wear countless hats; you don’t have time to become a cybersecurity expert too. That’s why you need a payments partner who stays on top of the latest fraud trends, regulatory requirements, and data security solutions. From protecting your operations to complying with PCI DSS requirements, it is important to choose a payment provider who can implement security controls and processes that build trust in the safety of your e-commerce site.
This approach gives you the assurance that experts are continually monitoring and managing potential vulnerabilities. Connecting with a small business payments expert can help you understand your needs and guide you in choosing a trusted payment processing provider.
While choosing a payment provider might seem daunting at first, the right choice can simplify transactions, enhance your business’s efficiency, and help implement e-commerce solutions that align with your business’s unique needs.
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