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With the increased use of the internet and smartphones, people are looking for convenience to make online payments, which equals faster cash inflows to your business.
Therefore, no matter the size of your business, it can be beneficial for you to start accepting payments online from your customers. One of the most popular methods is merchant processing, which allows companies to accept debit and credit cards by signing up with a merchant service provider like Stripe and PayPal.
Although there are several payment methods, you should choose one that best suits your needs and preferences. This article mentions 5 strategies to help you accept and receive payments online. Read on!
1. Credit and Debit Cards
Accepting payments through credit cards is the most commonly used method by businesses, followed by debit cards. Most entrepreneurs even believe this payment method helps them remain competitive while reducing cash payments.
MasterCard, American Express, and Visa are the most popular options, and they are accepted almost worldwide. Choosing between a credit and debit card can make a difference in the funding times. Hence, you should do your research accordingly.
2. Accept Online Payments with eChecks
eChecks are pretty similar to paper checks. However, they are paperless. Think of it as a kind of electronic funds transfer.
It allows customers to fill out an online form with their details like account number and name, and the amount is then transferred from the customer’s bank account to your bank account via an ACH (Automated Clearing House).
It reduces your waiting time and makes it hassle-free for the customer to pay quickly.
3. Incorporate E-Wallets
People rarely forget to take their phones with them in today’s era, no matter where they go. Therefore, it’s high time you integrate mobile wallets as one of your online payment methods.
Mobile wallets work by customers adding their bank account details in an app and through NFC technology, their payment info is transferred to the provider. This makes payments relatively fast and easy as customers don’t have to carry a physical card.
The most widely used mobile wallets are Google Pay, Apple Pay, Samsung Pay in the US, and AliPay in China. You can contact an e-commerce platform to help integrate e-wallets into your website.
4. Integrate Click-to-Pay Email Invoicing
Email invoicing works by sending your invoices to your customers via email and they can then pay with a simple click. For this purpose, you can use automated invoicing software to automatically send invoices to your customers and keep track of or record your earnings.
This method makes the transactions paperless and convenient. If you think your customers will hesitate to use this method, you should allow them the choice of both paper and email invoicing at the start so they can assess what works best for them.
5. Recurring Billing Method
When you offer a subscription-based service or even a monthly service like a gym membership, having a recurring billing method will help you stay organized and make it hassle-free for you and your customers.
It lets your customers make monthly payments automatically, so you always get paid on time.
Last Updated on February 27, 2024 by Sathi Chakraborty