As a small business owner, it can be difficult to know where to start. The process is even more complicated as a small business owner with an online e-commerce website. When it comes to finding the right online payment options, there are several different options. Read on to find out what they are and how they can help your small business succeed today.
Pay Pal
With over 254 million users worldwide, PayPal is one of the most commonly used online payment methods and one of the world’s leading e-commerce payment processing platforms. Registered users can pay for goods and services with PayPal as long as they pay a small fee for each transaction. With the vast majority of websites offering PayPal as a payment option, consumers expect to see it during the checkout experience. By offering PayPal as a payment option for your small business, your conversion rates could increase exponentially.
Debit
Direct debit is one of the most popular payment methods, both offline and online. It is a popular choice for B2B transactions, in particular, as it enables recurring automated payments in seconds. With a number of industries and business sectors, such as Online casino and e-commerce industries, already capitalizing on the popularity of direct debit, can make the difference between a consumer browsing and making a purchase. Customers don’t even have to approve each individual payment or even remember to pay with transactions withdrawn from their account automatically on a set date.
payment
Bank transfer is one of the most accessible payment methods today. With some consumers still wary of disclosing personal data online, wire transfers offer maximum security and safety. Without the need to disclose identifying information, customers can verify quickly and efficiently. Several banks have also introduced a series of initiatives or legislation to encourage customers to purchase goods and products online without the need for manual intervention from a network of card brands.
Gift cards
As a small business, gift cards are a great way to build brand loyalty and encourage repetition of the custom. A closed-loop card is the most common type of gift card and is the name given to cards that can only be used to purchase goods and services from a specific retailer. Unlike prepaid cards, money can only be loaded and spent once. If you are looking to expand your existing customer base, gift cards can promote your brand and drive sales. If repeat customers regularly purchase gift cards for friends or family, your brand will be exposed to a larger consumer base and can be marketed to your target audience globally.
Apple Pay
With the vast majority of consumers now smartphone owners, Apple Pay is growing in popularity and could be a viable option for your small business. As a fast and efficient alternative to traditional credit or debit card transactions, customers can pay for goods and services in more ways than ever at the push of a button. Due to technological advancements in the payments industry, users can also authenticate online purchases with a Touch ID fingerprint sensor or even use facial recognition.
Online payments should be a key consideration for any small business owner. But with so many options available in the market today, it can be impossible to know where to start. Examples include PayPal, direct debit, wire transfer, gift cards, and Apple Pay. You must weigh the pros and cons of each before making your final selection.
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