Best Way To Accept Online Payments To Grow Your Online Business

If you are running an online business, the first step you have to figure out is how to accept online payments. The ability to accept online payments is an excellent way to grow your business, no matter whether it is online or offline. 

Nowadays, there are many payment options available for merchants to accept online payment, no matter the size of your business. These options also depend on your geographic region. Some of the payment processors only work in some specific areas. In most parts, you have multiple options to accept online payments. In this case, the best option is to offer various choices, including mobile payment options for the customers.

 

According to Inside Intelligence 2021, COVID's effects have "accelerated the digitization of the payment industry by two or three years." Today, approx. three out of four dollars spent on digital buying are made on a mobile device, with mobile commerce sales reaching $2.91 trillion in 2021. You cannot ignore these data and purchasing behavior changes as a merchant.

 

But, sometimes, having too many options is also a bad idea because customer has to stop and think, and they get confused. So, it is a vital challenge for the merchants.

 

Let's learn more about accepting online payments.

 

What is Essential To Accept Online Payment?

 

Before you start accepting online payments for your business, you ought to need a payment processor and payment gateways.

 

Payment Processor: The payment processor plays a vital role in the whole transaction process – from when customers enter their card details to when those funds transfer to merchant accounts. The merchant can accept credit/debit card payments and other payment methods. Here, you can get the two main processor options:

 

Merchant account providers: It offers a merchant account and a merchant ID or MID. Accepting credit/debit card payments is impossible without a merchant account. Having a merchant account offers more customizability and account stability. Sometimes the approval process is lengthy(if you are running a high-risk business).

 

Payment service provider: Generally, providers use a standard MID to group various enterprise accounts under a single heading. Payment service providers tend to offer turn-key solutions with a suite of tools, such as website building, reporting, team management, and more. You can expect almost instant approval to start taking payments immediately. Still, because of the pooled risk involved with multiple business accounts sharing one MID, sudden account freezes and terminations are more common.

 

Payment gateways: The payment gateway is the latest technology whose primary purpose is to accept or decline credit cards, debit cards, or other electronic payments. It also encrypts customers' sensitive data to keep it safe and secure.

 

Some processors, such as Stripe and Square, have their gateway built into their solutions, so you don't need to choose the payment gateway separately to accept online payments.

 

Five Ways To Accept Online Payments

 

Nowadays, you can find many options to accept online payments. Some of the most popular methods available in 2022 are – accepting credit/debit cards online and ACH, mobile payments, invoicing and billing, etc. These online payment methods are easy, convenient, and seamless for the merchant and customers.

 

Accepting Online Payments via credit/debit cards -

 

Allowing the customer to make the payment via credit/debit card is one of the easiest ways to accept online payments. Merchants need suitable and dedicated accounts to accept credit/debit card payments.

 

Some of the most used credit cards are Visa, MasterCard, American Express, Discover, etc. You will be surprised to know that at the end of 2021, there were approximately 1.8 billion Visa cards worldwide, while 742 million Visa cards were used in the U.S.

 

In the same way, by the end of 2021, 249 million MasterCard, 54 million American Express, and 57 million Discover cards were in the U.S.

 

So, with this figure, you can imagine the popularity of credit cards.

 

Accept Online Payment via eChecks and ACH -

 

Another method to accept online payments is via direct debit of a bank account (eCheck) or ACH payment options. It allows the customer to enter their bank details(the account number, name, amount, and authorization) into the software interface. Without the presence of the physical paper check, customers can do ACH transactions in a hassle-free manner.

 

The National Automated Clearing House Association (NACHA) oversees ACH processing. ACH has distinct transaction costs from credit cards. Generally, its price is low. It can also be safer and more reliable than waiting for a check to arrive in the mail, making it one of the best options for small businesses regarding online payments.

 

Mobile Payments -

 

Mobile payment is one of the most popular and most used payment methods. Thanks to apple pay and google pay. These apps are designed to make online payments with mobile phones. Along with apple pay and google pay, PayPal and Venmo also offer mobile payments.

 

According to the source eMarketer, it is expected that by 2023, 1.31 billion people will use the mobile phone to make online transactions. Also, the global forecasted mobile payment size is predicted to be 3 trillion by the end of 2024.

 

Customers get attracted to mobile payments because they don't have to share their credit card numbers. The setup process of mobile payment is also easy as they work through existing payment gateways.

 

For example – An individual who signs up with Stripe can get the options of using Apple Pay, Google Pay, and credit and debit card support.

 

Accept cryptocurrency -

 

Cryptocurrency is in trend now. Most of the payment gateways allow their merchant to accept cryptocurrency payments. Merchant can easily integrate the payment gateway that is specialized in cryptocurrency.

 

Invoicing and billing -

 

Using an invoicing platform that allows one-click payments directly from the client's email will make it simple for the customer to pay for your services.

 

Major payment service providers like PayPal and Stripe are integrated with platforms for invoicing like QuickBooks, Zoho, Xero, Wave, and Harvest.

 

To encourage the customers towards immediate payments, offer the media to create messages with a payment button and inform your client via mail.

 

Choose your favorite payment method, or enable many and give the client options. As a merchant, it's all up to you to decide which payment methods to accept.

 

Which Payment Processing Solution is best?

 

Nowadays, you can get many service providers but choosing the best is quite challenging. So, we suggest you go with the instantcharge.

 

Instantcharge is one of the leading service providers. Gradually, it is going popular all over the world. With instantcharge, you can get all the solutions on one platform. You can also say that it is an all-in-one solution. The best thing about the instantcharge is that it offers more than 100 alternative payment options, including mobile payments and cryptocurrency.

 

So, if you want to offer your customer the best possible payment options, you must integrate instantcharge. To know more about instantcharge, you can directly contact the expert team in a hassle-free manner.

 

Final thoughts -

 

To grow your business, you must accept online payments in various ways. Also, note that how you accept online payment also depends on where you sell your services. Some of the best ways to accept online payments are -

 

• Accept credit/debit cards

• eChecks and ACH

• Mobile payments

• Cryptocurrency

• Invoice and billing

 

Also, remember that to accept online payments, the merchant needs to set up a merchant account via their chosen bank or service provider. Setting up a merchant account with proper documents and licenses is easy.

More Blog: Accept Credit Card Payments Online to Get your Business Buzzing with Online Transactions