4 Online Payment Methods That Make Sense for Merchants
With the world continually focused on technology, business leaders realize that it is crucial to accept online payments in order to stay profitable and please customers (whether they shop online or come into a store).
This integral part of running a business is known across all markets. When implemented, the ability to accept online payments broadens a company’s customer base and ensures a seamless customer experience. It also helps a merchant get paid faster and it makes memberships easier to achieve with customers.
There are several avenues to process payments and the right choice varies from business to business, but these four payment methods have proven to benefit merchants who accept online payments.
Four Effective Online Payments Methods
1) Digital Payment Platform – This is a popular way to receive payments from a customer because a payment service provider offers a smooth process that enables credit card acceptance or direct transfers from the customer’s account straight to the business. In addition, many platforms offer POS systems that contain e-commerce modules for online transactions. Each platform has different fees that will vary depending on a company’s payment set up.
2) Invoice Generation & Billing – Another way for businesses to ease payments for clients is by enabling an invoicing platform with one-click payments directly from a client’s email. These platforms offer integrations with major payment service providers which lets clients receive bills via email with a payment button for expedited transactions. E-invoicing helps eliminate costs associated with manual billing practices that slow down the payment cycle.
3) Mobile Payments – Mobile payments, like Apple, Google, and Samsung Pay, are becoming the go-to solution especially in customer-facing operations like retail stores and restaurants because more consumers are purchasing goods via this method. These payment methods simplify the payment process because clients automatically enter their credit card information and purchase with a few clicks on their phones. In addition, merchants can follow developer guidelines or use e-commerce platforms to integrate mobile payments into their websites.
4) Transfer Via ACH – The Automated Clearing House (ACH) moves funds electronically easily and quickly. These types of payments only require merchants to provide their business’s bank routing and account numbers to the customer. The payer usually must initiate the ACH payments process since they’re the ones who have access to the required accounts and tools. Additionally, ACH allows single or recurring payments and accommodates B2B accounts receivables.
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