Putting up a business is already a feat alone. And for many small business owners, getting reliable payment methods is one of the essentials to be considered.
While in-person cash transactions still top as the main go-to, online payments garnered great notice due to easy and reliable proceedings with minimal effort for both parties. That’s when digital payment options come in handy.
It isn’t hard to get lost in the noisy internet world. You might be a bit skeptic about what it might entail for your business. But this is why we’re here to help you and drop off our top digital payment picks to get you started.
The Best Digital Payments Options
PayPal is recognized as one of the pioneer payment solutions on a global scale. Founded in 1998, the chief payment platform revealed its total user base of 173 million in 2015.
Users can use PayPal without going through the process of setting up a traditional merchant account. It can also accept credit card payments online or even via phone calls as well.
Once you set up your PayPal account, you can process your checkout transactions in its portal. This includes setting up professional invoices for your business that you could use whether as scheduled or manually requested for your clients.
PayPal is also very convenient since it can be accessed on iOS devices, Android and Windows.
What stood out from Stripe is how you can process checkouts for your customers while letting them stay on your website.
Customization and flexibility are the key factors with Stripe. They aim to let business owners take the wheel and keep the clients complete the online payment form and earn solely on their site itself.
Business owners who have a background as developers will get the most out of this practicality.
Some nice add-ons to Stripe are.
- The security authentication and fraud protection.
- The inbuilt recurring billing and customization of payment forms which will be left to the hands of its users.
While this seems a quite unique factor to consider, it’s unfortunately only available in a few selected countries. A 2.9% fee and 30 cents will be charged in every transaction with Stripe, which is slightly less than Paypal, but pretty similar.
Stripe supports iOS and Android devices with its app but requires to first complete the registration through its webpage.
Stripe and Paypal are payment processors. Bitcoin, on the other hand, is a digital currency.
With Bitcoin, there is no 3rd party payment processor as Bitcoin can be transferred without an intermediary (that’s the reason why Bitcoin was invented).
Bitcoin can be used by the user to make a purchase without handing out personal financial details. Thanks to the integration of blockchain technology, the payments are secure, fast and transparent.
One of the best advantages of accepting Bitcoin for your business is that fees are often smaller: $2 network fee, vs. 3% + 30c for payment processors on average.
Another endearing element to keep in mind is how Bitcoin purchases can be completed without setting up an account at all.
Small businesses willing to accept Bitcoin as a payment method will have to use apps such as BitPay and Copay to set up and organize invoices.
Users willing to pay with Bitcoin will have to find out the best way to buy Bitcoin for them. Indeed, the best option to buy Bitcoin depends on where someone lives, his/her payment options, etc.
But don’t worry, most customers interested to purchase with Bitcoin on your small website already own some Bitcoin.
Known as PayPal’s rival in terms of usability and functionality, Square boasts to set an online store that enables small business owners to offer products or services directly on it.
Another endearing factor to consider is how you can manage invoices on Square’s platform. If in-person payment is a concern, Square can back you up thanks to its credit card reader functionality.
In each payment transaction, Square requires a 2.75% commission.
Rolling out your best bet with digital payments
As each detail was laid out, opting for digital payment options is one of the no-brainers to consider for your business. Whether it is for recurring payments made by your customers or direct deposit, you should take into account online payment transactions.
Not only is it faster and less expensive than the traditional in-person cash payment, but putting up online payments is also more convenient for your customers as well. Moreover, you can reach new target clients across the globe.
Regardless, the most suitable payment method that any business can implement is usually what fits best for its customers and how the company works within its industry.
And remember: Having a smooth payment process is one of the most crucial measures to take into account to not repel your customers.