As a small business today, it is very important to be able to take payments online. Whether you want to sell products through your website or take credit cards on site, customers have become accustomed to online payment options. Only taking cash can hurt your business by turning away otherwise interested customers who are looking for more modern options. Here is a top 7 list of some of the technology that can make taking online payments a reality for your small business.
1. PayPal
PayPal is the leader in digital payments. If you want to have an E-commerce site, the option to purchase items on your site, PayPal may be your best option for accepting payments online. You will add a PayPal button to your website, and it will direct people to a checkout page on PayPal’s website. Customers will be able to pay with credit cards, debit cards and even have money drawn from their bank accounts! PayPal charges 2.9% plus 30 cents per transaction. Rates decline with higher sales volume. Rates also go down if you use the PayPal Here credit card reader, which allows people to swipe their cards on site.
2. Square
PayPal’s biggest competitor is Square. Chances are, if you’ve been to an outdoor market or small business you have seen Square in use. It is a small square-shaped device which plugs into your mobile device. You can then swipe a customer’s card through the device, and they can finish paying and even leave a tip all through your phone. Square also offers an online store option, which can be embedded onto your website. You’ll be charged a 2.75% fee on every transaction conducted online using Square or with its card reader.
3. Amazon
There are two different online payment options available through Amazon. The first is called Checkout, and is a code to place on your website which then directs customers to an Amazon site to complete their transaction. You must have a free Amazon account to use this service. For any monthly sales below $3,000 using Checkout by Amazon, you’re charged 2.9% plus an additional 30 cents per transaction. Rates drop as your sales increase. Amazon’s second option is Login and Pay. This is a good option for a small business that is trying to collect more customers’ information. To complete a purchase on your website, customers are asked to login to Amazon or create a new account. Amazon then sends you the customer’s name, email and zip code, and you can start marketing straight to them.
4. PayStand
There are two main differences between PayStand and other technology. The first is that there are no transaction fees. The second is that rather than directing your customers to a third party site, payment is done through a pop up window, which customer can then close and remain on your website. This can be important if you are worried about people leaving your site after one purchase. PayStand also allows you to accept many forms of payment from credit cards, e-cash, e-checks, foreign money and Bitcoins.
5. Flint
Flint has a major difference from other e-readers that allow you to swipe cards with your mobile device. Rather than plugging something into your phone or tablet, Flint allows you to simply scan a card number. You can also process both checks and cash.
6. Google Wallet
If you have a mobile app, Google Wallet can make checking out much easier for Google+ users. All your customer has to do is sign into their Google+ account and they can check out through your mobile app in just two steps. Another thing Google Wallet does it make it possible for you to send and receive money through your email.
7. Shopify
With Shopify, you can set up an online store for your small business that you host on your own website. The software offers tracking of sales, customer information, and payments. There are three options for monthly payments for Shopify, the lowest of which has higher transaction fees. If you pay more per month, your transaction fees will be lower.
Implementing online payment will help advance the business you have built. Protect what you’ve built through Infinity Business Insurance.