Everything You Need to Know about Online Payment

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September 6, 2015
Online Payment ServicesE commerce or doing business online is here to stay. So if you have a business website, it is essential that you set up an online payment mode in today’s digital marketplace. By having an online payment service, your business will be able to receive payments from virtually any and every customer from anywhere in the world. The increasing numbers of digital customers makes you need to think about providing a user friendly payment platform that caters to customers’ needs. Here are some tips to help when choosing an online payment service option.

Transaction fees and Implementation Costs

You can consider Paypal as a good example and as a first option due to its high popularity. But here, though it is very convenient, it comes with greater transaction costs, which is 2.45 of every transaction and an additional 30 cents. This would seem a little expensive. You could also take another route and open a merchant’s account with bank which costs much less but there would be a lot of work involved. Convenience diminishes.

What about Security

Leading providers of online payment services have developed high security features that enhance the security of e commerce transactions. One distinctive security measure is two factor authentication, which requires the business to enter a six-digit code along with their password. This 2 step process makes the transaction more secure. Security technologies will continue to evolve and one can plan for the latest security technology when choosing a provider.

What is a virtual shopping cart service?

When considering online payment services one usually needs to provide a virtual shopping cart. These shopping carts allow the online business to accept orders on several or multiple products from the website. The shopping cart service is also capable of calculating the total cost, the tax and shipping costs of the order besides being able to collect information about customer account and shipping details. Almost all online payment providers offer free shopping cart services to businesses online.

Multiple Payment Modes

You cannot expect all online customers to make payments in the same mode. Everybody will want to pay in a different way. As a rule Credit Cards are accepted worldwide across all countries, but there are some country specific cards and one should take note of that. Moreover, few of the customers will want to use debit cards and when you think from the customer’s point of view, it would be beneficial to have have multiple payment options.

Some Popular Online Payment Providers

The following is a list popular online payment services that you can consider using for your business:

It all depends on which is the most suitable to your business and the easiest option for your clients.

Entrepreneurial Learning

In current times when online businesses are burgeoning and taking over a major share of all market and product segments and categories, good knowledge of online payment services will give you the advantage of knowing which mode to opt for and why it is better for your company. . These providers give you a complete system and you need not go into the hassle of appointing separate providers for different tasks. What you need to weigh is the cost versus convenience and proceed.

Image courtesy of [sixninepixels] / FreeDigitalPhotos.net

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