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The Department of Commerce reported that retail e-commerce sales in the US increased by 5%, totaling to $154.5 billion between the second and third quarter of 2019.
Online businesses are rising rapidly as people are embracing online shopping. Consequently, the need to have reliable online payment platforms is a constant concern for business owners and consumers.
If you’re an online entrepreneur, it is essential to give your customers a variety of payment channels. Other than PayPal, you can receive payments through different platforms. Keep reading to know other online payment methods that you can use.
Stripe is one of the payment processing systems, which create online checkouts. This online payment method handles recurring fees and subscriptions. It further stores card data, making it ideal for businesses that require a free checkout solution.
When using Stripe, each transaction is 2.9% and an additional 30 cents. There is no setup or monthly fees. There are no recurring payments for the first $1 million, while the billing after $1 million is 0.4%.
Stripe accepts all major debit and credit cards. With Stripe, you can store and save other payment methods, which make it easier to receive payments through diverse platforms. It further has an invoicing tool.
ACCEPT DEBIT AND CREDIT CARDS ONLINE
One of the standard ways of receiving online payments is by enabling your clients to pay using their credit cards. You can have an intermediary holding account or merchant account. With a credit card, payment processing will be an easy task.
Different companies provide solutions for credit card processing. With a significant number of online users preferring to use cards, this option can make your offers more acceptable. The last thing a customer would want is to deal with a complicated payment method.
Google has taken advantage of its popularity in the online space by creating a payment solution known as Google Wallet. The payment method is free and easy to use.
With Google Wallet, you can receive money from any of your clients without hurdles.
What’s more, your customers don’t need this app; with a phone number and an email address, they can make the payment to your Wallet. Customers can also use Google Wallet’s site to make the payment. Google Wallet transfers the payments to your bank automatically.
Sending and receiving payment through Google Wallet is free. However, this method is limited to a sole proprietorship. If you’re an LLC entity, you can’t use Google Wallet.
Venmo is a PayPal subsidiary that it is a new online payment platform. Venmo is a digital wallet where users send money to any of their contacts. The platform allows you to leave comments related to the transaction.
When sending money from your bank, Venmo doesn’t incur any charges. However, there’s a 3% charge when using a credit card. Venmo is somehow personal; it is recommendable when sending money to someone you know.
If you’re selling to friends and family, you can connect with them via Venmo accounts to transfer cash. Unlike its parent company PayPal, Venmo doesn’t deal with professional transactions.
Payoneer is one of the best online payment systems that permit money transfers across the world. The platform further allows users to make purchases from anywhere. Payoneer gives you a MasterCard, which is acceptable in different countries.
Freelancers in the United States earn $28 per hour as the median rate. As such, most freelancers desire a platform where they can receive payments regularly. Payoneer is a popular payment option among freelancers.
Payoneer is a recommended payment system in most freelancing sites. However, this option has diverse fee levels, which depend on your usage of this service.
Transferwise has slight differences to most online payment platforms. The focus of this system is solely international payments. If you want to receive payments from your international clients, this option has significant benefits.
Transferwise is easy to use, fast, and straightforward. With 2 or 3 days of payment, the cash will reflect in your bank account. Transfers use real-time exchange rates.
Contrary to other platforms for international transactions, Transferwise has lower fees.
When looking for small business payment options, Square is an alternative you might need to consider. Square is a point-of-sale and cloud-based payment processing system for online and mobile businesses. With the new magstripe reader, you can swipe a credit card from anywhere.
For each swipe, the transaction fee is 2.75%. You can also send an electronic invoice to your client to get paid via the Square Cash App. Square integrated with several eCommerce platforms, which makes it an ideal system for online entrepreneurs.
If you’re considering a peer-to-peer payment system, Payza is one of the best deals. With this app, you can receive payments and transfer money for free. You’ll only pay a certain fee when exchanging currencies.
You can link Payza to your bank account or credit card. With the user-friendly interface characterizing Payza, it is possible to make transactions within minutes. The robust security provided through this system will enhance your confidence as you send and receive cash.
Authorize.net is an established online payment method with years of experience in payment services provision. Authorize.net accepts payments from major credit and debit cards. It also works with Visa, eCheck, Apple Pay, and Android Pay.
With Authorize.net, you can receive money from your customers across the world. It further stores relevant customer information, which makes future shopping and payment processing easier. If you’re using Authorize.net, transactions with repeat customers will be seamless.
YOU CAN RECEIVE PAYMENTS DIGITALLY THROUGH DIFFERENT ONLINE PLATFORMS
The growth of online businesses has necessitated the need to strategize on how to receive payments from customers. The online payment options are limitless. While PayPal has excellent features for online transactions, you don’t have to feel limited to this payment method.
You can combine different payment approaches to accommodate a significant number of customers. While at it, ensure that online transactions are secure enough. Most cyber-crimes are taking advantage of the growing online sales.
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