The Online Payment Options You Must Have on YourCompany's Website
Thursday, 21 May 2020

If you have a small business and want to expand your reach, you must have your presence in the online world. However, putting up a website is not enough. Your website must need to have an Online Payment Processing infrastructure to complete business transactions. Without a way to accept payments, the site will only serve as an advertisement for a product or service, and the customer will most likely go to another website where they can pay and avail of products your website has.

It is, therefore, vital to have a website with a landing page that would enable visitors to purchase your products or pay for your services. Remember that visitors who visit your site are potential customers. Not having Online Payment Processing options will significantly decrease your chances of converting your website visitors into loyal customers.

Types of Payment Methods

When setting up a website, you should maximize your chances of completing transactions by having a lot of payment options for your site visitors. Having different payment methods will enable customers to choose which options are more convenient for them. Here are some of the payment options that you must have on your website.

Credit Cards

Credit cards are the most common option to pay for a product or service online. Credit card payments are accepted as a reliable global payment solution. Credit cards allow customers to pay for items even without having funds in their bank accounts. Having a credit card payment option on your website will increase your company's revenue through impulse purchases.

Debit Cards

A debit card payment option works similarly to credit card payments. The cost of the purchase is deducted from the customer's bank account in real-time. If the customer does not have enough money on his or her debit card, the transaction will not push through.

Mobile Payments

Mobile payments involve the exchange of money through a mobile device to complete a payment for availing of a product or service. Mobile payments allow people to load money into their mobile wallets from which the purchase cost may be deducted. Mobile wallets can be associated with a credit card or a debit card. Nowadays, banks have also been adopting mobile technology into their banking apps that will allow customers to send money or pay for purchases directly from their bank accounts.

The ability of mobile payment apps such as Google Pay to use the latest mobile phone security, such as fingerprint scans, has made it more secure than paying with credit or debit cards.

Direct Deposit

Direct deposit payments occur when customers instruct their banks to transfer money from their account to complete an online purchase. Direct deposits are also called direct debit. It is an ideal Online Payment Processing option for paying for services under a subscription agreement or paying for expensive items on a term-agreement.

Cash-on-Delivery

The exchange of physical cash is still a valid form of payment option when doing business, especially if there will be an exchange of material goods. Most customers who order from online shops that deliver physical products opt for cash-on-delivery payments. COD payments allow customers to check the products before paying for them. However, COD payments may have risks, such as not getting an actual sale during the delivery or having the payments stolen.

Your small business will get a lot of revenues when integrating as many online payment options on your website. Remember, Online Payment Processing options within your website will allow your site visitor to immediately make a purchase using the most convenient option for him or her.
 
 
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