As a small business owner, it can be difficult to know where to begin. The process is complicated even further as a small business owner with an online e-commerce website. When it comes to finding the right online payment options, there are several different options. Continue reading to find out what they are and how they can help your small business succeed today.
PayPal
With over 254 million users worldwide, PayPal is one of the most commonly used online payment methods and one of the world’s leading e-commerce payment processing platforms. Registered users can pay for goods and services with PayPal as long as they pay a small fee for each transaction.
With the vast majority of websites offering PayPal as a payment option, consumers expect to see it during the checkout experience. By offering PayPal as a payment option for your small business, your conversion rates could surge exponentially.
Direct Debit
Direct Debit is one of the most popular forms of payment both offline and online. It is a common choice for B2B transactions, in particular, as it allows for recurring automated payments in a matter of seconds.
With a number of industries and commercial sectors, such as the online casino and e-commerce sectors, already capitalising on the popularity of Direct Debit, it can be the difference between a consumer browsing and making a purchase. Customers are not even required to approve each individual payment or even remember to pay with transactions withdrawn from their account automatically on a set date.
Bank transfer
Bank transfer is one of the most accessible forms of payment today. With some consumers still wary at the thought of disclosing personal data online, bank transfers provide the utmost safety and security.
With no need to divulge any identifying information, customers can check out quickly and efficiently. Several banks have also introduced a series of initiatives or legislation to encourage customers to purchase goods and products online without the need for manual intervention from a card brand network.
Gift cards
As a small business, gift cards are a great way to build brand loyalty and encourage repeat custom. A closed-loop card is the most common type of gift card and is the name given to cards that can only be used to purchase goods and services from a specific retailer. Unlike prepaid cards, money can only be loaded and spent once. If you are looking to expand your existing customer base, gift cards can promote your brand and boost sales.
If regular customers purchase gift cards for friends or family members on a regular basis, your brand will be exposed to a wider consumer pool and can be marketed to your intended target audience on a global scale.
Apple Pay
With the vast majority of consumers now smartphone owners, Apple Pay is growing in popularity and could be a viable option for your small business. As a quick and efficient alternative to traditional credit or debit card transactions, customers can pay for goods and services in more ways than ever before at the touch of a button.
Due to technological advancements in the payment industry, users can also authenticate online purchases with a touch ID fingerprint sensor or even using facial recognition.
Online payments should be a key consideration for any small business owner. But with so many options available on the market today, it can be impossible to know where to begin. Examples include PayPal, Direct Debit, bank transfer, gift cards, and Apple Pay. You must weigh up the pros and cons of each before making your final selection.
Interesting related article: “What is Online Shopping?”