The world has solidly embraced online shopping and eCommerce and for many entrepreneurs, this has meant that moving into the online space has become inevitable, if not always planned for. There are so many ways to integrate operations and logistics into your online platforms, but do you know about the many different ways you can collect payment from your customers? Let’s explore some of the most popular.
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PayPal is an online payment and money transferring platform that allows users to pay for goods and services from all over the world. While PayPal doesn’t enjoy universal access, all the major markets have some form of access to PayPal. Signing your business up is easy and you’ll be able to trade in a few different currencies including American dollars, Euros, Pounds and Swiss Francs. Users can either “deposit” money into their PayPal accounts and use that balance to make payments, or store credit cards and designate these as preferred payment methods. Payments are instant and secure.
While in many ways still in its infancy, the rise of CryptoCurrencies like Bitcoin is inescapable and sooner or later, you’ll want in. With global business leaders like Elon Musk announcing that his TESLA electric car manufacturer will start accepting BitCoin for payment, it seems the rise of this particular form of payment is not going to slow down anytime soon. But you don’t need to be jetting off into space anytime soon to accept this very cutting edge form of payment. Find out more, here.
ONLINE CHECK PAYMENTS
ECheck is a digital version of the paper check. The ECheck system makes use of the ACH (automatic clearing house) to direct debit the consumer’s account and pay the money into the merchant’s account. It’s fast, convenient and secure and its popularity is on the rise with over $517 Billion exchanged this way in 2018.
CREDIT AND DEBIT CARDS
The tried and trusted way that is by far the most popular way of transacting online. Your banker can arrange this for you or you can make use of online payment systems to facilitate the transaction for you, whichever way you look at it you’ll want to make sure that your facilities are secure and convenient and you should definitely learn more about card on file transactions.
ApplyPay is also a relatively new method of online transacting that is revolutionising the way consumers spend and it means that you no longer have to remember your credit card number, or even have it with you. Your details are secured securely online and you use your iPhone as a secure means of identification when transacting and the best part? It’s free for both the merchant and the consumer.
There are so many new and exciting ways that you can improve your eCommerce business and offering a diversified way to pay, is just one of them. You always want to make sure that the methods you’re offering make sense to your business model, keep your and your customers cost down and most of all, offer inbuilt, encrypted security.