Finance is one of the toughest areas for a small business to manage. Unlike large companies that have armies of developers, lawyers, and risk officers, smaller stores have shoestring resources. In addition to getting paid reliably, you also need to choose merchant systems that give customers safe and user-friendly ways to pay. You also need to choose technology that runs reliably and meets compliance regulations in the countries in which you do business.
As an online retailer, you want to give your customers the safest and smartest options for making payments. You also want to receive those payments quickly, hassle-free and with the least amount of fees. By choosing the option that meets your needs, your online business can be successful and retain a loyal customer base for years to come. Regardless of the size of your company, you want your online payment methods to create a viable revenue stream while ensuring that your customers’ information is kept secure.
With a wide variety of payment companies available for your website, you need to focus your attention. Here are some common website payment options that help small businesses run smoother:
Online Payment Processing Options for Your Ideas for Website
PayPal has versatile payment process functionalities, offering support for countries around the world. You can integrate PayPal with your bank account, accounting software, and tools for managing receivables. The software can help you set up a one-time payment or process transactions on a recurring basis. PayPal comes with detailed record-keeping functionalities, technology to handle credit cards, and features for privacy and security.
PayPal has a mix of fee models. Small business owners pay a percent commission based on the value of a transaction, in addition to a fee. You can accept credit card payments, electronic checks, and wires through PayPal from customers in many countries around the world. There are a number of payment options for websites.
Google Pay for Business
You may have heard that a payment processing service called Google Wallet was converted into a new product called Google Pay for Business. This solution is valuable for technical users and for business teams that want to have a high-degree of control over their visual branding. Companies in this category will benefit from using Google Pay’s application programming interface (API), for integrating third-party apps. You can integrate this technology into digital marketing programs and location-based offers. The data that you collect about your customers can further-refine your business strategy.
Google Wallet serves both online and mobile payments. The solution also enables merchants to share customers’ credit card information securely for repeat transactions—and higher payback rates. Google Wallet offers competitive market rates that are on par with other payment processors.
Google devotes considerable effort to testing website checkout flows, so you’ll get the added-value benefit of a high-quality website experience, backed by research. Google also works with a network of payment processing platforms and providers. The solution is ideal for businesses that want to work with a developer customizing a solution. You’ll also find this service valuable if you anticipate a stream of high-volume orders online.
Square is designed for growing stores and offers three levels of integration, based on level of complexity. If you are looking for custom branding and integration with other technology platforms (i.e. loyalty management programs), you should expect to encounter more complexities and need minimal help from developers. If you want to use Square to accept payments directly, set up a customized online payment portal, integrate with other technologies, or expand into multiple countries, you will need help from a developer.
Once you set up Square, you can implement check-out processes that support multiple payments options in-person and online. As with PayPal and Google Pay, you’ll also get access to basic financial and reporting tools. If you have a business case with a complex use case, you can also use square to engineer your own app.
Using this service, customers can make payments to your business using their Amazon accounts. Shoppers can make purchases on your website with one login that they use on Amazon, in addition to the payment methods that they keep stored on file.
The value proposition that Amazon shares about its payment service is that it helps build loyalty, helps shoppers manage purchases from a place where they buy products regularly, and instills trust. You can use Amazon Payments in addition to other solutions, such as PayPal.
Your Accounting Software
For instance, QuickBooks Online is configurable to accept payments online. You can accept free ACH bank transfers as well as debit and credit card payments using an online invoicing system. You can integrate this system with your website so that it is customer-facing, or you can send online invoices with web-based payment options over email.
The solution that you pick and the amount that you invest in setting up online payments—which might be $0—depends on the unique needs of your business. If you’re a solo freelancer, you may be able to get up and running with online accounting software. If you run a photography business, you may want to set up online payments.
You have a number of website payment options from which to choose, depending on the user experience that you want to create and amount that you are able to pay in terms of processing fees. Make sure that you pay attention to your profit margins, and keep watch over finance and reporting. Work with a lawyer and security expert to make sure that your payment processor is compliant in the countries where you are doing business