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How to Set up Online Payment for Business

Thursday, August 13, 2020 4:10

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How to Set up Online Payment for Business

Long gone are times when people had to carry coins and banknotes to pay for products and services. Some shops and restaurants already don’t accept real money as a means of payment, relying exclusively on digital money instead.

It’s more convenient and eliminates the need to carry money around. You don’t need to go to the nearest bank to transfer money to another account. Such a facility could be far away if you live in a rural area. Now, you can do that without leaving your house.

In 2020, it is almost impossible to successfully run a business without allowing your clients to pay for your services online. If you aren’t internet-savvy, setting up online payment might seem difficult. In reality, most modern businesses do that – and you can too! In a moment we’ll go over the important steps and aspects that you should consider.

Online Payments? Why?

If you aren’t entirely convinced whether your business would benefit from allowing online payments, we have prepared a couple of reasons:

• There are fewer steps required for the funds to be transferred to your account, which is why online payment processing methods are much faster than traditional ones.

• Convenience is another important factor. There’s nothing against regular checks, but actually, most people will choose the easiest option available to them, and if a check is the only payment option, a substantial amount of potential customers might decide against sending you money. Unfortunately, that’s the reality of our world – we are used to convenience.

• Although we often hear stories about hackers stealing someone’s life savings, it’s not because of the faulty online banking system. Quite the contrary – online banking systems offer security unparalleled by traditional payment methods. There is a higher chance of real money being stolen or lost somewhere along the way than of individuals with bad intentions hacking the online payment system.

Given the fact that allowing customers to use online payments can increase your revenue significantly, it seems that there is no reason not to set up an online payment option. Or is there?

Online payment service providers offer their assistance in exchange for monthly fees and transaction fees. A transaction fee is the amount of money that goes to an online payment service provider when a single customer transfers the funds to your account. Those fees usually depend on the type of your company. If you run a debt collection agency, then your business is considered high-risk, as your clients are unreliable, which means that fees for every transaction will be higher.

However, there are also monthly fees that you’ll have to pay, regardless of how many clients you have. If you think that you’ll earn less money due to allowing customers online payments than the monthly fee, your business will be better off without this option. However, it is an extremely rare case.

Setting up Online Payment Form

If you think that an online payment option can help your business grow, you should start researching online payment service providers. Apart from the previously mentioned costs – transaction fee and monthly fee, there is also a setup fee. Isn’t it pretty simple – the lower the fees, the better?

Unfortunately, although it would be hard to disagree, calculating which option is cheaper isn’t as easy as you might think. Before you make any decisions, you should try to guess or send out a survey about your clients’ preferences.

If most of them prefer online payment options over traditional methods, you should choose an online payment service provider with higher monthly fees but lower transaction fees. This way, you would retain more of the funds from the online transactions.

Create the Payment Form

Once you’ve signed a contract with an online payment service provider, it’s time to focus on creating the payment form. In this step, you need to choose which payment options – e.g., credit card payments will you allow, but also which of your products will be available for customers who choose one of the online payment options.

Once you are done with this part, and you are 100% sure that everything works just as it should, it’s time to let your customers know that now they can order your products online without leaving their homes.

Conclusion

The times are changing, and so do the preferred methods of payment. Even if you develop excellent products, your business will suffer if your clients won’t be able to pay for them using the internet.

Online payments are not simply a nice addition – instead, most customers prefer this option over the others. That’s unsurprising, given that it usually takes only several minutes to make an online payment.

We hope that after reading this article, you now know what you should focus on when setting up an online payment option for your business.

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