Six Ways to Accept Payments In Your Online Shop

In this day and age, building a substantial online presence is a vitally important aspect of running any business. However, it’s even more important for merchants and retailers. As the digital age progresses, online stores are becoming a cornerstone of many businesses. For customers with precious few moments to spare, online shopping is a way for them to save time and energy while still getting the products they need. Because of this, businesses everywhere are working to build their online presence as quickly as possible. While adding an online store can be beneficial to your businesses, it might have the opposite effect if you do not carefully choose your method of accepting online payments. There are traps set everywhere for hasty business owners, so when choosing how to accept payments online, be sure to evaluate your options thoughtfully. Fortunately for business owners, there are a number of convenient and reliable ways to accept payments online. Here are a few you may want to look into:

1. Set up a shopping cart through an e-commerce platform.

Setting up a shopping cart through an e-commerce platform like Shopify, WooCommerce, etc. is a great option for some business owners. For the most part, these sites have lots of integrations, which means you have more choice when it comes to the processor that handles your payments.Most of these sites have a built-in or recommended method of accepting payments, which gives merchants an easy choice. However, the standard method is typically overpriced. Business owners using a platform like Shopify would be wise to evaluate the built-in option against third-party processors. Though those third-party processors will likely incur additional fees to cover integrations, their rates are often low enough that they’ll save you more money than the platform-recommended method.

2. Build your site around your online store.

If you don’t already have a website, then using website creation tools like Squarespace and Wix could be an extremely convenient option for you. These site-builders have e-commerce options built into them that will automatically connect your new site to a payment processor, which makes them a great option for businesses who are building their online presence all at once.However, it is important to note that while these options offer a lot of convenience, they can also come along with higher processing rates. Wix, for example, offers integrations into a small number of processors, including big names like Stripe and Square, but unfortunately, most offer rates that are well above what most business owners would want to spend. This method is really only recommended if you’re starting from scratch. If you’ve already got a website in place, consider some of the other options on this list.

3. Take advantage of the online payments giant.

Despite higher processing rates, using Paypal to accept payments online is a convenient option for many businesses because PayPal can easily integrate into any website, and most people already have an existing PayPal account. Plus, PayPal is a trustworthy name that people recognize which can help customers to see that your new online store is a trustworthy company to do business with. Online shoppers are an understandably cautious bunch, so seeing a trusted name like PayPal being used by your brand can help reassure them that they aren’t being scammed.

4. Skip the cards, take eChecks instead.

If credit cards aren’t an absolute necessity, you don’t have to take them. Instead, consider setting up an ACH processing (eCheck) system on your site. These systems usually charge very small fees, which makes them advantageous for both merchants and customers.Although strictly processing eChecks can seem like an enticing situation for some merchants, it may lower the number of customers that are open to doing business with them. Most customers prefer to make online payments with a credit or debit card, so restricting your payment options to only accepting eChecks could very well result in potential customers taking their business to another site.

5. Use email invoicing.

If you’re looking for a simple and easy-to-use option for accepting online payments, then using software like Quickbooks could be your best option. Programs like Quickbooks make it very easy for merchants to create a bill and send it to a customer. They’re quick and easy but the separation of the shopping and billing process might put off some consumers. This may not be a great way to run your online shop unless this is a billing method you regularly use with your customers.This option is also available through PayPal, PaySimple, and many more. You might already be using software that allows this function; if so, consider taking advantage of this function for online ordering.

6. Create a virtual terminal.

Although this option involves the most time and effort on your part, it will probably end up saving you a fairly substantial amount of money in the long run. In this option, instead of going through yet another company like PayPal or Square, you work directly with your existing processor and payment gateway to integrate directly into your site. Most payment gateways can be integrated into your site, and some processors even do it directly.While the extra work involved may make this option less appealing to some, it is the one that is most likely going to save you the most money when all is said and done. By eliminating the need to go through another company, you ensure that your business’s growth won’t be stunted by potentially damaging fees charged by e-commerce shopping carts.At the end of the day, don’t forget that you’re not tied down to just one option. In theory, one online store could take advantage of each of these six methods. Generally speaking, most customers who choose to do business online are doing so because it’s convenient for them. Therefore, it stands to reason that ease and convenience in making their online payments will be equally important to them. Offering customers the chance to use whichever payment method is the most convenient to them can greatly contribute to their satisfaction and, in turn, their likelihood to come back for more.