Online Payment Services

The Key to Better Sales

Online companies providing services and products must, above all else, have ways to conveniently accept payment from customers. In terms of doing good business, offering more convenient options for customers will automatically give you an edge over the competitors who don’t. Operating an online business is very different from operating a physical store in terms of online payment services for the customer. In a physical location, cash can be exchanged. In an online store, however, you must rely on other payment options that are available, some convenient and others not. Convenience is the key.

Alternative Online Payment Services

Given the lack of a physical cash register, the easiest method of payment for an online store is a card transaction. Excluding card payments, there are other options for accepting payments from paying customers.

The Alternative to the Alternative

Merchant account providers can offer your business the ability to accept an online payment. The biggest drawback is the fact that you will need to do your homework. Are there any special or hidden fees for each transaction? Does the merchant account provider offer any special security features for the peace of mind of your customers?

• Checks are acceptable. The customer can send a check through the United States Postal Service. Upon arrival, the merchant takes it to the bank. After depositing the check, the merchant could send out the product, begin service right away, or wait for the payment to clear. Either way, the total process includes the delivery time of the check and the time for the bank to clear the payment. The option of a Money Order is the same, minus the wait for the payment to clear. The fact remains that the customer cannot get their service or product until the mail gets delivered. This is not very convenient for the customer, unlike online payment processing.
• Bank Transfers are available as a payment option. This involves making the client deal with the bank on a home computer through the option of home banking. Some may not have the option of online banking, however, meaning they’ll have to physically go to the bank. More importantly, you are also handing out sensitive banking information regarding your business to complete strangers. For these reasons, Bank Transfers are not very convenient.
• Cash on Delivery is more convenient than the aforementioned options. The customer can relax without leaving the comfort of their own home. Once the delivery happens, they pay to receive the product. However, in the unfortunate event the customer doesn’t have the money or changes their mind as to whether or not they want your product, you are stuck paying for the shipping as well as a colossal waste of time. For merchants, COD’s are not convenient whatsoever.

Just because you can accept online payments doesn’t mean you’re going to live in a special paradise business world. Have you considered the effects of data compromise and what liability you may have in the event of credit card fraud? What kind of security assurances do online payment systems offer, if any? Taking the time to look at which merchant provider is the best fit for your business is important. There are plenty of variables to consider. Being able to accept card payments opens new doors to help build the credibility of your business.

Convenience Itself

The primary advantage in making your business capable of accepting card payments is the convenience factor. Today, customers are not going to go to the bank and send a bank transfer. Your products and services are not so unique that the customer is going to wait two weeks for their check or money order to arrive before you even ship. Cash on delivery sounds good, but no merchant wants to deal with the risks involved and honestly, how shady does that sound? Signing up with a merchant account provider gives your business what it needs to accept card payments. Card payments are the most convenient way to pay for goods and services. You will receive payments faster and more securely as opposed to waiting for payments to clear. With added convenience, customers are more likely to come back for return business. When it comes to online payment solutions, it’s about delivering the best in convenience and security. Give your customers something to appreciate and come back to.