Are you one of the many people starting a side hustle and launching an e-commerce site for online sales? Or perhaps you're an established store looking to set up an onlne shop? Well no matter the case, if you're planning to process payments on your site, providing safe and reliable payment methods is key for your customers to shop with security and convenience. In this article we'll fill you in on the best payment solutions for your online store.
Best Online Payment Methods
PayPal is one of the most used payment service providers. Founded in 1998, this company has created a well-known merchant payment service thats very intuitive. If your customers have an account, they can pay from your site without having to enter their bank details. However, there's also a portal for customers to pay who don't have an account. PayPal processes payments automatically and immediately sends the transfer to your account. Additionally, PayPal has a longstanding reputation of strong customer service.
Square is known for their powerful portable card POS, but they also offer online payment for ecommerce sites. It integrates easily with most web editors, including Wix, WordPress, Magento, Drupal, and more. It has strong supprt, ensures timely transfers, and is a secure payment provider.
Stripe is another reliable online payments service provider that can integrate easily into your site. It's platform offers many solutions for e-commerce vendors. It's also good for subscriptions biling models and offers payment management. In addition to small shops, Stripe's platforms also support big retail player such as Amazon, Booking.com, and Addidas. It offers some customization options, and you can also sync your Stripe acocunt with other payment services such as Apple Pay, Google Pay, etc.
Bank transfers are the most traditional method of sending a payment. This requires working directly with your bank, or using a platform provided (website or mobile app). Banks typically charge a high commission for each transfer, these rates vary depending on the bank. It will also take longer to receive your payment, generally around a few days. However, if your customer is using the same bank as you, the transfer could appear immediately.
Cash on Delivery
Cash on delivery requires the customer to pay in cash upon receiving the order from the delivery/transport company. This method typically boosts consumer confidence, especially if your business is not yet well known. However among the disadvantages are, as a merchant you will have to pay a fee to the package carrier and the package could take longer to deliver. In addition, many customers now prefer cashless payment options.
Mobile Payments and e-Wallets: Apple Pay, Google Pay
The latest innovation in online payments are e-wallets or virtual wallets.These apps allow you to pay directly with your mobile, or wearable, device and they are gradually becoming a prefered payment method. Two popular apps include Apple Pay and Google Pay, which allow your customers to pay comfortably and quickly from their device without having to enter bank details.
Image: © 123RF.com