This is the digital age, so most businesses know the importance of accepting electronic payment, especially if they are leveraging the e-commerce space. PayPal is often a go-to choice, but what if a customer prefers something else? What if there is a processing solution that works better for your business than others? Here are a few payment processors that can help improve revenue and customer experiences.
Founded in 2010 by Irish entrepreneurs Patrick and John Collison, Stripe is software that removes the need for excessive bank visits, fees, and gateways. Businesses can implement Stripe directly into their websites and mobile apps, instantly connecting with customers’ credit cards and banking systems. Bloomberg notes that companies like Lyft, DoorDash, and Facebook turned to Stripe as the model for their own payment processing methods.
Stripe manages tens of billions of dollars every day, so as many as half of American residents paid via Stripe in the past year did so without knowing—they even recently partnered with Amazon. If you are a business owner looking for something flexible with carefully designed APIs (the software is easily customizable to fit your needs), Stripe is worth considering.
Deluxe eChecks are not Electronic Funds Transfer or Automatic Clearing House—they’re checks, but all transactors need is an email. When customers pay with eChecks, online payment is delivered instantly, free of the hassles that come from dealing with paper (which can be lost in the mail and often require bank visits to deposit). Accepting eChecks as a method of payment saves money on transaction fees and providing information buyers may not be comfortable sharing.
Deluxe eChecks are also beneficial for business payments, too. If you need to pay vendors, suppliers, or employees while simultaneously streamlining operations, electronic checks are a viable answer. You can even send them from your phone and save time on administrative tasks.
Cryptocurrency is not exactly mainstream yet, but businesses that decide to be crypto-friendly open themselves up to a niche but eager audience ready to spend their money. Bitcoin is one of the most popular, but you may be wary because you’ve heard of its famous price fluctuations. Not to worry: integrating BitPay allows customers to pay you with BitCoin, but then you can immediately convert it to fiat money at whatever the current exchange rate happens to be.
One of the benefits of cryptocurrency is that it relies on blockchain technology. Blockchain is a public ledger that records all transactions and displays them transparently and immutably, removing the need for third-party verifiers. The system is a peer-to-peer network, so you can always see your payment histories, and its decentralized nature (meaning information is stored along multiple “nodes” instead of in centralized servers) discourages cyber hacks and double spending.
“You can use Due to replicate invoices sent to clients and manage outstanding requests and payments. Thus, the solution helps you save time and organize your finances smartly. On top of that, you can hold balances in the platform which will give better control over your finances and empower you to manage your business operations efficiently. For these reasons, Due is used by more than 140,000 companies in 138 countries.”
Due does not charge transaction or monthly fees, making it an affordable option. It easily integrates into existing business operations, so you do not have to strain yourself in an effort to make it fit.
Why Integrate Different Payment Methods?
Let’s also address something important: why offering different or multiple payment solutions is necessary. When businesses partake in online commerce, they open themselves up to markets all over the world. In-person shopping will always have an essential economic and cultural place, but if you are a small business in the U.S. and someone in Morocco is interested in your product or service, why not humor them?
One of the primary reasons people pay online is convenience. When customers are ready to check out their purchases from your website, any small obstacle may convince them to abandon their carts. According to Barilliance, the most common reasons for cart abandonment include unexpected shipping costs, being asked to create a new account, concerns about security, long and confusing checkout processes, and more. The right payment processing solution should deter these issues, making payment easy, simple, and transparent.
Basic cash and credit card payments are not going to suffice anymore. Consumers appreciate speed and ease, so businesses need to accommodate the changing attitudes that accompany advances in technology.Opinions expressed here by Contributors are their own.