According to Oberlo, in 2021 alone, there were 900 million more online buyers than in the year 2020. This was a 4.4 “year-over-year” increase. As of 2021, the total number of online shoppers globally is estimated at 2.14 billion. This makes up just over a quarter of the world’s population.
Given the explosive growth of eCommerce, it is worth noting that this is a potentially lucrative trend. Those wishing to start an eCommerce store or are planning to move their brick and mortar operation fully online must become familiar with processing payments online.
Top 7 Ways To Accept Payments Online
With the ever-advancing payment innovations such as digital wallets and mobile payment applications, consumers continue to gain more payment options. Offering multiple payment options greatly improves the customer’s shopping experience. For merchants, the multiple payment options greatly reduce the time it takes for their business to be paid.
Here are the top 7 ways to accept payments online. Customers will find these methods to be easy, convenient, and hassle-free.
- Accept Credit and Debit Cards
Allowing your customers to pay by credit is the most basic way to begin taking payments online. Before you can offer this to your customers, you must first decide whether you will open up your own merchant account or an “intermediary holding account”.
- Accept eChecks via ACH Processing
Another well-known way to accept payments is through a “direct debit” of a bank account by using an electronic check, also known as an eCheck. This is done through an ACH payment option.
Your customer simply inputs the information found on their check (name, routing, and account number, amount, and authorization) into an online payment. The payment is then processed electronically, without the need for the physical paper check.
- Mobile Payments, A Growing Trend
Mobile devices are now able to take payments by swiping a credit card, keying in a credit card number, and even “dipping” a chip card. Once the payment is confirmed, a receipt can be emailed immediately.
- Online Payment Gateway
Customers can make a payment directly on your website by using an online payment form. Repeat customers can even create their own accounts and save their payment information for faster payments.
- Recurring Billing
A convenient way for customers to pay for services on a monthly basis is to use a recurring billing system. Recurring billing is when a merchant charges a customer for goods and services automatically on a predetermined schedule. In order for this to take place, the merchant must acquire the customer’s permission to use their credit card information.
- Use EMV/ Chip Card Solutions
Using cards with an embedded chip inhibits the creation of counterfeit cards or the processing of fraudulent transactions. The “chipped” card has an EMV computer microchip that houses all the “track data” that is currently stored within the magnetic strip.
- Create An Online Store
Creating a “full online store” or an online storefront is similar to having a payment gateway in that you can accept payments and receive new orders online 24/7.
You can sell services, subscriptions, and products, as well as market your business. Customers can pay using a variety of payment methods. Within this store, customer’s payments can be managed securely.
Accept Payments Anytime, Anywhere
Clearly, taking payments online will be the lifeblood of your online business. Since there are a plethora of payment options available, do take the time to carefully examine which would be most beneficial for your business and your customers.