A majority of businesses these days like to sell their products online to generate high profits and revenues. On the other hand, the main problem faced by them is accepting card payments online due to several challenges. Online stores should ensure that they offer a variety of payment options for customers when they want to purchase a new product. It is wise for them to know the technologies involved in the payment process from different sources. This, in turn, gives ways to make smooth transactions to overcome unwanted problems to a large extent.
Affordable methods to accept credit card payments online
- ACH and E-check payments
Automated clearing house, shortly known as ACH, is a type of bank-to-bank payment that provides several advantages to both merchants and customers. The system replaces card networks that provide methods to make payments accordingly. ACH payments have low transaction fees when compared to credit card transactions. Popular social media apps such as Venmo support ACH payments allowing customers to transfer money for free.
One of the downsides of ACH is that it doesn’t provide instant approval and will take a longer time to process. Moreover, customers have to enter their bank account and routing numbers for online purchases that won’t suit online stores which have shopping cart functions. On the other hand, they can consider accepting ACH payments through API apps such as stripe, payment cloud, QuickBooks, etc.
An eCheck is a straightforward process that involves ACH technologies while processing credit card payments. A business store should submit the details to an ACH system to receive the payments.
- Mobile apps or one-click payments
With mobile technologies are improving day by day, businesses should consider accepting payments through apps or one-click payments. However, one-click payments work faster than mobile apps because they don’t have to enter any information manually. Some of them include PayPal, Apple pay, Google Pay, and Venmo that give ways to overcome unwanted problems significantly. Additionally, online stores should provide unique options for single-click payments.
- E-commerce platforms
An eCommerce platform is an ideal solution for online stores because it simplifies the payment process. Online stores should have a built-in payment processing system because it gives ways to accept card payments with efficiency. Opting for a platform with integrated payments enables customers to make payments as soon as possible. Square and Shopify are some built-in payment tools that accept credit card payments online quickly. Square will suspend your account if you are in a high-risk industry.
- Traditional merchant accounts
A traditional online merchant account is a right option for online businesses because it gives ways to accept card payments without any hassles. Another thing about the account is that it allows businesses to save more money when compared to other payment methods. It is a type of bank account that will process the transactions of credit cards immediately. On the other hand, the account requires an application and approval during the setup process.
Businesses that are having large volume transactions should pay more competitive prices for a merchant bank provider. Furthermore, they need a payment gateway while processing credit card transactions. Some merchant providers offer built-in gateways at no extra costs thereby showing ways to get the desired outcomes. Online businesses should pick merchant services after making complete research. This, in turn, gives ways to cater to the requirements of customers when they make payments with credit cards.
Having a traditional merchant account allows online businesses to improve cash flow that will help increase revenues to a large extent. Not only that, it gives ways to gain customer satisfaction while selling products in the markets. It is wise for online businesses to know how to set up an account from different sources before investing money.
- Low-cost invoicing
Low-cost invoicing is the best choice for businesses to accept payments online without a shopping cart or e-commerce set up. If a store is sending invoices and collecting payments, then it is one of the best ways to process card payments with affordability. A wide range of invoicing software and tools are available in the markets today and a business can use of them wisely that will help a lot to obtain optimal results. They can select the right one among them based on their choices.
Things to consider while choosing a payment processing solution
Businesses should consider certain things when they want to choose a payment processing solution for credit card payments. Some of them include transaction fees, monthly fees, pricing, contracts, requirements, startup fees, the application process, and compatibility with a website. Businesses should focus more on selecting an all-in-one solution that exactly fits their online operations. This will help a lot to streamline the entire process and minimize costs effectively. It is wise for online businesses to know what type of payment methods will suit credit card payments after making complete research.