Business Success through the Best Payment Gateways

Featured article by Andre Smith, Internet Marketing and E-Commerce specialist

Acquisition of items is more of a quid pro quo strategy. Your customers pay to acquire what you are selling. In order to sell conveniently, there has been the formulation of different ways to make these payments. Some are old-fashioned, while others are at par with the modern technology. Therefore, making payment is not much of a deal, but making the right choice on the means that your entity has to utilize is the task.

As a business proprietor, you have to put into consideration the most convenient option for both parties based on your ability to earn a profit and the kind of product or services that your customer is purchasing. Your business’ payment system has a lot to do with the perception of your clients. It can go an extra mile to either attract or discourage a potential buyer. The payment methods supported, therefore, determines your business’ ultimate profitability in the long run. For the sake making your venture a success, it is prudent to analyse some of the most commonly used means of payments below.

Online payment

With the advancement in technology and easy reach of internet facilities, people have opted to give a shot at making their payments through online platforms. The initiative comes in a triple package, and businesses have to make their choice after several considerations to ensure they make the right one for their entities.

PayPal

It is the most utilised online payment method in the world today. It is an e-commerce forum, which makes payments and transactions possible online. Moreover, it could be conducted between the payee and the business’ account directly. Users do not necessarily need a bank account to transact upon setup.

A PayPal account is easy to open and can be in operation that same day it is opened. Its payments are made within a single business day. Here, users get redirected to the PayPal site while feeding in payment info. Due to its presence in many countries, its charges are standardised to a fraction amounting to 2.4% plus a fixed fee based on the currency used for all international sales. If you are in Australia, you only get to pay a 2.4% of the transaction amount and an additional $0.030 per transaction. An increase in the volume of operations renders you eligible for a discount.

However, additional service fees are imposed on certain transactions. Nonetheless, its favorable terms have earned it a large following worldwide. Consequently, it has set-up a large community platform where questions are asked and answers provided on its website. Moreover, it has a twitter account, AskPayPal, where answers are tweeted within business hours.

PayPal officially came into force in 2001. Its headquarters are located in the United States, and it has a current presence in over 193 countries in the world.

Stripe

It is an online payment method that enables payment through the business’ website by connecting with the client’s bank account. Its payments take an estimated period of about seven days from the initial setup to the delivery of cash in the account of the entity. Users conduct this payment process on the business’ site without redirection. However, it has a 2.9% charge on every transaction and an additional $0.30 of all sales below one million dollars in a year.

Moreover, in the case of queries with this payment method, answers are provided online. For prompt feedback, emails are the best. Besides, it has an online chatting service where interaction is quickly and conveniently conducted. Stripe was launched in 2011and is centrally based in the United States. Unfortunately, its presence is only in 13 other countries around the globe.

eWAY

Just like Stripe, eWAY is a payment method that transacts between the business’ website and the payee’s account. However, this method makes use of the buyer’s credit card particulars that are later entered onto the entity’s website and then to the bank for processing. Once done, the cash is credited to the enterprise’s bank account.

The setup of eWAY is quite simple. It involves the creation of an account, choosing a service, and then setting up of an internet business account. Within six days, the account is ready to receive payments. Moreover, this method accepts PayPal and other credit card payments.

The eWAY’s fees are quite low as they only charge a 1.6 % per transaction. Also, it offers you an opportunity to bargain with the bank in case you are expecting payments exceeding one million per year. More so, its customer service is real-time with a 24-hour phone and email service. Besides, it has a live chat forum that runs 24-hours a day making it convenient for all its users. The head office of eWAY is based in Australia.

Offline payment

There are three major points of sale payment methods. Card payments are currently being utilised as we transition to paperless methods. More so, these methods are fast and optimise on customer sales.

Cash

It is the most common form of payment for small dues. Its processing is by far the quickest compared to other methods. However, a business’ bank account is crucial for the sake of depositing. Also, at the point of sale, the company is required to have a float. The associated fees are at the minimum, and they may include the currency transporter service fee based on the amount transported to the bank.

EFTPOS

The method is electronically integrated. It involves the transfer of funds electronically between payment cards and terminals at the points of sale. Its users can access their money through a payment method. Businesses are required to set-up a bank account that is then linked to the EFTPOS terminal. Surprisingly, no fees are charged to the firm, but it depends on the agreement with the bank.

PayPal Here

It is a payment method for a mobile device. It connects the mobile to a card reader that allows you to take payments. Both the PayPal Here Chip and Pin card reader pair via Bluetooth to the PayPal Here App to process payments instantaneously.

The method requires that you upgrade your personal PayPal account to a business account and make a purchase of the Chip and Pin reader device. The fee is inclusive of the cost price of the Chip and PIN Card Reader of about $139 and the PayPal charges of 2.9% per transaction and an extra $0.30.

In order to make the right choice of the payment method, business is tasked with surveying its customers purchasing behaviors to ascertain their preferred means. The method chosen has to be client-oriented for maximum customer sale. Choosing the best payment method for your business translates to more sales hence the ultimate future success of your endeavor.

Andre Smith is an Internet, Marketing and E-Commerce specialist with several years of experience in the industry. He has watched as the world of online business has grown and adapted to new technologies, and he has made it his mission to help keep businesses informed and up to date.