5 ways startups can accept online payments

The world is becoming more digitized with every passing moment. Just as brick and mortar stores are no longer important to run a business, similarly, cash is no longer necessary to purchase goods and services. Online or digital transactions are the latest in the business world. In keeping with the times and their convenience, businesses and consumers alike are finding online payments more acceptable.

For startups, it is crucial to choose a suitable mode of online payment. This is because they need to ensure hassle-free payment solutions and at the same time, they are not in a position to incur hefty expenses related to online payments.

Keeping these factors in consideration, we have identified five best ways through which startups can accept online payments. Read on to know more.

Accepting debit/credit cards online

Accepting payments through cards on an online portal or website is the simplest way of conducting online transactions. MasterCard, Visa, and American Express are known to be the most widely accepted credit/debit cards online. More and more people now prefer to pay through credit or debit cards. It is quick, convenient and safe up to quite a degree. And saving time and effort is what makes a business profitable, isn’t it?

Payments through eChecks

An electronic check, often referred to as an eCheck, is another way of conducting online transactions. The information mentioned on the paper check (account number, name, authorization, routing, etc.) must be filled into an online payment form to process payment electronically. The advantage of paying through eChecks, apart from the fact that it is safer, is incurring a lower processing fee.

Mobile transactions

People are glued to their phones all the time, cracking deals and conducting business on the go! Technology has given us the ability to buy and sell online quite easily. Taking payments online through a mobile device has made conducting business rather easy. Use digital wallets and NFC-enabled apps for mobile payments. You are now able to manage complex accounting tasks such as managing customer accounts, sending invoices etc. through your mobile device, anywhere and anytime.

Payment gateways

Businesses can add a payment gateway on to their website. Through its aid, buyers can now easily make a direct payment to the company from their website. The intuitive interface allows hassle-free payments. Moreover, the payment processor saves customer information for quick and secure payments when the customer comes back for the next purchase.

Additionally, online payment gateways provide a myriad of options to add to the convenience that they already provide. For instance, recurring payments related to subscriptions can be paid automatically at periodic intervals as directed.

Businesses can also hire a service provider to manage their payment gateway, ensuring security and privacy of customer information. These service providers take care of hosting online payment forms, processing of payments and securing accounts of the customers.

Payments through email

Some businesses choose to send the customer’s invoice to their email with a click-to-pay option. This method ensures a speedy transaction. With just a few clicks, the customer is able to make a payment, making it easier for both the customers and the business entity. Additionally, as people become more aware of the environmental consequences of paper transactions, digital transactions are getting a much-awaited boost.

Give wings to your startup

With the advent of technology and the ease with which business is now being conducted, competition is intense. It is necessary for a business to ensure that its clients receive the best experience. By providing multiple online payment options, conducting business becomes simpler and more satisfying on both ends. The business is able to manage its accounts better and in a more automated way, while the ease of online transactions ensures better customer satisfaction.