Small Business Online Payment Options – In the software economy, small businesses have more options than ever when it comes to processing transactions. Online payment solutions allow you to increase the number of transactions, which means you can grow your business.
Shopping and accepting credit cards has never been easier thanks to a variety of payment processing apps and card reader add-ons for smartphones and tablets.
Small Business Online Payment Options
Often these online payment methods charge a small fee for each card processed. For some businesses, being able to accept credit cards over the phone can change the way they approach the market.
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Whether you’re looking for a way to pay in person, online, or for additional accounting help, check out our list of the best payment systems.
In the past, it may have been difficult for some small businesses and businesses to find an accessible and affordable credit card processing partner. Modern online payment system providers know they need a solution for brick-and-mortar merchants fed up with high processing fees and inflexible technology. Many of these solutions can be found over the counter or on the street.
Chase offers several online payment solutions used by more than 222,500 businesses worldwide. Their Orbital Checkout app lets you process online transactions, while the Chase Mobile Checkout app connects to a card reader and your Chase account so you can pay with a physical card. The funds will appear in your Chase account within two business days of the transaction. Plus, working with Chase on these solutions means you’re backed by experts with experience in anti-fraud and compliance.
Talech is another mobile payment system, but what many businesses like is that it is much more than that. The software integrates features such as extensive inventory tracking, restaurant locations, staff scheduling and analytics to track sales trends and monitor cash flow. With all of this information in an easy-to-access dashboard, business owners can gain more insight into their business while optimizing their operations. Talech also offers a variety of point of sale, EMV chip card readers and receipt printing devices.
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Standard fees: Monthly memberships start at $62 per month for the first device and $35 per month for each additional device.
Square has won the hearts of many businesses as a way to easily accept mobile and in-store payments. The credit card reader plugs directly into the accessory port, meaning your phone has become a cash machine. New subscribers can get a free credit card reader. The Square app allows you to create an inventory where you can see changes in real time, and if you have multiple locations to process transactions, you’ll get an overview of what’s being sold. The stand allows you to turn a mobile phone into a store.
Standard Fees: There is no membership fee, but they charge 2.75% for each real card swipe, dip or click; 3.5% + 15¢ charge per key
Some businesses thrive online, selling everything from large quantities of physical products to services used by customers around the world. A number of payment processing tools have emerged to help make payments easier for these businesses, including e-commerce integrations and allowing customers to pay online by credit card.
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For small businesses that are ready to sell online but aren’t quite ready to develop their own e-commerce solution, Shopify is a great option that combines payment processing with customer-facing online stores. Shopify allows you to create an online store, accept credit card payments, and offer discounted shipping rates all from one app. You can integrate with third party websites like Facebook Market and expand your product reach without spending much time. For those that are not just a digital business, or growing beyond the Internet, you can add a point of sale and retail hardware, making it one of the riskiest solutions on the list.
Standard fee: Basic plan starts at $29/month, plus 2.9% + 30¢ fee for online transactions, or 2.7% for in-person payments.
PayPal pioneered simple and secure digital payments and remains one of the most widely used payment systems for consumers and businesses. Integrating PayPal with a payment form on your e-commerce site is easy. Giving customers the ability to log into their PayPal account to complete a payment, or simply enable PayPal Express Checkout, signals to shoppers that the transaction is secure. Using PayPal gives merchants peace of mind with help preventing fraud and resolving disputes.
Stripe is the best payment processing option for online merchants and software engineers and developers. Stripe is designed to work in whatever coding language you use, meaning you and your team can build a custom invoicing solution for your store or use their pre-built version. You can also manage and accept multiple currencies, including Bitcoin, through Stripe, which is a great solution for those interested in expanding internationally. You can also automate tasks that your existing system can do manually, such as reconciliation and conflict resolution.
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For businesses looking for help tracking cash flow for accounting purposes, there are several more secure payment processing options. These tools integrate easily with accounting software or provide an integrated invoicing and accounting solution.
Payline’s Connect software is specifically designed to integrate with payroll and accounting software like QuickBooks, giving businesses a single place to manage cash flow, from the time money comes into the business to the time it goes out. The app’s built-in “customer store” securely stores customer information so they don’t have to re-enter it when making a return purchase. In addition, Payline donates 10 percent of collected payments to many charities, making it a great choice for civic businesses.
Due’s online payment platform is designed with time management in mind, making it a great choice for freelancers and small service-based business owners. Timekeeping tools allow you to track the completion of an order or project, and then convert that time into an invoice that can be sent directly to the customer. Some users have confirmed that this feature has reduced tension between internal teams, where time tracking is a simple task, and between them and clients looking for more specific payment information.
If you use QuickBooks for your accounting, this software from their parent company, Intuit, makes it easy to integrate online payments into your system. In fact, when you send an invoice through the app, the recipient can click and pay from within the invoice or pay via credit card or ACH bank transfer. The ACH transfer option is especially attractive to businesses that want to keep a limit on spending; Customers will not be charged for paying by bank transfer. Once a payment is received, QuickBooks automatically transfers the money to your bank, saving you a lot of time when updating and reconciling your books.
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Standard Fees: QuickBooks Online users pay no monthly fees and pay the following rates: ACH payments are free; Transfer card fee 2.4% + 25¢; Card application fee 2.9% + 25¢; Major card fees are 2.4% + 25¢.
Of course, just because we’ve categorized these programs this way doesn’t mean you should limit your view of how different payment processing programs can help your business. For some small businesses, these point-of-sale solutions can make accepting credit card payments easy and efficient. For others with more specific needs, a special combination of these systems will give customers more freedom to pay as they wish. When considering payment systems available online, carefully consider how each option can fit into your process. Make payments to a growing number of customers without fear. A large part of the life cycle of any small business. Choosing a payment gateway for your small business is like buying pants for your growing child. While trying to be simple, some payment systems run the risk of being barebones solutions that can be difficult for your small business to develop.
In this article, we’ll explore the 3 best online payment gateways for small businesses that can grow your small business and keep your customer data safe.
Note: If you are looking for the best mobile portal, please read our previous article on mobile portal integration.
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Founded in 2010, Stripe’s original goal was to create an easy way for startups to accept online payments using just a few lines of code. Since then, various products have been developed to make it easier for startups and small businesses to do business online. It is now used by small local businesses
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