The reason for many small businesses to shy away from online commerce is because they lack a strong understanding of what the most popular online payment methods for small businesses are. The choice of online payment methods for small businesses can be as simple as creating a website, but if you are unfamiliar with some of the possibilities, it can be an even bigger obstacle.
One of the easiest and most time-saving methods of payment for most online merchants is simply using their e-commerce website to accept credit cards. A merchant account is often required to accept credit cards, but if you use your own website as a means of transaction, the fees associated with these accounts are usually minimal. If your business is new and you have not yet signed up for a merchant account, this can be a method that you can easily implement.
One other option for an online payment method for small businesses is to use a dedicated PayPal account. You may already have an account, or you may choose to create one when you open your own online store.
PayPal is a very popular online payment method, but you should note that since it is a web-based account, any payment you receive will be paid to your e-commerce site via Google. That means that you will need to have an active Google AdSense account to pay anyone for their links to your site.
Another popular method of payment for online businesses is to accept PayPal, or similar, online payments. Again, you may already have a PayPal account, or you may choose to create one when you open your own online store.
While these payment methods are easy to implement, they are still considered to be a “secure processor”. PayPal has strict requirements for individuals that wish to receive money on their site and only some merchants are permitted to use this payment method.
Perhaps the most difficult, and most costly method of payment is for a merchant to accept payment through “check”. Many check systems are available and it is important to carefully consider your needs before choosing one.
It may be best to avoid all forms of payment, and stick with the services that you offer on your e-commerce site. While credit cards are not your only option, it is likely that your online customers will have the largest number of choices for payment.
Again, this is not the case everywhere, so it is important to take your needs into consideration before you select any form of payment options. Keep in mind that if your online business is new, you will likely not have an account or merchant account with a traditional bank, so keep this in mind.
As we’ve discussed, there are several popular payment methods available today for small businesses, and some of the most popular options for online payments are: PayPal, money orders, checks, and credit cards. Let’s take a look at each of these options, and what benefits and drawbacks may exist.
Your e-commerce site can accept a variety of methods of payment, including Visa, Mastercard, PayPal, or check, and the best thing about each is that your customers can use their check as their primary form of payment, and then either purchase with their PayPal account, or use their Visa card to pay for items on your e-commerce site. All of these options are great options for your small business and are often more secure than any other payment option.
Understanding the different online payment methods for small businesses is vital to your success as a retailer, and your customers need to be able to make the decisions for them. Being able to browse your online store, and know exactly what they are going to do before making their purchase is crucial, and in my opinion, without a merchant account and merchant service, or a combination of merchant account and merchant service, you cannot succeed as an online business owner.