In today’s digitally empowered world, people are literally running their lives online. Right from shopping to paying bills to booking tickets, people rely on online services. If you want your business to leverage this huge customer base and stay ahead in the competitive digital space, you must give your customers the opportunity to make payments online as well. Online payment acceptance is a win-win situation for businesses as well as customers.
While the money is credited to the merchant account smoothly, the payment process is also quicker, smoother, and more convenient for the customer. In this blog, we will talk about how your business can gain scale and benefit by facilitating an online payment acceptance process.
Benefits of Online Payment Options
In the current booming global economy, revenue and customers can emerge anywhere, offering new opportunities for established enterprises and small-scale businesses. By offering a variety of card payment options and alternate payment methods, online payment challenges can be addressed successfully. Online payment options can significantly speed up the purchase process and reduce the frequency of the phenomenon of cart abandonment. Incorporating an online payment system can help merchants who wish to scale and grow their eCommerce business globally by reaching out to a wider customer base.
Benefits to the Customer
- The checkout process becomes much easier for buyers, ultimately reducing the cart abandonment rate. Several financial, social, and convenience factors influence people’s payment preferences, and online payment is one of them.
- Mobile digital wallets can be load with funds or connect directly to a bank account. This saves users from managing a physical card or entering payment information manually.
- The online business owner can ensure that shoppers can use their preferred payment method by offering diverse payment methods. Once the customer is at the checkout page, they will be pleasantly surprise to see the multitude of payment options to choose from, exceeding their expectations. Choosing to pay from multiple payment options is a major driver of customer satisfaction and repeat purchases for the future.
Benefits to the Business
- An online payment system is a powerful tool that can help eCommerce businesses achieve their ultimate goal of completing a purchase.
- By providing multiple online payment methods, merchants can fix the problem of cart abandonment due to the inaccessibility of a payment method. Payment options are a big decision-making point for customers and can make all the difference between whether they finish the purchase or not. Moreover, offering several payment options during checkout can earn eCommerce sellers a very large customer base globally. Different countries have varied preferences in terms of payment. The more diverse payment options you offer, the more opportunities you get to do business with an international customer base.
- A secure, reliable, and best online payment systemcan help your business always stay one step ahead of the competition over customers in the eCommerce space.
Steps to Set Up your Online Payment System
- Set up a Payment Service Provider
You will need a payment service provider to be able to accept online payments. A payment Gateway like Zaakpayis the source of communication medium between the merchant account, the customer, the Credit Card company, and the bank. It has the technology that accepts payments ensures that data is encrypted and that the transactions are secure. online payments foundation
Payment processors integrate with the merchant website or invoice system to process online payments. It can handle Debit/Credit Card transactions and fund transfers from customer to merchant account. The merchant account has the funds from the card payments, and it can be secured through the bank.
- Narrow down the payment types you will support
Before deciding on the right merchant account or payment processor for your business, you must decide on the types of payments you will accept, such as credit/debit cards, digital wallets, etc.
- Decide on a secure payment acceptance method
Based on your business model, you may offer your customers more than one payment method such as:
- Invoice Payments: You can send a digital invoice that will have a link through which your clients can make the payment.
- Recurring Payments: You can automatically charge your clients without sending them an invoice for recurring bills and subscriptions.
- Mobile Payments: Your clients can pay directly from their mobile devices, like smartphones or tablets. Mobile payments are the ideal way for making contactless, in-person payments.
- Order forms and online shopping carts: These are based on the model of a physical store where customers place orders and add items to their carts.
- Inform Customers
Once you have all the elements of an online payment system set up and running, ensure that you make your customers know about it. You can send email newsletters, add updates to your website, or add messages to future invoices.
Types of Online Payments
There are many ways you can accept online payments from your customers. Some of the common ways to process online payment are discussed below.
- Bank Transfer: Bank transfer or electronic fund transfer allows individuals to send money to the desired recipient electronically and receive it online. For this, clients may have to share their bank account numbers with the payment provider.
- Card Payments: Credit and Debit Card payments are the most convenient for the customers, as they are a familiar method and are extremely easy to set up. Payment can be make in a few clicks and accepted as soon as they are complete.
- E-wallets and Mobile Payments: All major Credit and Debit Cards can be link to mobile payment apps that allow payments without a Credit Card. Mobile payment can be make through eWallets, Peer-to-Peer apps, and SMS payments.
To achieve the best online payment system, you must consider factors like types of payments your customers will accept, customers’ payment preferences, and your budget for payment processing. With Zaakpay, it becomes far more convenient, quick, and easy to accept online payments. Begin accepting online payments, stay ahead of competitors, scale your business faster and more effectively.