Online transaction is essential parts of a global e-commerce business, so it’s crucial to choose the best payment system for small business. One of the biggest obstacles facing many small businesses is acquiring a platform to handle payments over the internet. A wide variety of online payment systems for eCommerce web stores is difficult to grasp.
The right and safest payment system could be a bonus as it could lower down all payment-related issues. It does matter which online payment system you choose, but it should be a safe, reliable, and user-friendly payment processing system.
Some payment gateways charges while adding money in the wallet. But at last, the best payment system depends on various factors that need to be considered, such as “Which payment mode accepted?” and “How much does it cost for doing transactions? These are crucial questions that should be answered before finalizing the best payment system.
What is an online payment system?
Online Payment Systems are those that are carried out online for purchasing goods and services. In this system, money is withdrawn electronically by checking the account of the receiving person. Once the receiver’s account is verified, the transfer is made through an online network. Once the receiver account is verified, money is deposited into the bank account.
Why is an online payment system important for a start-up?
The advancement in technology and the internet enabling you to accept electronic payment without going to a bank. Acceptance of online payments helps to increase the sale of new business. Due to this, ignoring the online payment system could be harsh for your new business setup in today’s time. There are many benefits for accepting online payment, such as near-instant payment, affordable client convenience, and satisfaction, and all these factors help increase your sale.
How to set up an online or digital payment system for your business?
Various options are available for businesses to accept electronic payments from customers. But before getting the payment in their account, companies need to set an online payment system. They need to evaluate which digital payment system will be best for them and provides the best services.
To understand better, let’s have a look at how to set up an online payment system for your business and what are the steps that need to be followed-:
- First and most importantly, you need to have a hosting platform to apply for the SSL ( Secure socket layer ) certificate.
- Once the certificate is received, build the payment form on the desired payment processor’s payment page. This payment processor allows you to receive the payment from different types of electronic transactions such as from credit card, debit card, or online transactions (Google Pay, Paypal, etc.)
- After that, get interlinked with your online payment processor with your payment page.
How to choose the right payment methods for your company?
As online payment service provider has turned it out very easy to accept various types of e-payment. But before you finalize any digital payment gateway provider, you need to consider some vital factors. Following are the listed factors that need to be considered while in choosing the best payment methods for your organization -:
- Go for a proper payment flow system that is used to send the required information to the payment gateway.
- Have a look at the transaction charges that will be charged.
- Always go for a 3D secured network payment system.
- Do check that that payment gateway system should have good service support.
List of Best Online Payment System for Small Business
Here is a list of 10+ best online payment systems for freelance designers and freelance developers.
- Google Pay
- Amazon Pay
Payoneer is the oldest and trusted name for transferring funds online. This is an excellent option for businesses and freelancers to send money across the world. This online payment platform is secured by SSL that provides secured and easy transactions. Registration on the Payoneer application is very quick and easy. Once the payment is received in the Payoneer wallet, it will automatically be transferred into the receiver’s bank account.
Skrill is an excellent electronic payment gateway that provides secured transfer directly to a skrill wallet or bank account. The features which make it best payment system for small business are instant deposit and withdrawals, meager transaction fees. The skill also provides various offers for adding and sending money to the account. Once the transaction occurs, it sends notifications and text messages on your mobile number.
PayPal is named that is very popular digital payment platform throughout the world. It will allow the options for its users to accept the payment through debit and credit card. The best part of this payment gateway is that money can be sent directly to a registered email address. PayPal charges a small amount for every transaction, whereas there are no registration charges as you need not worry about membership fees. As PayPal has this reputation, you need to worry about reliability and security.
Google Pay is another best payment system for small business that is famous as a digital payment gateway. Specially made by keeping small businessmen in mind, and this application is very useful in e-commerce shops, mobile shops, etc. To receive and send money, you need to register on Google Pay, and the registration process is secure and simple. The best thing about Google Pay is that you need to be worried about adding money to wallets as you can directly send money from your bank account. You will get some rewards and cashback that is directly transferred to your bank account for every transaction.
2Checkout is growing every day and on the road to becoming the best online payment gateway provider. This payment gateway allows customers to add money through several options such as cards, net banking, etc. If we talk about security and reliability, 2Checkout has a very secure network and has advanced fraud-proof protection, making it an impressive online transaction platform.
This is another electronic payment gateway that is specially designed for businesses. This payment gateway is known to support hundreds of currencies; thus, it has become an excellent choice for small businesses. With Stripe, you can add payment through all major gateways such as from credit card, debit card, or directly from a bank account through net banking. Stripe consists of all the tools and features that are required to carry out transactions easily.
This online payment system was the first that brings a credit card swiper, and this card swiper is easily attached to a smartphone and gets interlinked with the application and proceed payment transaction. Square is another digital payment gateway that has to be the most useful payment system for small businesses. Square allows you to send and receive payments throughout the world. This payment application consists of all the required features required to safely and securely proceed the online transactions.
The advantage and disadvantage of online payment methods
The online payment system allows your customers to make cashless payments( through card, internet, or smartphones) for goods and services which they have used. There are several advantages of choosing online payment transactions, such as increased sales, reduced cost and time, and much more. But if it has advantages, there much be some flaws such as safety concerns, internet fraud, etc.
Let’s go ahead and look out the advantages and disadvantages of online payment system-:
Advantages of Online Payment Method
- Reduction in cost of transactions: As an online payment system takes place in an automated environment, no cashier is required to deal with payment processing slips.
- Increased Sales -: People in today’s time are preferring online payment systems instead of making cash. So, having a good and secured online payment gateway attracts customers who prefer to pay electronically.
- Instant Payment -: Online payments system enables the business to have instant payment once the transaction is done.
- Low risk of theft-: Once the transaction is processed, it will directly go into the receiver’s bank account, so the risk of theft is very low.
Disadvantages of Online Payments Method’s
There are no disadvantages of online payment, but there are some challenges that need to be taken into consideration before doing online transactions -:
- Technical issues -: Sometimes, there could be technical issues in the server of the payment gateway. These issues could cause delays in transactions, and there are chances transactions that are done at that time are not successful.
- Service Fees -: As all the online payment gateways have some transaction fees charged when the transaction is completed. Simultaneously, some electronic payment gateways ask to have a membership plan to carry out the transaction process.
- Security Concerns –: Though payment processing companies have taken all the security measures to make digital payment safe and secure, and it is still approachable to hackers. As hackers always try to find new ways to break secured payment processing gateways, it could sometimes be risky.
While we have mentioned some of the best payment systems for small business, the online payment system is increasing continually. As digital payment processing is growing and gaining popularity. Rest all-digital payment processing gateways charges some transactions amount, and it depends upon you which one is suitable for you. It’s time for you to realize which payment option will be best for your business.