Digital payments, or electronic payments, are the simple transfer of value from one person or business’s payment account to another through the use of a digital device.
There are many different options available. Companies can decide to incorporate more than one to cater to a broader range of customers.
However, if you’ve unsure of the digital payment options available and how to begin integrating this innovative technology into your workplace, you might want to take note of some of the following information.
Look into ACH transfers.
Paper checks are now no longer the most advanced method for sending and receiving money. In their place are ACH transfers, which are an instant digital payment method of moving money from one bank account into another by way of the Automated Clearing House network.
ACH transfers are suitable for a wide range of payment processing options. These include direct deposits, personal payments, bill payments, and business-to-business payments. You can even use them for government benefit payments.
Many businesses can benefit from accommodating ACH transfers in many ways, regardless of their industry or size. Compared to paper checks, they are eco-friendlier. They are also easier to track and research for peace of mind.
You may also enjoy the convenience that’s lacking with the more manual paper check method. You might also appreciate the lower transaction and processing fees compared to other electronic payment options and virtual payment platforms.
Accept debit and credit cards online.
Online shopping is taking the market by storm, with over two billion people purchasing goods and services online in 2021.
If you haven’t yet started an online shop or looked into the most convenient online digital payments, now might be the right time to consider exploring debit and credit card payment types.
Not only can debit and credit cards be accepted online, but also in person and over the phone. They are among the most versatile digital payment types currently available. Cards such as this only require you to have an intermediary holding account or dedicated merchant.
Try an online payment gateway.
The prospect of accepting digital payments may intimidate some business owners. They worry about the complexities of hosting, handling customer information, and guaranteeing secure payment processing.
However, you don’t need to worry about managing those features when adding a simple online payment form to your website.
Customers can use the form to purchase products from your business. However, you can outsource the form and payment services to a third party to host and provide the necessary safety provisions.
Encourage mobile payments.
Mobile payments are growing in popularity by the day. More and more people purchase smartphones to manage their everyday affairs.
When you allow payments to be made with mobile devices, you get to enjoy immediate payment confirmation and a seamless process for a receipt to be emailed to the customer.
Customers are now looking for the most convenient ways to buy goods and services. Exploring this option might be how you provide the very thing they want and need.
Adopt EMV and chip card solutions.
You may not have accepted cards with chips in the past, but they are becoming a popular and highly-regarded payment solution that could be worth considering.
Generally, cards with chips are safer than cards with magnetic strips. This is due to how many more security measures are in place to prevent fraudulent transactions and counterfeit cards.
When you begin accepting chip card payments online, you can incorporate EMV chip payment technology that allows for verification through a pin, signature, or online authorization.
Start evaluating your business.
As you may now have realized, there is an abundance of digital payment options to take your business to the next level. It’s easy to feel overwhelmed and unsure about the right methods for you.
Before selecting which ones you’d like to incorporate into your business model, take the time to evaluate your business. Doing so will make the selection process simpler.
Think about how many customers you service regularly, the type of customers they are, the payment methods you believe they’d prefer, and what you are selling.
Even your location and whether you’re a solely online business or not may play a part in the decision-making process.
Set up a merchant account.
One of the most common payment types is card payments. Out of all new payment types to obtain, they sit near the top of the list.
However, card payments can’t be accepted without a merchant account. This needs to be something you consider before accepting them.
These accounts function as holding pens for your funds. All money processed through payment cards is retained in these accounts until banks run the appropriate checks. They are then deposited into your bank account on a regular basis.
Learn about various providers.
When you decide to take the leap and explore your digital business payment options, it’s easy to get overwhelmed by the sheer number of payment providers there are to choose from.
Some are undoubtedly more well-known than others, but that doesn’t mean they’re suitable for your unique needs.
Look at each provider and review their sign-up and exit fees, support offerings, customer reviews, and contract lengths. Their pricing packages can also be worth looking at. Make sure your expected sales match up to the costs of using specific providers.
You may be so focused on getting online payments up and running that you forget to focus on safety.
Online safety measures are crucial for keeping your customer payment information safe, so they should take priority.
When aligning with a new payment provider, look for the mention of SSL certification that provides protection for you and your customer details. The use of 3D secure technology may also offer much-needed peace of mind.
Don’t be afraid to ask if you need specific information about security measures that each digital payment provider has in place. Every paying customer deserves to feel safe while shopping online.
There’s no denying that digitizing your business can be a scary process. However, it can be necessary to keep up with the modern customer’s demands and needs.
The payment information listed above may be enough to pique your curiosity. Take some time to begin exploring the most appropriate options for your own company.