When it comes to running an online business, there are many different factors that play into your success. One of the variables that is often overlooked is the wide array of payment processing options and how they can affect sales. If you don’t offer enough online payment options, you may be missing out on some customers. In fact, websites that offer multiple payment options have higher conversion ratios and larger orders in most cases. Here are a few of the different online payment methods that businesses can make available to their customers.
Credit Card
With credit card payments, you have the ability to take all of the major credit card brands. Customers will simply have to enter their credit card numbers, the expiration date of the card, and possibly the security code on the back of the card. At that point, the payment will be run on their credit card and the money will be transferred to you right away. This is the most popular method of payment for today’s consumers. Businesses should access secure credit processing services in order to provide customers with the convenience they expect.
Debit Card
Just like you accept credit cards on your site, you can take debit cards in the same way. In many cases, the same credit processing services account that allows you to take credit card payments will also allow you to take debit cards. The customer will enter the same information as they would when using a regular credit card.
PayPal
While many have veered away from PayPal in recent years, it is still one of the most prevalent online payment processors for online sales. With PayPal, your customers can make payments in one of many different ways. They can draw funds directly from their PayPal balance. Consumers can also link their PayPal account to their checking account, credit or debit card. Some consumers like the flexibility offered by PayPal transactions.
Setting up PayPal for your business is very simple. Once you have a PayPal account, you can simply get a piece of HTML code to put into your website that will create a “Buy Now” button. As soon as the customer clicks on the button, they are taken to PayPal to process the transaction. As soon as it is processed, the money is credited to your account, and then you are given the details of the transaction.
Bitcoin
Many websites are now offering a payment method known as Bitcoin. Bitcoin is a special type of online currency that is limited in the amount that will ever be produced. This helps to maintain the value of the currency, unlike traditional fiat currencies. If you accept Bitcoin, customers who use this form of currency will be able to pay you electronically just as though they were using PayPal or a credit card.
Offline Payment
In some cases, you may also want to offer some form of off-line payment for your customers. For example, you might want to allow your customers to mail you a check for the amount that they owe you. Then you can mail them the merchandise and a receipt. This will undoubtedly take a little bit longer because they have to mail the check in to you, but it will get the job done just the same. In some cases, you may also be able to accept payments over the phone or in person if you have a brick and mortar store. Some businesses also make it possible for their customers to simply deposit money into their bank account. This typically only works if you have a nation wide bank.
With these payment options, you should be able to make the most out of the visitors that come to your site.
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