In today’s competitive marketplace, small businesses have to do what it takes it to survive. Online payments are becoming the way in which customers want to pay, which means businesses have to make this available. In fact, not only does this meet customers’ requests but it also helps small businesses get paid faster. When customers of Intuit’s payment platform offered an electronic channel for their invoiced customers to pay, they typically received payment within in 10 days of sending the invoice. Other methods, on average, take 27 days. At times, small businesses can shy away from online payments as the fees associated with these payments can stack up. But all small businesses need is a little bit of research to know the great options out there that enable them to economically accept online payments. Here’s a list of our favorites:
PayPal - Perhaps one of the most well-known names in online payments, you can count on PayPal given their years in the industry and their reputation for minimal fraudulent activity. With a different pricing structure, from $0 - $30 a month, PayPal enables you to accept payments in almost any way you’d like. All solutions allow you to accept credit cards online, charging only 2.9% +$0.30 per transaction. Fees can also decrease depending on the volume of sales your business is doing each month. No matter the plan, you can send invoices online and your customers can click to pay right there. And if you’re a business owner on the go, PayPal also comes with a card reader that allows you to swipe cards in person if the need arises. Learn more about how PayPal can help your business.
WePay - WePay is another great option in the space, with a fee structure that is easy to understand and a solution that is simple to incorporate into any website. WePay charges 2.9% + $0.30 per credit card payment but charges only 1% + $0.30 for bank payments. For their WePay Pages and virtual terminal, the fee is a flat 2%. WePay is a solution the can seamlessly integrate wherever you need to take payment, even if you need to create a place to do so. You literally can just copy and paste the code that gets WePay up and running! WePay is an excellent option for those businesses who process fewer payments and want a simple fee structure.
Intuit PaymentNetwork - Are you a Quickbooks user? If so, you should definitely check out the Intuit PaymentNetwork. Quickbooks integrates with the PaymentNetwork, allowing users to add a payment link in invoices. You can also send payment requests by email, put the option to pay on your website, or simply provide a custom payment link anywhere else you may need. Intuit charges only $0.50 per bank payment and 3.25% for all credit card payments.There are no other fees. If you believe the majority of your payments will be bank payments, Intuit PaymentNetwork is probably the right choice for you.
PaySimple - Another excellent option for online payments, PaySimple charges $34.95 a month, but only 2.39% per credit card transaction and $0.55 per bank payment. PaySimple also gives you the option of click-to-pay invoices. What sets them apart, though, is how they enable you to always have access to your customer data, giving you better insight as to what is happening with your money. PaySimple is an excellent solution for those business owners that want more knowledge into their customers’ payment habits.
These are just a few places to begin. If you are currently accepting payments from customers, what do you use? And if you are not, what are your hesitations (if any) with online payments?