As you begin to expand your business online, things start to become easier, quicker and more convenient. Managing your finances and accounting also become smoother when you begin to use a digital platform. Moving away from the traditional way of managing payments can seem a little tough at first, but you’re making it easier for you, your employees and your customers in the long run.
Here are 5 ways to process payments online:
- Credit/Debit Cards
Over 75% consumers prefer to use credit or debit cards while shopping online. To offer this feature to your customers, you’ll want to decide whether you want to have your own dedicated merchant account or use an intermediary holding account. Both have different processes, so you need to do the necessary research to see which one suits your business needs.
- Net Banking
Net banking is another seamless way of collecting payments. Once you set up your payment platform, your customers will be diverted to their bank’s net banking log in page where they have to fill in the necessary details to ensure secure transactions.
Wallets like PayTM, Amazon Pay and Phone Pe have been popular methods for payments. Giving your customers the option of paying through multiple wallets improves your agility. Prepaid wallets usually charge a transaction fee similar to payment gateways, and the setup fees varies with each wallet.
- Payment Gateways
Third-party payment gateways like PayPal and Razor Pay or bank payment gateways can help you integrate your payments and make it more user friendly and accessible. These gateways also help to facilitate payments made through other forms of payment including debit cards, credit cards and net banking, e-wallets and UPI.
- Cash on Delivery
In a country where digital payments is slowly picking up, cash on delivery is still a very popular option for customers, especially those new to online shopping. Most retailers offer this option with an added charge to write off any potential denial of payment.
It is clear that the quality of your product and service sets you apart in the market. But, ensuring that your consumers have easy access to it via your website and setting up a smooth payment process to facilitate easy purchases can be a key differentiator for your business.