The Top 4 Tips to Accepting Online Payments

Merchant Account Vs. Payment Gateway

Today many people are using online payments more than ever before. The reason for this is that many businesses have integrated an online payment system as one of the way of receiving payments. The other reason as to why online payments have increased significantly is because is because it has been made safe and convenient that most people are able to use it without fearing that their information will be compromised. The other reason as to why online payment has increased in popularity is because it is easy and in most cases instantaneously. These are some of the tips you need to have at hand when looking to find the best way to accept payments online.

1. Online Credit and Debit cards

The basic way that businesses are using to receive online payment is by allowing their customers to use their credit and debit cards online. The commonly used cards which are used are Master Card, American Express, and Visa.  This is where businesses are adding the feature where customers can input their credit card details which can then be verified and automatically billed when they make their purchases. This is a gateway which is added directly on a business website where customers are able to create their payment profile and returning customers do not have to keep keying in their financial information as it is stored on the website securely.

2. Accepting eChecks

Another way that business are accepting online payments is by accepting eChecks which most of them are paid directly through the customer’s bank. The banking systems today are generating eChecks which do not require the filling of a physical paper. The good thing about eCheck is that what is mostly required is the filling of information in an online form which is processed electronically and also sends electronically.

3. Through Merchant account

There are businesses which prefer to accept online payment through merchant account which are dedicated for their business. This is another, very effective method given that it’s much easier and the merchant account takes care of all the security and maintenance issues. The common types of merchant account which most businesses are already using include: Authorize.Net and SecureNet which have proven to be safe and highly secure. The merchant service will act as a link between your customer and your business. This increases the transaction security and efficiency but one thing to note is that there are usually charges of this but in most cases, the charges are not high.

4. Mobile payment

The increase of smartphone with internet access has allowed for more businesses to integrate this mode of payments. This is another very effective way of accepting online payments because now customers are able to key in the details of their credit number on their mobile platform. There has also been a rise in the mobile money payment system. This is where you can use your smartphone to make payments over the internet and also receive instant confirmation once the payment has been made.

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