10 Payment Options Every Small Business Should Know About
You’re a small business owner that already accepts credit and debit cards, Paypal, and maybe even Venmo. But are there other payment options out there that could attract more customers to your store? The answer is always yes!
The internet is an ever-changing landscape that strives to provide even more convenience and simplicity to customers around the globe. When you stay informed about all the payment options available, you can attract more customers to purchase your products and services. While there are hundreds of options out there, some are definitely
easier to use, ensure data security, and offer more cost-effective solutions for your small business. There are even payment options for “high-risk” businesses that some payment gateways refuse to service! Here are the top 10 options you should consider adding to your check-out process today.
Bitcoin made big headlines when it was first introduced as a decentralized currency outside of government control. While at first, many vendors were suspicious of its value for everyday transactions, there are many more businesses willing to accept Bitcoin as currency today. El Salvador has even recently made it legal tender!
There are a number of benefits to using Bitcoin, including lower transaction fees and faster processing when compared to more standard payment options. Bitcoin is also especially useful for vendors in high-risk industries, like marijuana, adult entertainment, online gambling, and dating services, that other payment gateways won’t service. You may also want to use Bitcoin if your company makes frequent international transfers.
One of the best things about Bitcoin is that anybody can use it! Your customers don’t need to have a credit card, debit card, or even a bank account to buy Bitcoin and use it to purchase products. Even better, as Bitcoin becomes more accepted, its processing and security get better and better. Since it’s not a physical currency, it’s nearly impossible to steal. Increase your payment security when you choose to accept Bitcoin in addition to other payment methods.
One of the newest payment options, Due can make accepting and receiving online payments much quicker and easier. It’s similar to Bitcoin because it’s another type of digital wallet, but it works with more conventionally accepted electronic cash, including credit card processing. Some of the other features Due offers cover fraud prevention, reporting and analytics, instant deposits, and chargeback protection. You can even get integrated invoicing to manage your accounting all in the same place!
Due is a lot more comprehensive than Bitcoin or basic credit card processing because it can help manage your bookkeeping, and it works both online and offline. While it’s free to join Due, there are transaction fees for both international and domestic credit card processing. You can expect to pay 2.70% per transaction.
3. Chase Paymentech
If you’re looking for services attached to a well-established global payment processing service, Chase Paymentech is the answer. This payment option is owned and operated by Chase Bank and allows businesses to accept payments online and in-store. Currently accepted payment methods include major debit and credit cards, electronic checks, international payments for more than 130 currencies, and PayPal.
Because Chase is such a well-known banking institution, you can expect plenty of security and protection with their payment services. They can help with recurring billing, chargeback protection, fraud protection, and easy online reporting. Tracking purchases is especially crucial for small businesses because you are far more likely to face sales tax audits. Make these audits a breeze when you keep track of everything with Chase Paymentech.
In addition to Chase Paymentech, you can also use QuickPay — a service that allows a business to send money around the world as long as the users have a bank account and valid email address. QuickPay is completely free, so it’s an attractive service for many business owners!
Stripe is a great option for any business owners that want a hands-on approach to payment gateways. Businesses have the opportunity to comprehensively customize their Stripe account to fit their specific business needs. From storing cards and accepting payments in international currencies to processing subscriptions and recurring payments, you can do it all. Stripe also helps you accept Bitcoin and local payment options like Google Pay, Apple Pay, and Alipay.
Some of the other features available with Stripe include integration with your accounting software, fraud protection, recurring billing, and embedded payment forms on your website. Stripe can be a little expensive, though, as they charge .30¢ for every transaction in addition to a standard 2.90% transaction fee.
If you’re searching for a seamless payment solution, Checkout may be your answer. This global FinTech company can allow you to accept every major credit card and local payment solution throughout the Americas, Europe, and the Asian Pacific. Checkout collaborates with iDeal, Alipay, Google Pay, and more to ensure customers have as many avenues for payment as possible. They also frequently update their payment option offerings, so you could be seeing Bitcoin on there in the near future.
You’ll have to integrate Checkout into your website as a built-in payment solution, and it comes with developer-friendly APIs, fraud protection, recurring billing, and real-time analytics. You can expect to pay for Checkout in one of two ways, including $0.22 per transaction or 2.95% and $0.15 per transaction.
One of the leading payment processing service providers, WorldPay is easy to use for both businesses and customers. They’re known around the world for accepting digital options like Google Pay and Apple Pay, as well as international currencies, Bitcoin, and traditional credit and debit card purchases. You can integrate WorldPay into nearly every eCommerce platform, including BigCommerce, Magento, Shopify, and more. Track customer shopping habits, enjoy round-the-clock support and get tailored fraud protection with WorldPay.
Because WorldPay strives to be accessible to small businesses, they offer several processing fee options. You can either pay as you go or opt for a flat-rate fee. The flat rate is a monthly plan that charges you $30.00 per month in addition to 2.75% on credit card transactions and 0.75% on debit card transactions.
Designed specifically for small businesses, Elavon is all about providing flexibility and convenience. Get in-store and online payment terminals that support everything from Android and Samsung Pay to electronic checks, gift cards, and credit cards. You even get detailed accounting reports and chargeback management that integrates directly into your website.
Elavon is one of the more expensive payment processing options available to small business owners, but they offer more versatility than most. You can expect to pay a $10 monthly fee as well as 2.65% for each transaction. Swiped transactions also get charged an additional $0.19.
One of the more well-established online processing systems, 2CheckOut has been around for years. More recently, the company has overhauled its payment processing options in order to become one of the leading choices among international merchants.
If your small business frequently works within the global economy, you may want to give 2CheckOut a try. In addition to accepting multiple currencies in over 200 global markets, you can also accept payments in over 80 languages, helping international customers complete their transactions more quickly and easily. You can even sell products and services in multiple languages for a comprehensive international experience.
2CheckOut also offers all the services that are part of the gold standard for payment processing companies, including recurring billing, fraud protection, invoicing integration, and versatile eCommerce compatibility.
You can get 2CheckOut without any monthly fees. They simply charge 2.90% and $0.30 on every transaction.
Useful for merchants who want to accept the basics, BlueSnap provides payment processing for PayPal, credit, and debit cards. What it offers above and beyond these must-have services is a powerful global tool that functions in 29 languages and accepts more than 100 different currencies. You can utilize BlueSnap to create local checkout pages for the most popular countries that are using your online store. Explore all of BlueSnap’s services, including recurring billing, marketing emails, coupon creation, fraud prevention, cyber security, multi-bank connections, and payment analytics.
BlueSnap is also available without a monthly fee. Instead, they charge vendors 2.90% as well as $0.30 for each transaction.
10. Pay with Amazon
Amazon is well-known for expanding its services exponentially with each passing year. In addition to providing a platform for vendors, hosting space for websites, and streaming services for customers, it also has a payment gateway system. While you can only use Amazon payments in the United States, Germany, the United Kingdom, and Luxembourg, they are expected to expand internationally in the coming years.
If you’re a small business, or you’re launching a new business, you can place a copied code onto your website that redirects customers to Amazon when it’s time to check out. Amazon makes customers feel safe and secure when providing their personal information and payment details as they purchase items from your business. A new company may not have built up the trust that customers want before making a purchase, but using Amazon for payments lends the reputation of their company to yours. With fraud protection features like unauthorized and recurring payment prevention, you can feel more secure, too.
Businesses who choose to use Amazon Pay can expect it to work on all smart devices, including tablets, computers, laptops, and smartphones. Amazon doesn’t charge any monthly fees, and there are no hidden costs. Vendors will pay 2.90% plus $0.30 per transaction completed on the Amazon site.
Choose What’s Best for You
Managing your business is hard work. There is plenty for you to track and control without worrying over whether your payment processing options are easy, convenient, and safe. With any one of these 10 payment options, you’ll be attracting new customers, streamlining your business, and integrating features throughout your website. Explore all the options and choose the one that best aligns with your company to discover an immediate improvement in your workflow.