The online presence of a business grows with time and in such a scenario, businessmen consider expanding the options for customer pay-out. Your chances of building a loyal customer base increase if they are presented with greater flexibility in terms of honouring payment. Today we are going to take a look at some of the popular methods of online payment that businesses are increasingly banking on:
- Virtual terminal refers to the means of accepting payment from credit and debit cards even when the card is not present. They are web-based software programs that are synced with your accounts for fostering transactions between you and the end customer. The transaction takes place securely once the relevant billing information, card number, security code, and expiration date of the customer are entered.
- Credit cards are considered a popular means of completing online payments. Businesses will require an internet merchant account for setting up credit card processing on their website. This account can be set up from the bank issuing your credit cards. However, internet merchant accounts with separate banks might be required for card processing of major credit cards through your website.
- Services like PayPal, Payoneer, etc offer a holistic payment solution without any merchant account. Once a payment request is created via Payoneer, an email is sent to the customer alongside a link to the online payment application. This payment can be honoured by the client either through their bank or online. Often users doubt is Payoneer safe? It is imperative to note here that Payoneer follows stringent security guidelines for offering top priority to the sensitive credentials and funds of customers.
- Customer-facing transactions are honoured in a website’s web-based shopping cart through a payment gateway. Once the transaction is finalised by a customer, the encrypted information is sent to the gateway for being forwarded to your card processor. Finally, it is sent to the customer’s card provider for either debiting or crediting the account.
- Certain potential customers might not feel at ease making the payment through online methods. In such cases, it is advisable to inculcate payment methods for these customers in the way of an order form or a toll-free number.
All of the payment methods listed above allow customers to make payments online. This helps in saving time to a great extent and bringing greater convenience to the payment session. Businesses can attract fresh customers by adding newer means of online payment to their existing base. The success of a business depends to a great extent on its sales figures. As a result, businesses should offer an array of payment options as one customer might pay with a digital wallet, another with a credit card, and the third one with a cheque. Ideally, an e-commerce store needs to offer a mix of all these payment options for offering higher versatility to users. The chance of losing a customer gets heightened when you don’t offer the payment mode preferred by a certain segment of customers.