Online Payment Methods for Your Online Business

December 13, 2021 / June 27, 2023

In a world where more transactions are being completed online, you need to provide options for your customers.

Accepting multiple payment options helps online business owners reach more customers. When these customers are scouring the internet for products and services, you are making their life easier by expanding their payment options.

With immediate payment and digital receipts, they can rest assured knowing that the process is complete. Most of these credit options can be directly implemented into the design of your website.

Continue reading to learn about the different online payment methods available to you.

Credit and Debit Card Processing

One of the most common payment types for online businesses is through the use of credit cards and debit cards. By accepting major credit card companies, your customers can enter their card information and be on their way.

Unfortunately, these methods of online payment require:

Applying and getting approved for merchant account use
Higher fees for using cards

They might cost between 1.5% and 3.5% on every single transaction that a customer might make. That sounds small, but if everyone is using their debit and credit cards, that amount can add up quickly.

Payment Gateways

As technology advances, online payment gateways like Paypal are becoming more popular. In fact, most people already have an account of some type including:

Amazon Pay
Apple Pay
Google Pay

With these online payment methods, your customers can pay for products and services without ever leaving your website.

Smartphone users likely already have these accounts, making the process quick and simple. Since most of their account information is already stored in their phone, it takes only a few simple taps of their finger to complete a transaction. Services like Amazon Pay allow customers to pay online on third-party websites without leaving the webpage.

While Paypal has rules and fees that vary depending on the type of currency and the amount of money for the transaction, GooglePay and Apple Pay are generally free to use for both the customer and the merchant. These applications make for a seamless shopping experience for everyone involved.

Electronic Checks via ACH

For individuals who either don’t have a debit card they are comfortable using online or don’t have access to an online payment option, you could offer eChecks as an online payment method. This is possible because the Automated Clearing House (ACH) Network can process electronic checks automatically and securely.

This method isn’t as feasible, however, because most people have other options at their disposal.

Cryptocurrency (like Bitcoin!)

Bitcoin is a self-regulated currency that is only available online. With cryptocurrency, there is a low risk of compromised information. Unfortunately, the value of bitcoins fluctuates – just as any type of currency does.

If your clients live in a different country, normal payment methods can be difficult to access. As online transactions become more mainstream, it could be a good idea to offer this type of payment processing.