The simplest way to accept payments on your eCommerce website is by setting up a payment gateway. Payment gateways allow customers to securely enter their credit or debit card details and process the transaction in real-time. This is likely the most popular option because paying with a credit or debit card is convenient and everyone has one.
But there are other payment options available as well. You can also accept payments via PayPal, Apple Pay, Google Pay, and other digital wallets such as Venmo or Cash App. These services allow customers to pay using their bank account information without having to enter a credit or debit card number each time they purchase something from your site.
For larger purchases, you may want to consider offering payment plans as well. This way, customers can pay for their items over a period of time (often 3-6 months) rather than having to make one large lump sum payment upfront.
Finally, if your business is based in the U.S., you should also consider accepting payments by check. Checks are still widely used, particularly among older customers who may not be as comfortable using digital payment methods.
Regardless of which method you choose to accept payments with, make sure that your website is secure and trustworthy in order for customers to feel confident in making a purchase from you. It’s also important to keep up to date on industry standards and regulations to ensure that your payment system meets all legal requirements.
By offering a variety of payment options, you can make it easier for customers to make purchases from your eCommerce website. This will help increase sales and customer loyalty, which is essential for success in the online business world. With these simple tips in mind, you can get ahead of the game and start accepting payments on your eCommerce site in no time!
A payment processor is a third-party business that accepts funds from your customer and deposits them into your bank account. You absolutely must have a payment processor to properly conduct business on an eCommerce site. Customers want immediate satisfaction. The next best thing to actually receive your product or services is to get a confirmation from you saying that the customer’s order is on the way.
Compare processing fees from different companies like Braintree or PayPal. Factor in the cost of chargebacks when a customer returns your product and requires a refund.
Having a payment processor keeps you in compliance with PCI Security Standards for credit cards. Avoid a huge lawsuit by not having slips of paper with account numbers and names in your office.
Talk with a payment solutions company that has experience in your geographical area or your industry. At PayProTec West Coast, we are able to shop around multiple payment processors. The more creative your processing counselor is, the better rate you will be getting on each charge. Some will suggest that you pass the fees on to your clients. That may be your only option to stay competitive in your market.