These days, consumers want to be able to get the things they want as quickly and hassle-free as possible. Part of this change is directly due to the online world, where just a few clicks can accomplish great things. For those who want to sell a service or item online, it’s imperative that a worthwhile way of accepting payments is present so people can purchase items in a quick and trustworthy manner. To this effect, many novel ways of accepting payments online have sprung up.
Credit and debit payments
This is perhaps the most common way payments are exchanged online. First, a business sets up a merchant account (similar to those found here), and then they look for a payment processor willing to work with them. In exchange for a small fee, these processors do all of the heavy lifting with regards to transferring the money from the client to the service provider, all at lightning-fast speeds.
One of the fastest-growing forms of online shopping is shopping done on mobile phones. Just about everyone carries a phone on them at all hours of the day, creating a huge market out there that many entrepreneurs find too tantalizing to resist. Whether it be by tapping a card on their phone or keying in their information manually, the ability to take payments from a mobile phone is a very user-friendly and worthwhile addition to any online site.
Electronic checks are yet another way to accept money online. Typically, this method is used more by those who are providing a service than those who are providing physical goods. The fees associated with e-check are lower than processing credit cards, making e-check a desirable option for those who sell services on an extremely frequent basis. All of the information you’d normally find on a physical check is simply provided online and processed.
This type of online payment gateway is used by both online business and brick and mortar businesses to simplify subscription-based services. Things like a gym membership or even utility bills can be automatically withdrawn from a user’s account after initial signup, and the information is kept on file and consistently billed at the beginning of each cycle. The customer is able to only have to input their information once, and the business can rest easy knowing they’ll get paid on time.
At this point, it isn’t out of the question to suggest that paying for things might be done solely digitally as opposed to physically. The ease and security of using online payments is rising each and every day. Since most of us keep some kind of electronic device near us at all times, the convenience factor is also playing a huge role in our increased reliance on online payments. Just about every way you can pay someone in the physical world now has a digital equivalent. Simply put, expect any payment option that hasn’t been translated into the digital world to have a quick and easy online option in no time at all.