It’s given for businesses these days to have an online presence. The ability to accept online payment for goods or services will help you reach more audiences and maintain a high customer experience.
Let’s discuss the basic ways for your business to accept online payments.
There are different ways to accept online customer payments and the method that fits you will depend on the kind of business you run.
4 Ways of Accepting Customer Payments
1. Online payment service provider
If you have a service-based business or sell products online, you need an online payment service provider to get paid by customers or clients.
PayPal is one of the most popular online payment service providers, though you can also use the feature within WooCommerce or Shopify if you run an e-commerce business through one of these.
Modern website builders like WordPress, Squarespace, and Kajabi easily integrate with payment service providers. Create an account with an online payment provider, then enter that information in the site builder to enable site payments.
Online payment service providers will allow you to accept credit card payments or payments straight from the client’s account with the provider to yours.
2. MAS Electronic Payment System (MEPS)
MEPS is a local interbank payment and settlement system that allows your business to receive payments quickly and without delay. If you’re in Singapore, top banks like DBS offer this service.
You could also get notified via SMS or email when payments are posted for businesses that require a steady circulation of capital; MEPS helps by allowing you to access your funds quickly and manage the finances within the provider’s apps.
3. Mobile payments
Mobile wallets like Google Pay, Apple Pay, and Samsung Pay allow online payments for your business’s customers. Mobile payments allow the credit card information to be entered automatically, so there’s no unnecessary typing from a physical card.
You only need to follow developer guidelines to implement mobile payments on your website if you’re building from scratch.
4. Invoicing and billing
You can use an invoicing platform that allows one-click payments from their email to allow easy payments for your services.
Invoicing platforms including QuickBooks, Xero, Zoho, Wave, and Harvest feature integrations with major payment service providers. Billing can be done via email, plus the platforms build messages that include a staggard or delayed payment if necessary.
To choose which payment methods to accept, you activate your preferred method or activate several to offer your client more options.
Regardless if you sell products or services, your business can reap the benefits of online payments as it will expand your audience.
Accepting multiple payment modes allow enhanced convenience for more people. A more seamless payment process means a more positive customer experience—and, therefore, increased loyalty and chance to do business with you again.
Allowing online payments through MEPS allow you to receive payments quickly and without delay, letting you circulate finances faster for business processes and growth objectives.
Online payments also save you the hassle of manually invoicing customers and collecting payments for every billing period. Moreover, it boosts retention since customers don’t have to see the bill and consider whether to renew their subscription.