Customers have an ever-increasing amount of choices when it comes to payment methods – and they are taking full advantage. Online payments make up the bulk of payment processing trends and show no signs of slowing down. It’s more important than ever before for businesses to start accepting online payments. Doing so can help you reach new customers, give your existing customers more options, get you paid faster, and save you time.

Interested in learning more? We’ll go over different ways your business can start accepting online payments.

Credit Cards and Debit Cards

More and more people are opting to pay with credit cards and debit cards. Taking advantage of this growing market is key to customer acquisition and growing sales. Even if you have a credit card terminal at your physical location, chances are you could boost your business by accepting online credit card and debit card payments.

There are two main ways that you can accept credit cards and debit cards online. You can use your merchant account to process payments via ACH (Automated Clearing House) transfers. Or you could outsource to a credit card processing company. While ACH transfers are the cheaper option – outsourcing has the added bonus of better security and more convenience.

Mobile Payments

As more of our lives continuously revolve around our smartphones, customers have been increasingly using mobile payment methods at the checkout counter. Mobile payments are fast, convenient, secure, and allow you to accept payments anywhere. You can take full-blown advantage of mobile payments by introducing a contactless reader. You can also attach a card reader to any mobile device. Some payment processing companies will even offer you a free mobile credit card reader.

Click-to-Pay Email Invoicing

Invoicing is notorious for lengthy paperwork that can all too often result in human errors or security breaches. Click-to-pay email invoicing simplifies the process. Email invoicing lets you send a bill directly to your client via email. Your client can view their bill, input their payment information, and pay you with a single click. Your customers will greatly appreciate the convenience. You’ll also save time and eliminate mistakes.

eChecks

eChecks are another payment method that is quickly gaining momentum in the digital age. eChecks allow you to transfer funds from one bank account to another without paying high fees. Customers can input payment information typically found on a physical check – including the routing number, account number, payment amount, and authorization – into an online interface. eChecks are safer than physical checks and cheaper than processing credit cards. However, you’ll have to wait several days for the funds to clear and to receive the money in your account.

Recurring Billing

If your business offers routine services or products, it may be wise to introduce recurring billing or automatic payments. Your customers will have to give you the authorization to charge their bank account or credit card on a routine basis. This is a great way to schedule payments so that the process is faster, easier, and more convenient for your business and your customers. Your business will also have the added bonus of more consistent cash flow, and you’ll be able to save time on invoicing.

Payment Gateway Plug-In

A payment gateway plug-in can transform your business website into an e-commerce website. All it takes is including an authorized, secured payment form on your website. A company that offers online payment services can help you set up and maintain this technology.

Once you have the payment gateway up and running, customers will be able to input their credit card, debit card, or other payment information directly onto your website. They’ll be able to pay for your products and services online quickly and conveniently. You’ll also benefit from being able to attract new customers and expand outside your local market.

How to Accept Online Payments

There are several ways you can start accepting online payments. You can set up your merchant account for ACH transfers, work with an online payment service provider, or outsource to a payment processing company.

Finical is a payment processing company that provides online payment services. You can access payment gateways and virtual terminals to turn your website into an e-commerce store. Finical also offers a wide range of payment processing solutions, which includes small business credit card processing, mobile payments, and even customized solutions tailored to your business’s unique needs. Learn more about how Finical can help you accept online payments.