How to Choose Your Payment System – Essential Website Component

The Covid-19 pandemic has changed the world for good. Businesses previously had little to no concept of working remotely. Not to mention, e-commerce wasn’t as popular as it is now. The e-commerce industry remained in profit throughout the Covid-19 pandemic. Even now, most businesses have switched to online mode. An online setup is mandatory if you offer any services or goods that could be bought in person. Let your customers purchase your products online without having to leave home. Not to forget, accepting online payments will help you reach new heights and broaden your business. Not to forget, accepting online payments, with the assistance of a reliable merchant of record and B2B Payment Solutions, will help you reach new heights and broaden your business. Your business should use reliable B2B Payment Solutions to smoothen the payment lifecycle.

Top Five Ways to Accept Payments on Your Website

Now the question is, what are the ways to accept payments on websites? Well, when it comes to buying a product online and paying for it, there are various ways. The following are the most common and safest ways to accept payments on different websites:

A Payment Gateway

All businesses these days add a payment gateway to their websites, which connects their websites to a formal checkout system. Adding one to your website is extremely simple and requires no setup fee. American Express, Mastercard, and Visa are three of the most commonly used payment gateways.

You can embed a direct checkout system to your website or redirect your customers to your payment gateway’s website using their credit or debit cards. Your customers can make the payment and complete their purchases. Both methods are equally safe; thus, your customers won’t have anything to worry about.

In addition to these secure payment methods, another crucial aspect of enhancing your customer’s experience lies in streamlining your invoicing process. Leveraging technology like an invoice OCR can be a game-changer. An Invoice OCR is an advanced tool that uses optical character recognition technology to digitize and automate the invoicing process, thus significantly reducing manual entry and the possibility of human error. Many businesses use tools like Precoro to automate their procurement processes further, complementing invoice OCR technology for a comprehensive financial workflow.

Invoicing and Billing

Another simple way to accept online payments is to invoice and bill the client. Many large-scale service providers follow this payment method, and plenty of invoicing platforms exist. Billdu, Akaunting, Harvest, Novo, Wave, Xero, Zoho, and QuickBooks are a few of the most reputable ones.

They allow you to integrate with the most prominent service providers, such as Stripe and PayPal. In this method, once the customer places an order, a billing invoice is sent to his/her email address. In that email, a push button encourages the customer to pay by redirecting him to the payment gateway.

Mobile Wallet Payments

Samsung Pay, Google Pay, and Apple Pay are known as mobile wallets, and they’ve made the lives of millions of people extremely comfortable. In a mobile wallet, you add your credit or debit card details, enabling you to make online payments with a simple click, saving you the trouble of repeatedly typing your credit or debit card numbers.

If you’re building a new website or adding another payment option, allowing mobile wallet payments will be worth it. However, you must check the guidelines of the respective developer before doing so. Apple Pay, Google Pay, and Samsung Pay have different policies.

Automated Clearing House

An automated clearing house, commonly known as ACH, is a platform that allows you to move money online from one bank to another. Because of its user convenience, it’s one of the most commonly used payment methods in the United States of America.

Another great thing is that you don’t need to fulfill any prerequisites to accept payments using the Automated Clearing House. You only need to provide your clients with your bank account details, which could be your bank account number or IBAN. In this case, a few companies ask for a voided cheque, while others are okay with just bank account numbers.

Cash on Delivery

Last, you can add a ‘cash on delivery’ payment method to your website. This is another excellent payment method as it provides ease to the customer. They order stuff online and pay the bill in cash upon delivery; however, it is a restrictive payment method.

It’s restrictive because you cannot provide a cash-on-delivery service to people who are out of the country or who live in far-flung areas within the country. Hence, it’s only viable for people who live close by.

The Bottom Line

For any business to survive in this day and age, whether a brand online shop or an online merchant of record, it’s imperative to offer a variety of payment methods on the website. The more convenience you provide your users, the more your business will flourish.