Online Payment Methods for Small Business | Easy Payment Solutions
There are a range of online payment methods for small business that allow clients to pay their invoices online, in the way that’s most convenient for them. Accepting a range of payment methods, including online payments, can help small businesses attract new clients and receive payment faster from existing customers.
These topics will outline the range of online payment methods for small business:
How to Set up Online Payment for Small Business
There are different options for businesses looking to accept online payments from their clients. Businesses should evaluate their online payment options to decide what method works best for their business and best serves their clients. Here are some simple online payment methods small businesses should consider:
Accept Online Credit Card Payments on Your Website
You can add a simple payment form to your business website to accept online credit card payments using an online payment gateway. Businesses can do this easily by outsourcing the payment to an online payment service provider, which will then:
- host the payment form
- oversee secure payment processing
- safely store the payment information of your returning clients, with their permission.
This article can help you learn more about accepting credit card payments as a small business.
Accept eCheck Payment Through Direct Transfer
Businesses can allow their clients to easily transfer payments directly from a bank account by accepting eCheck payments. eChecks let clients take the banking information usually found on a paper check, including the routing number, account number, payment amount and authorization, and enter it into an online form to send a direct transfer from their bank account to yours. Often, the fees associated with eCheck payments are lower than those associated with credit card payments.
Accept Mobile Payments
For businesses working outside of an office setting that want to accept payments on-site, including construction companies and landscaping businesses, accepting mobile payments can be a great solution for receiving payment quickly, in person. To accept mobile payments, businesses need to invest in a mobile card reader, like Square. Mobile card readers plug into your phone or connect via bluetooth and work with a mobile app to process credit and debit payments through a smartphone, from anywhere.
Enable Click-To-Pay Email Invoicing
If your business uses a cloud-based accounting solution, your clients will be able to quickly and easily submit payments just by clicking a link in their email to view and pay the invoice. Allowing clients to pay with just a few quick clicks simplifies the payment process and can help you get paid faster for your work.
Offer Automatic Bill Pay
If you accept online payments by credit and debit card, you can offer clients an even easier way to submit payment by allowing them to set up automatic bill payments. Automatic bill payments allow clients to schedule ongoing monthly or weekly invoice payments so that the money is transferred automatically, on a recurring basis. That way, clients don’t have to do any work to send your payment and you can receive your money faster.
Benefits of Online Payments for a Small Business
Get Paid Faster
Online payment methods offer fast processing times. Rather than having to wait for a check to clear, online payments allow businesses to access their money within a couple of business days. Getting access to payments faster can help small businesses improve their cash flow, which is crucial to their success.
Give Clients Options
When you accept online payment methods, you offer your clients more payment options, making the payment process more convenient for them. This can help improve your relationships with existing clients and may even help you attract new clients to your business. When your clients are able to pay using the method that’s most convenient from them, it can also encourage them to submit their payments faster.
Offer Better Security
By accepting online payment methods, small businesses offer their clients peace of mind because online payment gateways offer several layers of security and will encrypt your clients’ personal and banking information. With online payments the money is also transferred to your business bank account securely, so you don’t have to worry about theft or loss the way you do with cash payments.
Save Your Time
Your online payment service provider handles the heavy lifting of payment processing for you; it will:
- Manage and verify the transactions made by clients;
- Send out billing confirmation to you and the client;
- Oversee the process of transferring money from your client’s account to your business bank account.
Not having to go to the bank to cash checks or handle large amounts of cash can save you time, so you can focus on more important aspects of your business.
Get Robust Reporting
Online payment services offer robust reports that can give you crucial insights into the health of your small business and help you create accurate forecasts to plan for the future of your company. The reports generated by online payment gateways include information about how long it takes you to receive payment for invoices, the most popular online payment methods used by clients, your average invoice amounts and your most popular services. These insights can help you make important decisions to help make your business more efficient and successful in the future.
Help the Environment
Online payment methods offer an environmentally friendly payment system, because you’re eliminating the need for printed invoices and bills and you’re cutting down on the paper products used to mail invoices and receipts to clients. With online payments, all transactions take place in the cloud and all your client information and business reports are also generated online, with no printing needed.
What Is the Best Online Payment Service?
The best online payment service for your small business is the one that meets all the needs of your business and its clients and works with your budget. Here are some of the online payment services available:
- Stripe: An e-commerce payment platform that allows businesses to accept online payments directly from their website.
- PayPal: An online payment service that enables businesses to process credit and debit purchases, for a fee.
- Square: Provides small businesses with a card reader that works with a mobile device and mobile app to accept credit card payments from anywhere.
- Amazon Payments: Offers online payment solutions that integrate directly into small business websites.
- Apple Pay: Allows small businesses to use their Apple devices (phones, tablets, computers) as a POS system.
- WePay: An online payment service provider that fully integrates into your business website.