If you run an online store or other business, you need to have a way for your customers to pay you. Sending a check in the mail doesn’t really work in today’s fast-paced environment, and giving a customer their products days or weeks before you get a payment invites all kinds of fraud. Fortunately, there are all kinds of secure ways to pay online and the more you can offer the better. There are several reasons why variety is your friend.
Each customer who comes to your site or commissions a work has a few ways they like to pay. This could be a direct payment through a connected account, a specific debit or credit card, Bitcoin or some other cryptocurrency, and so on. Most online buyers have a few methods they can use, but if you can offer their most preferred method they’re more likely to come back.
The internet is an international marketplace, and a site set up in the United States could have paying customers in Europe, Africa, and Asia. However, your payment system needs to have the flexibility to accept and convert foreign currency if you want your international customer base to grow.
You can encourage people to sign up for your service and record their payment information, but many of your customers might not trust you that far or might not want to make more than one purchase. Some payment options let them control who they give their information to, and by offering them on your site you give customers the freedom to make a one-time purchase with no long-term consequences or obligations.
So variety is good, but juggling all these payment options yourself can be a big hassle. That’s why merchant processing companies can be a big help to online businesses. They act as go-betweens for many payment methods and can give your business variety without demanding a lot of your attention. If you’re starting up a new online business or want to expand, consider looking at processing companies to see what they have to offer.
Posted in Payment Processing on Jul 18, 2019