To make shopping with your brand more convenient, consider online payment solutions. Whether you're a brick-and-mortar store or an e-commerce business, online payment methods can provide your customers with the convenience to streamline their experience and encourage them to complete the transaction. Here are a few different types of online payment solutions to try:
Instead of using a large, expensive POS system to accept payments, consider using e-wallets instead. E-wallets like Google Pay and Apple Pay are becoming increasingly popular since they're convenient and can be used in stores or online with just a few clicks instead of taking out your cash or cards.
Digital wallets work by storing user payment information like credit card numbers and bank account data securely. Then, in a physical or online store that allows it, you can pay with your digital wallet by holding your device up to the contactless payment terminal.
This option is much more secure than having a physical debit or credit card on your person because, to steal the information, they'd have to hack your account or the store or steal your cell phone.
Of course, there are still some security concerns. However, most digital wallets have some form of encryption to minimize the threat someone will steal your credit or debit card information.
Mobile payment apps
Mobile payment apps work a lot like e-wallets. While some have digital wallet functionality, others offer a range of services like managing your bank account, mobile banking, and check deposits.
The most popular mobile payment apps are Venmo, Cash App, and PayPal, which allow users to link their bank accounts or cards to quickly transfer money. With these apps, you can make payments online or in stores.
When conducting business with a company, there are no transaction fees. In addition, some of these apps allow users to split the bill between different people.
Online payment gateways aren't necessarily a payment method; they're the gateway between businesses, consumers, and payment processing companies, facilitating transactions like credit card payments, calculating sales tax, and ensuring the proper transfer of funds.
In order for an e-commerce business to accept payments online, it must have a payment gateway to process the payment on its behalf, facilitate the authorization of online transactions, and ensure sensitive payment information is secure.
Payment gateways offer multiple payment methods, such as credit and debit cards, digital wallets, bank transfers, and alternative options, allowing retailers to offer customers a wide range of choices for how they pay.
Many of them also have fraud prevention built into them to mitigate losses due to fraud before they cost businesses.
While it's possible to create an e-commerce website without a payment gateway, you won't be able to accept online payments directly through the website. Instead, you might need to employ other, less convenient payment methods like cash on delivery (COD), bank transfer, money order, in-store pickup, or payment through third-party platforms.
Cryptocurrency is an emerging payment method that's becoming more widely accepted around the world. Unlike traditional currencies, crypto relies on decentralized blockchain technology to secure transactions and verify the transfer of assets.
Crypto is considered highly secure because blockchain ensures the transaction is transparent, but its decentralized nature means it can't be fully targeted by hackers. In addition, crypto transactions typically come with lower fees for businesses, which can benefit businesses and their customers.