Friday, January 22, 2016

Online Payment Options

A sad fact of the modern world is that people now prefer to do everything with as little human interaction as possible. They’d rather order their pizza online than call in an order, and they’d also rather pay their bills online than have to actually talk to someone.

Whether you like the way the world is going or not, the truth is that businesses that offer online payment options tend to have a lot more success when it comes to getting paid.

If you want to increase the number of payments you receive (of course you do!), your best bet is to offer an online payment option to your customers. This will increase customer satisfaction and give you more money, making this truly a win-win option all around.

The trick is just to find the right online payment option to work for you and your business.

Option #1: Credit Card Payments

There’s a good chance your business already takes credit cards in person, and if that has worked out well for you so far, you might as well start taking them online, through your website, as well.

You can use a merchant account to accept online credit card payments or an aggregated account, like Paypal. The downside to this second option is that you’ll have to pay fees when you receive a payment, but they are typically quite low. However, they do add up if you take a lot of online payments.

Many businesses prefer merchant accounts, though those are time consuming to set up and require underwriting and approval. Plus, if you don’t have a great or long credit history, you might get denied for such an account.

Only you can decide which option is the best fit for you, but choosing one of these basic ways to accept credit card payments can really benefit you in the long run, no matter which option you choose.

Option #2: Autopay Payments

This second option only works if your customers are charged on a regular basis, such as monthly or weekly. If they are, you can ask them to enroll in an Autopay option, which will automatically deduct their payments from their accounts each month, making life easier on both you and them!

Many aggregate merchant services, such as Paypal, will let you set up an Autopay option, and there are other services that will handle Autopay for you as well. Customers tend to really like this option no matter how it’s offered, and it’s super convenient all around.   

Option #3: Receivables Management App

If you’re using a receivables management app, such as the Funding Gates Receivables Manager, check to see if it has an online payment feature. If so, you can use this feature to collect payments straight from email. In other words, when you send a payment reminder email, it will include a link for the customer to make a payment, which he can do right then and there.

As you can see, there are lots of different options for offering online payments. Look into your choices and choose one that will work for both you and your customers. It will definitely make getting paid a whole lot easier!  #CollectPayments

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