Online shopping has become very rampant in today’s world. Business operators have to ensure that they have diverse payment methods. Many people are shopping online with the introduction of internet worldwide. This is backed by the following statistics;
- In 2018, the percentage of online buyers stood at 47.3%. this research was conducted by OptinMonster.
- In USA alone, the number is expected to rise to 300 million digital buyers by the year 2023.
- The countries leading in average online revenue per shopper include: USA ($1,804), UK ($1,629), Sweden ($1,446), France ($1,228) according to Invesp.
Things to look out for when choosing payment systems for small business
It is important to settle for a payment system that works best for you when doing online transactions. Some of the things to consider include;
- Customer service
It is essential that you look for a payment system that offers 24/7 customer support. The team should be reliable, professional and responsive.
- Cost and fees
The pricing is a factor that should not be ignored. It should be convenient and pocket-friendly for small business owners. The average processing fees for credit cards is 1.3% to 3.5%.
- Types of payments
The best payment system supports different ways in which a client can use to pay you. The system should support multiple currencies for those doing business internationally.
Additionally, it should accept debit and credit card payments.
- Security
You should look for a payment system that is able to offer fraud protection.
5 payment systems to consider for small business
For business operators who want to grow base with digital shoppers, a good payment system will do wonders. The following is a list of payment systems that you can use to smoothly run your business.
- PayPal
It is founded in California as one of the most known payment system in the world. It is compatible with iPhone or android mobile devices and is available online making it one of the best payment system for small business. It does not have any limit on the money you can send from your verified account.
Opening a PayPal account is absolutely free.
- Venmo
It is a payment service that is done by mobile and is owned by PayPal. Its headquarters are in New York. It allows you to send small amounts of cash to family and friends.
You can link your debit or credit card to a person’s Venmo account. You can sign up and access your account using a smartphone anywhere, anytime.
- WePay
Established in 2008 as an optimal payment system for clients. It is available on mobile and offers a standard fee of 2.9% plus $0.30 per transaction. It also offers risk protection and partners fraud.
This platform has worked with Android pay and Apple pay to help customers transact with these payment modes.
- Stripe
It is a third party payment platform that delivers payment options such as international currencies, wallets and credit cards. It does not charge for monthly gateway or setup fees hence it is convenient for e-commerce businesses.
- Veem
This is a global payments network with a tech-based way to transfer money. It uses a digital ledger of transactions to process payments securely and safely. One pays a fee of $20 for international wire outside the states.
Conclusion
The list of the best payment system for small business cannot be exhausted since more are being developed day in day out. As an operator, settle for the system that meets customer’s needs.