Accepted Here! 7 Payment Solutions for Your Online Business

It’s hard to run a successful business if people don’t have a way to pay you. That’s why having an array of the right payment solutions is crucial for running a successful business.

And while there are several online payment solutions out there, not all of them are created equally. Some have been around for a while, while other platforms are still in their infancy stages.

Read on to learn about the top seven payment solutions available for your online business.

Why Payment Solutions Matter

Nowadays, chances are high that part or all of your business is done online. This means you need to be able to accept payments electronically.

For example, some payment methods have limited functionality or a confusing interface that makes Dynamics GP integration difficult. Others have plenty of options but aren’t used by your clients, or don’t have secure portals.

Striking a balance between accessibility, security, back end options is ideal for any business owner.

Let’s look are 7 electronic payment methods you might consider for your business.

1. Stripe

Stripe has been at the top for years now. One reason that it always ranks among the best options is because it seamlessly integrates into a ton of different applications. If your business is strictly run online, this is probably your best option.

There are also no monthly fees, unlike other options on this list. Stripe keeps a small percentage of your income, making it an ideal option for startups or when testing new markets with your products or services.

And unlike other processors, it only takes a few minutes to set up.

2. PayPal

There isn’t another online payment option as notorious as PayPal. It’s been around for over 20 years and continues to perform well when compared to other digital payment services.

PayPal, like Stripe, keeps a small portion of what you earn in exchange for transferring the money. In recent years it has added many new features that make sending money online easier, and also now offers credit loans for businesses.

To compete with others on this list, PayPal is also making strides for business owners by creating things like business debit cards. This allows you to run your business offline, too.

3. Apple Pay

If you’ve got an iPhone in your pocket—and there’s a good chance you do—Apple Pay is an awesome option for your online business. It’s rapid growth in the last few years is due to its simplicity in setting up and connecting to your Apple devices, fraud prevention, and easy integration into other apps.

The added bonus of Apple Pay is that you can use it in stores as well as online. A client can pay you and you can go buy groceries with that money an hour later. Convenience is another reasons it’s a great option for your businesses.

4. Due

Now that we’ve looked at the three “titans” in this space, let’s turn our attention to lesser-known entities like Due. Just because you haven’t heard the name doesn’t mean it’s not great as both an online payment processor and a digital wallet.

Due allows you to send invoices, e-checks, and e-cash at a moment’s notice and integrates to all major bank accounts in the U.S. It also syncs with all your social media platforms, making it a comprehensive solution for online business owners.

5. Square

If you’ve been into a boutique coffee shop or store recently, chances are you’ve seen Square at work. This digital point-of-sale tech works for both online sales and in person. And with the sleek white design, it helps boost credibility and style for your business.

Square tracks sales performance, stocks, and even has functionality to log employee’s hours worked. You can use it as an all-in-one application for not just receiving money, but keeping track of where that money is being spent.

6. Venmo

You might think of Venmo as just as way to send rent money to your landlord or cash to your friends for cocktails, but it also can work for business. They apply a 3% fee to all business transactions, but this is about the standard for the other integrative services on this list.

Other than the potential “stigma” that Venmo is not for business, you might find yourself pretty happy with this solution.

At least you don’t have to worry about people not having Venmo. After being acquired by PayPal, it’s estimated that over 40 million people use it.

7. Google Wallet

If you aren’t an Apple person, Google Wallet is another option for online digital payments. Besides its ability to help you send and receive money, you can enroll in cash back rewards programs and partner with other banks if you need credit.

Perhaps not as mainstream as some of the others on this list, Wallet is growing rapidly. 16.4 million devices are equipped with the technology, and Google is adding new vendors daily.

Customers that love Google Wallet boast that it’s one of the fastest applications out there. In store or online, all you have to do is tap and pay, and the transaction is complete.

Payment Solutions: Wrap-Up

When it comes to online payment solutions, you want something that’s trustworthy, secure, and simple enough to conduct business on. Your platform should enable you to be productive with your business, not hold you back from getting important work done.

Titans like Stripe and PayPal certainly have lots of appeal, but the other five on this list have their own benefits, too.

One thing is for sure: as the world continues to become more global, online processors and payment solutions will only grow and continue to get better.

If you want to learn more, check out more trending tech news and other online business tips on our website.