Diversifying the payment options will satisfy more clients and help you bring in more sales for your business. However, there are dozens of ways customers can pay for stuff nowadays. Implementing all of them in your current payment system could be a hassle few financial specialists would recommend. Instead, you should try to incorporate the most popular payment solutions for mid-size businesses while keeping an eye out for innovation.
This article discusses the best payment solutions with the most customer use. There are many other alternatives out there, but we chose the safest. After all, the security of our online payment apps like Paxum is very important.
E-Wallets for Safe Online Payment Solutions
Electronic wallets, or digital wallets, provide a quick and safe method of making online purchases. This alternative is an application you can install on your phone which connects all your accounts and credit cards in one place. This way, you can make transactions without transferring funds from one bank account to another.
More and more businesses are using e-wallets to accommodate an increasingly popular trend. Nowadays, many customers rely on digital wallets to shop online. Most of them are from the younger generations, although the number of older users is also rising.
The best part about holding an e-wallet is setting it up in seconds and using it with numerous merchants. Furthermore, you can use it to pay with your phone at brick-and-mortar stores. This way, you no longer have to carry your wallet or purse wherever you go.
Credit/Debit Cards – Traditional Methods for Mid-Size Businesses
Another easy way of paying for products online is by credit or debit card. This method has been available for traditional walk-in stores for decades. Now, they are just as valid for online purchases. For instance, one in every three online transactions involves using a credit or debit card.
The issue with this payment alternative is that not all merchants accept the same cards. And, it is somewhat disappointing to reach the checkout page and discover that you’re card is not good there. In this case, an electronic wallet would simply take the necessary funds from another card or account that you have linked.
Payment Gateways for Highly Secure Transactions
The third online payment solution for mid-size businesses involves using a payment gateway. This method involves a partnership between the merchant and a trusted third-party company. The latter processes the transaction, ensuring its security, speed, and efficiency.
The downside of using a payment gateway is that you may have to pay additional costs on cross-border transfers. Also, some payment processors may charge you an extra fee for using specific payment gateways.
These are three payment solutions all mid-size businesses should consider to enhance the number of customers. Considering that most people in the younger generation use e-wallets and online payment gateways, these two alternatives should be your priorities. After all, you should aim to attract as many young customers as the primary consumers for the next few decades.