Friday, January 26th, 2018
In our increasingly digital world, accepting payments online is an absolutely must for your business. This implies being able to accept various types of payments, such as EMV or chip card, as well as mobile, and more.
Payment processing is a type of area that’s usually under the radar. If your business offers multiple billing and payment methods, you can boost satisfaction by improving customer experience. Moreover, it’ll allow your business to get paid more quickly.
To get the cheapest merchant account UK, consider applying to a reputable payment expert like Best Payment Providers. Best Payment Providers does its best to offer you the best deal by delivering free consultation and contracts reviews, as well as rates, and fees.
Integration requirements are as much important as fees and customer service. Best Payment Providers checks how each provider organizes its integration process so to ensure a smooth transition and onboarding process for you. With a true professional in the field like Best Payment Providers, you can get the most honest snapshot of the company at the time of writing.
Ways to Accept Payments Online
Here are ways your business can use to accept payments online:
1. Credit/Debit Cards
Making payments with credit cards on your website is the most basic way to accept online payments. All you need is to choose between a dedicated merchant account or an intermediary holding account.
Another way is to accept direct debit of a bank account with an eCheck, (electronic check) through ACH processing. In this case, the payment is processed electronically, without the physical presence of a paper check. ACH processing is controlled by the National Automated Clearing House Association (NACHA) and is associated with different transaction fees that are often lower as compared to credit cards.
3. Mobile Payments
Another way is to key in a credit card number on a mobile device. Mobile payments are increasingly turning into the basic method of payment processing for many customers and businesses.
4. Merchant Account + Online Payment Gateway
A merchant account can be characterized as a special kind of business bank account, which you can use to accept credit card payments. An online payment gateway is called to connect your store and your merchant service account. Moreover, it makes the payment processing between the parties involved (such as your bank and the card issuer’s bank) easy to complete.
5. Click-to-Pay Email Invoicing
Thanks to email invoicing, your customers get an opportunity to pay their bills and receive a receipt right off the bat. Your customer clicks and pays, and the system automatically marks the invoice as paid.
6. Recurring Billing
Another way is to automatically charge a cardholder for specified goods/services on a prearranged schedule. Recurring billing is the right option for goods and services that are purchased by customers repeatedly and regularly.
7. EMV/Chip Card
EMV stands for Europay, MasterCard, and Visa. This is a global standard for credit cards developed to use computer chips to provide authentication for chip-card transactions. EMV or chip cards, are the new credit cards that are more secure.
The modern world of technology goes on evolving. Today, businesses have better payment processing opportunities than ever before. All you need is to shop around and see which payment option works best for your business.