A Guide To Receiving Online Payments
In this guide, we will discuss the top websites and techniques for receiving online payment, as well as how to make your own website or app for online payments.
Marketing is becoming increasingly fluid, so it's important to embrace new technologies that are ever-evolving. A popular method of digital payment now involves websites and applications that can take credit cards or PayPal payments directly from customers' devices while away from home.
Whether you run a retail business, or are in the service industry, there are many methods you can use to receive online payments . The various options have benefits and drawbacks of each, and you will need to discover which is ideal for your unique needs.
1) Sites such as PayPal.com and Google Wallet offer people the opportunity to pay with their mobile devices. There are also specific applications that can be downloaded onto smartphones from Apple's App store or Android Market. The advantage of using these websites is that customers don't need to enter any personal information; they simply scan a barcode with their camera phone or enter the displayed number into their device.
However, the customer will then be on the website's server (either their own or a third party) and so will have revealing details about who they are, making it easier for criminals to steal personal data.
The best approach is to use a service hosted in your own secure servers, which can be kept up-to-date with any changes to your business. This way, you remain in full control and are able to monitor all transactions in real time. An example of this would be Paybox , which offers an online payment processing system that can work with any merchant that uses their POS software . Paybox also offers a range of other services, such as marketing, point-of-sale and cloud computing.
2) QR codes allow customers to pay by simply scanning the code on their mobile device. They are most common on T-shirts and can come in many different colours and sizes.
– The bad news is that the code will be displayed on your website for anyone to view, so you may want to use a short code or link back to an URL that only you will see. – The good news is that cash register systems can read these codes without any problem and can send off a payment at the touch of a button.
3) A popular method of online payment is by using a virtual terminal or a smartphone. This allows you to offer services like automatic tax calculations, recurring payments and digital receipts via e-mail. The best platforms will include several features, such as: – Mobile POS – A POS system for a business with multiple locations. – Phone Payment – Customers can pay over the phone using their credit card, before being sent an invoice with their details. – Virtual Terminal – Allows you to sell products or services directly from your desktop computer or laptop.
4) An online payment gateway allows you to take credit card payments on your website and transfer funds into your bank account on a nightly basis. There are many famous companies offering this service, such as Authorize.net , CyberSource and PayPal . The gateway holds the money in a secure account until it is successfully transferred into your bank account along with a statement of all transactions. You will then receive the money you have earned, regardless of whether the customer has paid or not.
This provides complete peace of mind to customers because they know their card details will remain private and only used for effective processing by the website. This also means that you don't have to tie up any cash in order to accept transactions on your website, especially if they're still pending – you simply hold onto them until payment is authorised.
For people who don't have the capital to register with a payment gateway, you can also choose to use a standalone merchant account . This is often called a credit card processing account because the business owner can process transactions from their own accounts and pay the bank each month for fees. Many banks offer this service, including Barclays , HSBC and Lloyds TSB . However, card rates usually differ from regular gateway rates and so it is important to keep your finances in order.
5) Banking online is now very simple, with some institutions even offering 24/7 access. From making bill payments to transferring funds between accounts or buying stocks and shares, it's all possible from your browser's toolbar.
The best sites are those that offer their own secure servers, which can be accessed from anywhere in the world. Using this method, you can also take payments from customers who don't have access to a credit card. This is ideal for people who work away from home or don't have the time to deal with transactions online.
The drawback is that it's only possible to receive funds into your own personal bank account. If you run a business, you will need to keep some of the money available for payments and enough funds in your business bank account to cover any expenses that may arise when taking payments offline. This is because you will need to have the funds available so that you can purchase a one-off item that requires paying in cash.
6) Mobile wallet is an increasing trend for retailers who are looking for ways of taking payments on the move. The main advantage of this system is that customers don't have to carry anything with them when they make the payment, such as a credit card or debit card which might be stolen. They can simply enter their details into their smartphone's browser to send money directly to your account.
The only disadvantage is that users will need smartphones or tablets with Internet access, which means that you won't be able take payments from people who do not own these devices. However, it is a system that can be used by anyone who has access to Wi-Fi or 3G.
7) Bitcoin is a form of online payment where people send money without any form of third-party banking. The main advantage of this method is that the consumer doesn't pay any charges and there are no transaction fees from banks.
The system works by using an ID number for the user and then uses a public / private key to send funds over the Internet. It does rely on you receiving small amounts of money all at one time (instead of one large sum), so isn't suitable if you are selling expensive items which require a larger sum upfront to purchase them.
Conclusion
There are plenty of ways in which you can process payments online and it is important to choose the best payment option for your own business. The most popular method of online payment at the moment is by using a mobile wallet, however this may be more suitable for retailers who have customers who use smartphones on a regular basis.
Paybox offer an excellent cloud-based solution that allows businesses to take payments over the phone and through any POS software. Payment gateway accounts are also another popular option because they allow you to accept payment over the web without having to tie up funds in your bank account and with complete peace of mind for customers that their credit card details will not be sold or being used without their permission.