Payment System for Small Business Growth
There are various small business payment methods available today that have smoothened the purchasing process for both customers and merchants. However, with dozens of payment options available, selecting the best payment system for small businesses is daunting. In this article, we’ll discuss the best small business payment processing options. Let’s start!
Payment System for Small Businesses
With the emergence of new payment gateways and processing options, selecting the right small business payment system has become a complicated task. We will have a look at the standard payment methods used by small businesses to collect money so far. Then, we’ll discuss the best online payment systems for small business owners.
Cash and Cheques
Before the emergence of digital platforms, businesses collected cash directly from customers. However, cash was also partially replaced by cheques, making it convenient to execute higher-volume transactions hassle-free.
Direct Debit
Another traditional method that is still in practice is direct transfer. In an online business, customers can transfer money directly to the business’ bank account, which often takes a few minutes to complete successfully. However, direct bank transfers from international accounts may take a few business days before appearing on your side, making this process relatively slow.
Digital Wallet
Nowadays, digital wallets like Google Pay and Apple Pay have streamlined the online transaction process by using technologies like NFC (Near Field Communication) and MST (Magnetic Secure Transmission). QR code reading is also commonly used in digital wallet payment methods.
Card Payments
With the growing number of people using cards for online shopping, it has become indispensable for businesses to adopt this payment method in their business operations to not leave money on the table. Many people own credit cards nowadays, making it the recommended payment system for small business owners.
Online Payment Systems for Small Business
There are various payment gateways and processors that accept both debit and credit card payments. Let’s discuss some of the most notable ones:
Stripe
Stripe is the most flexible and all-in-one payment system for small business owners. It’s a robust payment processing solution that handles online and offline payment transactions. Users can use Stripe with various ecommerce platforms like WordPress, Drupal, and Magento via its provided plugins.
PayPal
PayPal is one of the biggest names in online business payment methods and has a massive customer base of over 340 million users. It has succeeded in becoming the most trustworthy payment system for small business owners. That is due to its robust and secure platform.
With a PayPal account, paying money is a breeze. You can use PayPal credit and PayPal account balance. Card payment and direct bank transfer options are also available.
Square
Similar to Stripe, Square is a large company offering various payment solutions for small business owners. It accepts almost every kind of payment, whether it’s swipe credit card, NFC, chip cards, or remote payments. Square offers an affordable payment fee that is a fixed small fee on every transaction instead of a monthly or upfront payment.
Authorize.net
Authorize.net may not be the household name, but it supports various credit card processing and ACH transactions for over 40,000 companies. Its primary focus is on providing fraud prevention features, smooth checkout, and recurring billing management.
Apple Pay
Apple Pay is a convenient payment system for small business owners who use Apple products themselves or target customers using Apple company products. The Apple company officially owns it, and it can be used to make in-person payments via the Apple app or website.
It works as a POS for users who can easily replace debit or credit cards and PIN transactions. This platform has over 440 million users worldwide.
Conclusion
Choosing the right payment system for small businesses depends on the exact requirements and business model. If you are just starting out in the professional world, adopting payment methods charging the lowest fee is the best bet. With time, as your business becomes stable, you can opt for better payment options offering diverse functionality.
