Struggling with the online payment processes for your business?

The best way to optimize sales for your online business is through easy online payments. You want your customers to be able to make purchases without having to worry about how they’re going to pay. However, processing online payments come with risks and difficulties if you’re only starting.

In this article, we provide a few tips on processing all your online payments for your business. We also talk about the benefits of online payments and how you keep your business and customers safe. So, keep reading to find eight tips on processing online payments.

1. Provide an Online Payment Form

Providing your customers with an online payment form allows them to pay your business directly. They’ll be able to put in all their information on your site, which makes for fast and easy transactions. Doing this gets rid of the need to send information through other unsecured options.

If you have returning customers, you can also have them create accounts on your site. That way, the next time they make a purchase, all their information gets saved and ready.

2. Work With an All-in-One Payments Provider

Working with an all-in-one payments provider is one of the easiest ways to cover online transactions efficiently. As a result, you can increase your business’ revenue and get rid of time-consuming processes.

All-in-one payment providers are businesses that cover everything you will need. You get processing services that help you handle all credit and debit purchases. You also get financing options that let your customers finance more expensive items.

Offering your customers finance options can help them make purchases beyond what they can afford at the moment. This not only increases your overall sales but also saves you time and money.

3. Accept Online Credit Card Payments

The most basic way to have your customers pay online is through credit card processing. This is an essential feature that every website offering goods or services need.

When offering this feature to your customers, you have two options to choose from. The first is to have a dedicated merchant account, and the second is to open an intermediary holding account. Both have different process methods and times, so ensure you do the proper research.

For more information, you can check out Microsoft Dynamics 365 Business Central Credit Card Processing.

4. Accept EChecks With ACH Processing

The next best option to accept payments online is through eChecks. Your customers can send eChecks or electronic checks through their debit bank accounts.

Paying through an ACH payment option is similar to paying with a paper check in person. However, they can put all their information from paper checks onto your online payment form with ACH processing.

The National Automated Clearing House Association handles ACH processing. They often have lower transaction fees compared to credit card payments. So, paying through eChecks saves you time waiting for the check to come in the mail and reduces costs.

5. Look Into Mobile Payments

Mobile payments have been growing increasingly, becoming a norm in people’s everyday lives. Customers have all their information input into their phones, making it faster to send and receive money online. An emailed receipt will also get sent right after they’ve made the purchase.

Using a mobile payment app for your business allows you to obtain all your cash flow on your phone. Additionally, you can even manage customer account and attach messages to the transactions.

According to a Fiserv survey, about 40% of respondents said they used mobile payments in the last 30 days. With almost everyone having their own smartphone, shopping has become so much easier.

6. Set Up Recurring Billing

If your business provides monthly services, the best way to settle payments is through a recurring billing schedule. This is extremely convenient for your customers as they don’t have to go online every month. It also ensures that you get paid on time every month in case some of your customers forget.

Rather than going to your site every time they need to pay, an automatic system will do it for them. Then, depending on the amount of time they sign up, all payments will get processed right away. This eliminates the need for your customer to keep track of due dates and saves them time.

7. Encrypt Data

There are plenty of risks that come with sending payments online. The last thing that you want to happen is to have your customer’s sensitive information take. To avoid this, you’ll want your site to be protecting payment data and encrypting it.

SSL (Secure Sockets Layer) and TLS (Transport Layer Security) are protocols you should have on your site. Having all your transactions secured through these keep you and your customers safe. It makes sure that all the information is safe and can only get accessed by the proper recipient.

8. Watch Out for Fraud Continuously

Another thing that you need to look out for when it comes to transaction safety is fraud. Plenty of people will try to get what your business is offering for free. So you need a payment gateway that can detect when there’s any fraud happening on your site.

You can look into built-in fraud monitoring businesses that can help keep yours safe. They identify and let you know when there’s any risk of a fake purchase.

Depending on your business, you can set the appropriate rules and limitations when it comes to it. For example, you can decide whether to reject a transaction with the risk of being fake with manual approvals.

Use These Tips to Improve Your Processing Online Payments

Starting a business online gives plenty of risks and hoops to jump through when processing online payments. You want both your business and your customers to be safe and have proper transactions.

Additionally, your customers should be able to pay in a fast and easy way. Convenience and safety are what you need to be striving for when processing payments online.

We hope that you could get a better idea of how to achieve both after reading this article. If you enjoyed this article and want to read more like it, don’t hesitate to check out the rest of our site for more.