Top Digital Payment Solutions to Help Grow Your Small Business
As the online shopping sector grows, business owners need to make it easier and more convenient for their customers to pay. More people are buying online as internet usage rises across the world. Small enterprises may now expand their client base and reach a wider audience thanks to online payment processing.
Payment gateways enable companies to provide consumers with a secure way to pay using credit cards or digital wallets. Payment gateways are critical in assisting firms in developing as technology expands new payment methods and marketplaces.
However, which digital wallet platform is right for your tiny firm? When selecting a digital payment system, there are several things to consider. Furthermore, we’ll look into some of the most common Digital Money options to assist you.
What is Digital Payment Solution?
A digital payment solution is an online platform that allows businesses to accept and process payments. This can be done via credit cards, debit cards, or other electronic means such as e-checks and bank transfers.
Digital payment solutions make it possible for businesses to conduct transactions online without needing cash or check processing. This convenience for businesses and consumers eliminates the need to carry cash or write checks.
There are several online payment solutions for small businesses, each with its own characteristics and advantages. It can be difficult to find the best solution for your company, but it is critical that you find one that fits your precise demands.
What to Consider When Selecting a Digital Payment Solution
There are various aspects to think about when selecting a digital payment system for your small business. It’s a good idea to consider the following factors:
- Ease of use: You and your customers should find the digital payment solution simple.
- Security: The solution should offer a high level of security to protect your customers’ information.
- Cost: The solution should be affordable and offer competitive pricing.
- Customer support: In the event, you have any questions or concerns, the firm should provide excellent customer service.
Top Digital Payment Solutions
Many digital payment solutions are available on the market, but not all are created equal. Here is the most popular online payment solution for small businesses:
Authorize.Net is one of the Top Digital Payment Solutions for small businesses. Instead of sending invoices or payment links, Authorize.Net allows your company to accept and process payments from consumers directly through the website.
You may offer your consumers various payment options via your website or eCommerce platforms, such as credit and debit cards, e-checks, and digital payments. In summary, Authorize.Net gives customers two options for using their service: a complete package or a payment gateway.
If you already have a merchant account (the bank account required to receive credit card payments), you may join their payment gateway for just $25 per month with a $0.10 transaction fee and a daily batch fee of $0.10.
If you don’t have a merchant account (you’ll need one to join Authorize.Net), you may pick their combination package, including a merchant account and a payment gateway. In this example, you’ll pay a $25 monthly fee and a 2.9% + $0.30 per-transaction fee.
Stripe is one of the fastest-growing and now largest online payment processing firms. It is a payment processor that allows you to take payments online in various methods, especially those with an online presence.
You may accept credit cards, digital wallets, and foreign currencies through Stripe by:
- Integrating with eCommerce platforms such as Shopify, WooCommerce, and BigCommerce
- Building a custom solution using Stripe’s APIs
Stripe is easy to use and offers a variety of features that make it an attractive option for small businesses. For example, It’s Dashboard provides detailed information about your customers and transactions. Stripe also offers a variety of security features to protect your business and customers, such as fraud detection and data encryption.
It also offers several additional features, including outstanding fraud protection. Furthermore, one of the few payment processors that does not charge a monthly fee. You’ll only pay 2.9% + $0.30 per transaction with an extra 1% international payment fee.
Since its founding in 1998, PayPal has been one of the most popular digital wallet solutions. PayPal has several benefits that make it a beneficial service for tiny companies, such as simple integration, fraud protection, and customer assistance.
PayPal allows you to receive funds in a variety of ways, including credit and debit cards, bank transfers, and PayPal balances. You can also send invoices and request payments through email.
You can also get started with a PayPal Business account for free. However, you’ll be limited to processing $50,000 per year, and you won’t have access to some features, such as customer support and advanced reporting.
Square is a digital payment solution that offers several features to small businesses, such as easy integration, flat-rate pricing, and customer support.
With its point-of-sale (POS) system, Square allows you to accept credit and debit cards as well as digital wallets. You can also send invoices and request payments via email.
With the monthly subscription plan, you’ll pay a fee of $0.30 +
You can also get started with a Square account for free. However, you’ll be limited to processing $50,000 per year, and you won’t have access to some features, such as customer support and advanced reporting.
Braintree, a payment processor that was launched in 2007 and bought by PayPal in 2013, enables merchants to accept credit and debit cards payments from consumers.
The firm of Braintree serves a variety of corporations. Subscription-based firms, direct sales firms, service-based firms, and marketplace firms are all included in this category. The cost of using cards and digital wallets begins at 2.9% plus 30 cents per transaction.
There are no minimum purchases or monthly charges, and no extra fraud protection services are chargeable.
Veem offers free online money transfers for commercial transactions through its payment processing firm.
It allows you to invoice any firm or customer without paying a fee using blockchain technology. You can also generate free, personalized pay links to send to customers or businesses. You don’t have to generate an invoice.
If someone pays you, you will only have to pay a fee if you want the payment in U.S. dollars and the person is from a different country. This will cost $20.
On the other hand, sending payments will cost just $1 in the US and $20 if the recipient’s currency differs from USD.
You’ll also get payment tracking, a dedicated account supervisor, the ability to link with software systems like QuickBooks, Xero, and Netsuite, and no annual transfer volume limit if you work with Veem.
Small and medium-sized enterprises may reap the benefits of digital payments in various ways. Easy integration, fraud prevention, customer care, and flat-rate pricing are just a few of the advantages offer by digital payment solutions. PayPal and Square are two popular digital payment systems.
PayPal and Square provide several characteristics that make them appealing alternatives for small companies. But, each firm has its unique benefits and drawbacks. As a result, it’s essential to find the best possible solution for your organization.