Today, it’s extremely important for businesses to offer as many payment options as possible to their customers. By doing this, businesses will give payment choices to customers and capture every sale they make. The payment options that you need to offer your customers include cash, checks, credit cards and online/digital payments. However, in today’s digital age, your focus should be on the digital payment options.
Whether you run small coffee shop or a big retail chain, a digital payment option can ensure the future success of your business. Safe money transfer is what a digital payment option enables. Accepting credit card involves a lot more than a simple payment transaction: you must always keep this in mind. Using a digital payment-processing option is smart way to make money transfer and fulfill all your payment-processing needs. With a digital payment option, you can accommodate all types of customer payment requests. Moreover, you can use the digital payment option to gain real time access to payment related information. Following are some of the benefits of using a digital payment option.
Ability to serve various geographical markets
A digital payment option provides multi-site and multi-currency capabilities. This is turn enables you to serve various geographical markets.
Flexible money transfer
You can accept many different types of credit and debit cards as well as other electronic forms of payment with a digital payment option. Additionally, the digital payment option supports card payments for recurring and installment billing. All of this ensures flexible money transfer.
Minimize or eliminate fraud
Minimizing or eliminating fraud is a major benefit of using a digital payment option. Digital payment options help you to prevent fraud by performing card related encryption, authentication and verification.
Delivering excellent customer service is one of the foremost reasons to use a digital payment option. Providing ample service and exceeding expectations are two things businesses do to ensure customer loyalty. You can significantly reduce customer wait time by using a digital payment option. Moreover, you can use it to process almost all types of payment methods. Finally, you can use the digital payment option to review transactions immediately in order to reduce or eliminate mistakes. All of these things help you to ensure excellent customer service.
You can increase your business’s profitability with digital payment options. By allowing you to accept multiple credit card types and even mobile payments almost immediately, a digital payment option helps you to increase customer order size and ultimately profitability!
As seen above, there are many benefits of using a digital payment option for your small business. Thanks to the advancement in technology, hundreds of digital payment options for businesses are available today. Since so many digital payment options for businesses are available today, choosing the right digital payment option for your business can be difficult. To make thing easy for you, we’re going to look at the 5 digital payment option every small business should consider.
6 Digital Payment Options Every Small Business Should Consider
As mentioned above, there are hundreds of digital payment options for businesses today. For this reason, choosing the right digital payment option for your small business can be difficult. To make things easy for you, following are the 6 best digital payment options for small businesses.
PayPal is a digital payment option that you probably already know about. Today, many small businesses use PayPal as the standard way for accepting payments from customers digitally. Using PayPal, customers can buy an item from your website. When you use PayPal, visitors to your site are directed to a page where they can pay you in a number of ways. Using PayPal, you can create, receive and send payments.
You may or may not have heard about due but this digital payment service is one of the best digital wallets for businesses available today. Using this digital payment service, you can easily transfer money to another business in the United States. Moreover, you can use Due to process credit cards to receive payments. Other benefits of using this digital payment option include charge-back protection, reports and analytics and prevention of fraud.
The number one competitor of PayPal, Square is a website where businesses can list and sell their products and services. Using square, you can send and receive payments on invoices. Finally, your customers can use this digital payment option to complete their transactions.
Property of Chase, Paymentech is a digital payment option that allows businesses to accept payments from customers online, in store and via mobile devices. Paymentech accepts a number of payment methods including electronic checks, PayPal and credit cards. Other benefits of using this digital payment option include online reporting and prevention of fraud. Also, using this digital payment option, you can receive money from virtually anywhere in the world.
In many ways, Dwolla is a unique digital payment option. Using this digital payment option, you can send and receive payments through email. It is important for you to know that you cannot accept credit card payments with this payment option. However, you can run the app when using another card reader.
The final digital payment option on our list is Elavon. This digital payment option is designed specifically for small businesses. Using this digital payment options, you accept electronic gift cards, electronic checks and debit/credit cards from customers. Moreover, this digital payment option works with Samsung Pay, Android Pay and Apple Pay. Finally, Elavon offers charge-back protection and detailed reports.
To stay competitive, you must offer as many payment options as possible to your customers including digital payment options. The aforementioned digital payments options are 6 digital payment options that every small business should consider.
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