You can dedicate hours on end to setting up your small business. You can invest in product design, conduct a whole lot of market research, collaborate with the best manufacturers, and come up with innovative branding and packaging. But if you are unable to accept payments from willing customers in exchange for your goods, you’re not going to get very far at all. At the end for the day, the whole point of operating a small business is to generate as much profit as possible. So, you need a secure and effective means of accepting payments from people, transferring money from them to you. Now, traditionally, people would simply hand over cash. It would transfer from their hand to yours and that would be the end of that. But nowadays, increasing numbers of small businesses are operating online, and cash simply isn’t an option when it comes to payment methods. Instead, you have to take virtual payments over the web. Now, familiarising yourself with this process can be a little daunting. But there are a whole host of options that can help to simplify this exchange between you and your customers. To help you along the way, here’s everything you need to know about taking payments as an online business.
Paypal offers small business owners convenience, ease, and simplicity. It is a recognised payment portal that many customers already trust, and you can incorporate it into your online store easily. It will deduct payments from a buyers’ account and place it in yours. However, it does come with large fees. The company charges between 1.4% and 3.4% of the transaction it process, digging into your profits significantly.
Opting for an Alternative Payment Gateway
Instead of opting for the first payment gateway that you see, or one that you are automatically familiar with, you might want to consider using an alternative third party payment gateway, This will help to reduce the fees incurred through using a payment gateway. BlueSnap is an option worth considering. It offers maximised payment conversions through a checkout page that is located on your site (rather than redirecting customers to alternative sites). It also provides localisation for different currencies and languages, allowing you to reach out and accept payments from an international consumer base.
Setting Up Your Own Merchant Account
While you are generally best off using third party payment portals and gateways when you first start out, if your business really takes off and you start generating astounding sums of money, you may want to consider setting up your own merchant account. You can do this by contacting the bank that you currently use for your professional and business accounts. They will be able to help you to set up a merchant account, and will guide you through the process!
As you can see, you have a fair few options on your hands when it comes to accepting payments online. So, make sure to browse what’s available to you rather than simply opting for the first method that presents itself to you. This could significantly benefit you and your business in the long run!