There are literally thousands of different card payment options for customers, which means you need to be prepared to accept all these different online payment methods.
But credit, debit, gift card, and loyalty card payments aren’t the only payment methods out there. You might also want to accept checks online or perform online bank transfers and direct debits. Perhaps you want to accept invoices online. This is also an option.
Mobile carrier billing is a payment option tailored specifically for your customers, but for certain markets, it is used quite often. (More on this below.)
And you thought you could only accept credit and debit card payments!
There are more payment options available to customers and businesses today than there ever have been. All thanks to a wonderful little invention called the Internet.
All of these payment methods are great for customers because they get to decide which one is best suited to their needs. I, for instance, use my credit card to make purchases online. But I also transfer funds to and from my bank through an online payment processor.
Maybe you have employees you would like to pay directly from your business account. A lot of banks allow you to do just this by transferring those funds to their personal bank account.
Perhaps you would like to set up automatic bank transfers for payment of bills and other expenses your business has incurred. You can do this with most merchant accounts as well.
All you do is select the date you would like to have the transfers made and the system does the rest for you without you needing to worry about it.
Your customers can also set up payments to your business the same way. You inform your customer of the amount owed, they receive a notification to transfer funds to your account, and once they authorize the transfer, voila! Your customer transfers the funds to your account.
It usually take no more than 1-2 business days for the funds to show up in your account. In some cases it transfers the same day. This is most often true if your bank and your customer’s bank are the same.
Maybe you make a lot of house calls to deliver professional services to your customers. What if some of your customers like to use the old-school method of payment and want to pay by check?
You can still accept these payments online with certain online merchant services. Some services will allow you to simply login to your account and present your customer with a “virtual blank check” where they can enter their information just as they would a physical check.
Once they have filled out the “virtual check” the software will then instantly verify the customer’s bank information and ensure the funds are available.
Once it has verified the funds are available, it will initiate the deposit to your business account.
A lot of people use their smartphones for entertainment purposes as well. Mobile carrier billing allows them to purchase data (like music, apps, or movies) to download on their phone. The cost of these downloads is reflected on their monthly cellphone bill.
A lot of people use this and like it because it means they don’t have to share any personal information with an outside source. They simply click “purchase” and the cost of the digital media is added to their monthly statement. Simple.
Digital wallets is also another form of online payment methods which is really starting to gain popularity. Essentially what it is is a digital “wallet” which mimics a physical wallet.
Customers can keep different payment cards or bank accounts in their e-Wallet.
They can even keep pre-loaded gift cards or loyalty cards in their e-Wallets. Some services allow them to make bank transfers from their e-Wallet or preload money into it.
These e-Wallets allow your customers to make purchases digitally. Perhaps you sell merchandise or services online. Your customer can use their e-Wallet cards/balance to shop your online store.
These forms of online payments have become very popular with customers because all of their information is already stored in their account. All they have to do is login to their account and they instantly have access to their e-Cash.
There have been some recent security risks to these methods of payments including fake emails and phone calls attempting to collect user’s login information or other sensitive info.
Online payment services, for their part, have been diligent in letting their customers know of these security threats as soon as they are aware of them and how best to handle them.
The appropriate response is typically no response. They can’t use what they can’t get, right?
When it comes to online payments, there will always be a new threat to your customers’ sensitive information. Whenever “faceless” transactions occur, there are always risks involved.
Thankfully, payment services and credit card processors are addressing these threats and continuing to evolve their methods for preventing them.
These are just a few examples of online payment methods your customers could have the option to use when shopping in your virtual storefront. Every business is different, so choose a service which best suits your business type.
Like to hear about RedFynn’s cutting edge payment solutions and services? Give us a call at (888) 510-9871. We’re happy to help move your business forward whether we work together or not!