Online payment services for small business
Cash flow is the lifeblood of businesses. Operational expenses, salaries, and investing for the future all require timely payment.
Before the rise of the internet, payment for goods and services was often anything but fast. Getting paid for goods and services was a slow, unpredictable, manual process.
Online payment services have changed that equation forever. Let’s look at what small business owners should consider before diving into the world of online payments.
First steps to accepting online payments
So, you want to accept payments online. Before exploring your options in online payment service providers, here are a few questions to ask yourself:
Do you already have a website?
If your small business already has a website, you’ll need an online payment services provider that can integrate payment acceptance solutions. This may take the form of a payment gateway, which connects a merchant’s website with a payment processing provider.
If you don’t have a website, you may want to consider a provider that can build out everything for you, including website hosting, shopping cart and checkout functionality. There are many options available, including comprehensive service providers who can offer end-to-end solutions. If you are looking for more flexibility, you can build your own site and obtain online payments solution from a company like Vantiv, now Worldpay.
What is your budget?
Small businesses often start with small budgets. Many online payment solutions are designed to get merchants up and running quickly with a bundled solution, but you may pay more for the convenience. These turn-key solutions are easy to turn on, but not always easy to modify.
Bundled online payment options are a particularly good option for small businesses that don’t yet have a website, or want to add a shopping cart to their existing website. If your budget is small and you’re short on time, money, and technical expertise, bundled solutions can make perfect sense for your business.
If you’re in a strong position to invest for the future,you may want to spend the extra money to implement a customized online payment system. With an integrated payment solutions, payment providers work closely with your business to develop the exact solution you are looking for, allowing for more customization and control over your online presence.
Do you want to sell internationally?
The internet has opened doors to cross-border commerce for even the smallest businesses. International credit card processing is easier than you may think, but it requires a payments partner experienced in cross-border sales.
Selling internationally opens up the possibilities for a business to expand even further, but also demands a more thought-out approach. Shipping, taxes, and accepting multiple currencies are all vital considerations. Do you want to present the price in a foreign currency but settle in the U.S. dollar? Or do you want to present, authorize, and settle in the foreign currency? If your small business wants to sell internationally, it’s important to find a provider that understands commerce on a global scale and can answer these questions.
5 things to look for in an online payment services partner
Whether you are simply adding shopping cart functionality to an existing site, or starting from scratch building a brand new site to accept online payments, here are five things to look for in a potential provider:
Quick and easy onboarding. Time is money. The faster you can accept online payments, the sooner you can reach your goals. Be sure to ask tough questions of any potential online payment service provider.
Proven security tools. You’ve read the headlines, so you know that security is a big deal with online payments. Look for online payment services that deliver state-of-the-art fraud screening and chargeback protections, including the latest technologies such as EMV and tokenization.
Value-added solutions. Online payment service provider starts by helping your small business get paid faster. But not all providers are the same. Leading payment partners offer gift card solutions, loyalty programs, and payments analytics to help small businesses grow.
Multiple payment options. In addition to accepting all the major card brands, look for a provider that can support other payment types including ACH and e-check. Be sure that any solution can support in-app mobile wallet experiences like Apple Pay and Google Pay.
Proven experience. In the world of online payments, experience matters. Larger providers like Worldpay offer the online payments tools, resources and breadth of experience that can help a small business grow. Small business owners are experts in their business. Demand proven experience in your online payment service partner.
Accepting payments online is now within easy reach for everyone. Worldpay is a leading global provider of payment services to businesses large and small. If you’re ready to make the leap to start accepting online payments at your small business, speak with a payments expert today.