Small Payments Made Simple
In a world of multiple payment providers and apps, businesses want an integrated product experience. We help them offer customers the best options without extra fees, so they can get more done.
Imagine replacing monthly billing statements with a text message that lets clients pay on their mobile devices instantly. And reduce office time by automatically reconciling payments in a single system.
Online Payments
Online payments make it easier for clients to pay your invoices, which can help you get paid faster. The process is also secure for both parties. For example, many payment systems encrypt your client’s personal and banking information to ensure privacy. Additionally, a payment gateway is often used to process the transaction and transfer funds from the client’s bank account to your business account. These security features can be especially important for small businesses.
A good online payment system will offer various types of payments. For example, some may let you accept credit card payments through your website, while others allow you to accept credit cards at your office or event. Some even enable you to accept recurring payments, so clients can automatically send you payments on a monthly or weekly basis.
When choosing an online payment system, look for a solution that’s easy to use and compatible with your business needs. You’ll want to be able to quickly add the option to your website or shopping cart and integrate it into your business management software. You’ll also want to find a solution that is PCI-compliant and offers support for a wide range of international currencies.
One of the best online payment services for small businesses is Square. This popular payments platform is known for its simple card reader, which allows small business owners to take in-person, online, and remote payments. You can choose from a variety of payment plans, including a flat rate that costs 2.4% and 25C/ per swipe, dip, or tap for Visa, Mastercard, American Express, and Discover or an ACH bank transfer that costs 1% with a minimum of $10.휴대폰 결제 현금화
Another great feature of Square is its integrated POS software, which can simplify your accounting and help you save time. For example, it can connect to your existing accounting systems so that you can easily send a payment request from the client’s preferred channel—like a personalized text message or a click-to-pay service on your website. It can also help you create customized electronic invoices and track payment status.
Check Payments
Many businesses use checks to collect payments from customers. In fact, according to fintech website PYMNTS, 81 percent of business-to-business payments are made with paper checks. Despite declining usage, some buyers and sellers remain tethered to check payment methods that haven’t been upgraded to a digital solution, often because of ingrained purchasing and record-keeping habits.
For this reason, it’s crucial that businesses have a streamlined way to accept checks and to process them after a sale. This can be achieved with a robust business payments platform that provides for a seamless and user-friendly experience, with features that minimize the need for paper, printer ink, envelopes and postage.
The best business payments platforms offer a range of features that are designed to make it easy for buyers and sellers to pay with a paper or electronic check, including a virtual check generator, mobile deposit capability, a payment portal that can accept single checks, check runs and ACH payments, and a variety of other tools to simplify accounts payable and account receivable processes. A streamlined payment experience can also reduce the time that is spent on administration, such as record-keeping, billing and reconciliation.
A modern business payments platform will offer a secure environment that is fully PCI compliant and supports multiple types of payment, including echecks and ACH. These options are a popular choice for both consumers and businesses, as they provide a safe alternative to credit and debit card transactions, which can be vulnerable to fraudulent activity. An integrated payments solution can also increase revenue, accelerate cash flow, fuel growth and improve customer satisfaction.
Whether a business should take checks depends on its customer base and how it can benefit from the addition of this payment method. For some, checks provide a record-keeping advantage, while others can benefit from the ability to collect larger payments, such as school tuition, maintenance or service amounts, and money services.
As the world becomes increasingly digital, it’s important for all businesses to embrace new payment methods that improve a buyer’s experience, drive revenue and increase efficiency and productivity across the entire operation. To learn more about how a comprehensive business payments solution can support your company, contact us today.
Recurring Payments
For many customers, recurring payments offer the easiest and most convenient way to pay for goods and services. In fact, McKinsey reports that half of all internet users pay for at least one monthly subscription service. For businesses, recurring payments offer a reliable and predictable revenue stream that can help improve cash flow and reduce administrative costs.
Recurring payments are an increasingly popular billing option for both consumers and merchants. However, it’s important to understand what recurring payments are before you implement them for your business. This will ensure you choose the right payment processing company and recurring billing software to meet your needs.
When a customer makes a recurring payment, they authorize a merchant to charge their account on a regular basis for a product or service. In most cases, recurring payments are billed on a monthly basis, but they can be billed weekly, bi-weekly or even quarterly. Recurring payments are often associated with subscription businesses, but they can also be used to manage recurring charges for services such as membership fees or software licensing.
In addition to offering a convenient way for your customers to make payments, recurring payments can help reduce the number of late or missed payments. Recurring payments eliminate the need to manually follow up with customers for payment and allow them to set a schedule that works for them. This can reduce the time spent chasing payments and can increase your revenue streams by reducing customer churn.
Recurring payments can be made through credit cards or ACH (Automated Clearing House) transfers. Credit card payments are usually processed faster and offer greater protection from fraud and chargebacks than ACH payments.
Recurring payments can also help you to streamline invoicing and accounting processes by eliminating the need to manually create invoices or record transactions. Many recurring payment processing companies will automatically generate and send an invoice when a transaction is successful, as well as record the payment in your general ledger. This can save you valuable time and money while ensuring that your records are always up to date.
Buy Now Pay Later
Buy now, pay later (BNPL) apps turn larger purchases into bite-sized payments. These point-of-sale financing options, sometimes called buy now, pay later cards, act like modern-day layaway programs: consumers can make their purchases online or in stores and then split the cost over a period of weeks or months, often with 0% interest.
While these services are convenient and can be useful for those who have the ability to pay off their debts on time, they are not without risk. Like credit cards, they can result in high costs if used irresponsibly. And while some BNPL providers offer a grace period, late fees are common.
In general, BNPL apps work by partnering with merchants and offering financing options at checkout. These options range from a payment plan that divides your purchase into four installments (paying in four weeks) to monthly loans with interest rates as high as 30%.
During the application process, you’ll typically be asked to provide a form of identification and a source of income. Some longer-term BNPL products may also require a hard credit check, which can ding your score by five points or more.
You’ll need to make sure you can afford to pay your BNPL balance and cover expenses including housing, food, transportation, and other essentials. It’s a good idea to keep track of your payments, as some BNPL companies send you text and email reminders. It’s also wise to use the same provider when possible, to help ensure loan terms and payment schedules are aligned.
For example, if you’re shopping for a new coat and find it at a discount through one of these apps, it’s wise to consider the alternative—a cashier may be able to give you a better deal on your purchase. Lastly, be aware that returning items purchased through a BNPL service can be difficult and complicated.
