Online buying and selling of goods has become indispensable in the global retail space nowadays. Customers worldwide now enjoy the luxury of buying goods and services online, thanks to the power of technology. According to a 2022 study, more than $5.7 trillion was transacted online in retail e-commerce sales, writes Stephen Abiola.
If you’d like to harness the power of online shopping, you must carefully choose the best payment service providers for your business start-up. Keep in mind that some customers may be uncomfortable sharing their credit card details with your business online. This begs the question: what are the best credit card alternatives for small businesses?
Apple Pay
Apple Pay is a cashless mobile payment service initially released by Apple in 2014. All it takes is installing this payment app on your iPhone, iPad, Mac, and Apple Watch to enjoy contactless payments with two-factor authentication like Touch ID and Face ID. After installing the app, your potential customers can link their credit/debit cards like Mastercard, Visa, and American Express to enjoy quick and secure payments with a mere glance to their screens or Touch ID verification. But remember that this option isn’t available in some countries.
Stripe
Stripe is an Ireland-based payment service provider for small, medium, and large online businesses. Founded in 2009, Stripe provides app programming interfaces to integrate into business apps and websites. This versatile payment solution can handle almost any transaction, including bank debits, bank redirects, cash-based vouchers, and more. Stripe also offers point-of-sale service (Terminal) to businesses in several countries, including Canada, the UK, the US, Ireland, France, Germany, and Singapore.
PayPal Here
PayPal is widely regarded as one of the best electronic wallets online. However, the company also has a solution for processing payments for mobile and in-store merchants. In 2012, PayPal introduced PayPal Here, allowing businesses to accept payments via a single platform. PayPal Here allows your business to accept payments through Visa, Mastercard, Discover, and American Express credit cards into a PayPal Personal or Business account. This card-reader payment processing system is available in the US, Hong Kong, Canada, and Australia.
Mobile Billing
Mobile billing or carrier billing is an excellent alternative to credit cards for your small business. It allows clients to pay for purchases directly using their phone bills or pre-paid credits. Put simply, this method directly bills your customer’s mobile bill instead of their bank cards. This unique payment method has been adopted by many businesses including the widely popular Boku casinos where gamers are allowed to deposit funds into their accounts via monthly phone bills conveniently. If you’ve yet to key into mobile billing, this is definitely worth checking out.
WePay
WePay is a US-based online payment service provider launched in 2008 to provide customizable payment solutions. This privately-owned company makes its revenue from charging service fees when processing transactions for businesses. Today, WePay has become an excellent alternative to PayPal thanks to its hassle-free manner of processing smooth transactions. Besides having no monthly or set-up fees, WePay’s cost of accepting credit card and ACH payments is friendlier than most e-wallets. Also, it doesn’t suspend accounts without warning.
Square
Launched in 2009, Square is another US-based mobile-based payment solution that fits your business aspirations nicely. Thanks to the integrated mobile card reader, it seamlessly converts your mobile phone into a point-of-sale service. It achieves this by connecting your customer’s credit card system to the mobile app via an audio jack without extracting their important card information. It’s free to install from the App Store or Play Store with no monthly set-up fees. However, inform your customer that Square charges 2.6% + $0.10 fee for every electronically scanned credit/debit card.
Cryptocurrencies
Despite our expectations, cryptocurrencies have not been fully adopted in all the top industries. This is because most governments are reluctant to regulate this payment option. Also, these digital coins, especially Bitcoin, are highly volatile. But despite the challenges, cryptocurrencies still provide a safe and reliable credit card alternative. Payments are usually fast and secure, requiring only a QR scan to be approved. Some coins like Bitcoin and Ethereum have crypto debit cards for ATM withdrawals and online purchases. Using cryptocurrencies could expose your business to a whole new set of customers.
Conclusion
Did we leave out your preferred online payment service provider? With the numerous options to explore, this list could be endless. But before choosing a payment solution, be sure to research its availability, convenience, charges, and security. Embrace solutions that will build a lasting relationship with your clients. Good luck!
