10 Cashless Payment Solutions for Small Businesses in the New Normal

Unlike big enterprises and corporations, many businesses rely on the payment made by their customers to keep them going.

Payments are used to keep up with any operation cost, employees’ salaries, purchasing new equipment, getting fresh supplies, or other necessities needed to keep the business up and running.

Any delay in the payment can cause mayhem and hamper the business’ day-to-day operation.

Starting a small business is not an easy task, and running it is another story, but making it thrive, adapt, and survive is a story you need to make every day.

When late payments happen, the business’s ability to succeed, adapt, and survive is affected. 

These days, with the aid of technology, receiving payments from your valued customers even online has now been made possible.

Online payment services are now available to enroll, making it easier for you and your client to make any necessary payment transactions. 

So, if you’re experiencing trouble with your money transactions, here are several online payment gateways to try.

Online Payment Services for Your Small Business  

1.     Apple Pay

When running a business, the last thing you want is a convoluted payment system that will be inconvenient for you and your customers.

It should be quick, safe, and accessible. It is so simple that you may do it over the phone, similar to Apple Pay.

Apple Pay is a good option if you utilize any of your Apple devices as a POS machine. It is also applicable to individuals who wish to receive money on their smartphones. It is quick and secure, which are two of the primary reasons why many businesses use it.

Digital money is faster than traditional types of payment, such as chip card payments. Customers are not kept waiting for too long, which improves customer satisfaction. It is also safe because each financial transaction requires fingerprint authentication before you can complete it.

Even if you don’t have a physical store and just do business online, Apple Pay’s one-click button will help you minimize cart abandonment by your consumers.

2.     Amazon Pay

Amazon Pay is another excellent payment method for small enterprises, particularly those engaged in eCommerce. A payment gateway that simply connects to your current website, allowing consumers to check out faster by using their existing payment information stored in their Amazon.com accounts.

The number of users that quit your site will be reduced since it is quick and smooth. More than likely, these are the folks who do not have the patience to go through a lengthy process while checking out their carts.

Amazon Pay’s frictionless payment procedure may help ensure a good customer experience and boost conversion. Cutting different functions like getting credit card details or even opening an account may be another good experience and help improve your sales for customers who use their mobile phones.

3.    Dwolla

Dwolla, a technology company (established 2008), provides a payment system for sending and receiving money. It is an excellent option for payment transactions for company owners since it does not need opening a merchant account or using a payment processor.

It operates on automated clearing house (ACH) protocols, which means that payments are made straight from your customer’s bank account to your account. It also allows you to choose how you wish to get paid and even provides a free account with no transaction fees.

4.    WePay

WePay, a white-label payment service provider, is another fan favorite among company owners and end-users. One of the standout advantages of this service is the ability to have complete control over the platform.

You may personalize it to look exactly as you want it to and make it look like an extension of your brand or business.

Many shops frequently praise this feature that uses this payment service provider since it allows you to personalize anything from confirmation emails to credit card bills, check-out forms, customer care emails, and more.

5.    Paypal

To date, PayPal is most likely the most popular and frequently utilized payment method accessible these days. It has more than 305 million active accounts and 22 million PayPal merchant accounts. Total payment transactions increased to over $12.4 billion in 2019.

It has aided many businesses over the years, and it even allows small company owners to accept online payments without the need for a typical merchant account.

You may also make invoices and send them directly from your account. It is also possible to set up recurring payments, and they may be linked with any of your shopping cart systems.

Credit card payments are also accessible with PayPal Payments Standard and PayPal Payments Pro for those high-volume enterprises that can be done online or over the phone. If you run a physical business, you may take card payments via PayPal by installing the PayPal app and acquiring a card reader.

6.    Stripe

Stripe is a third-party payment processor that allows bank-to-bank transfers using credit cards and mobile wallets such as Apple and Google Pay, both of which are featured in this list.

Stripe accepts all major credit cards and handles over 100 different international currencies at no extra cost. It, like WePay, gives retailers control over payment interfaces such as forms for desktop, tablet, and even mobile.

You may also integrate those payment forms on your website, making things easy for your consumers to check out their carts and pay.

7.    Authorize.Net

Authorize.net, another third-party payment processor, helps accept credit cards and even online payments on your eCommerce site. With the use of a virtual terminal, it can also collect payments via mobile devices.

When it comes to payment processing for an eCommerce shop, Authorize.net is considered one of the oldest. It does not need your clients to go to any third-party site, making it less of a bother and increasing your business reputation.

It also provides virtual Points of Sale (POS) for individuals with a physical location, which requires you to connect a card reader to your computer for payment operations.

8.    Google Pay

Google-powered online payment service allows customers to send money transfers via their Gmail account, browser, or smartphone. It is secure, quick, and easy to use, and it can hold credit cards, loyalty cards, and debit cards. Customers can also keep gift cards in their accounts.

Google Pay combines the payment information from Android Pay, Google Wallet, and Chrome into a single payment method that works in-store and online.

In-store payment entails using NFC technology placed in your clients’ phones and an NFC-enabled card reader compatible with and linked to your POS system.

Integrating a “buy with Google Pay” button onto your website for online payments is possible. It can contribute to a great user experience in your eCommerce business because it is a one-click operation.

9.    Payline

Payline is more than just a payment processor; it offers a package of services for small companies. It accepts online payments as well as in-store sales. It also provides Payline Medical for people in the healthcare profession, business financing, and many more services.

It claims to payout faster than the norm, requiring only one or two business days. Furthermore, Payline’s price clarity helps company owners choose the best plan that meets their needs without stressing hidden costs, unexpected fees, or haggle rates.

10.    Square

Many small companies swear by Square, and it’s easy to see why. It is thought to be one of the most creative sales data accessible today. It enables company owners and workers to do transactions swiftly and simply.

If you own a real business, you can even get a free magstripe reader. However, even if you do not have a card reader, it boasts the capacity to accept keyed-in payments using Square Virtual Terminal.

It also includes a default offline mode in case your internet access is sluggish or unavailable.

Square is designed for small companies since it is straightforward to start up. Even though Square is designed for small company owners, it offers capabilities to compete in the market.

It includes CRM capabilities to give analytics, save credit card information, set up recurring invoicing, integrated payment security, and even advanced stock management.

Square is also popular with users due to its adaptability. There are no long-term contracts required, and there are no monthly costs.

Conclusion

As technology advances, you may now discover an increasing number of people on the internet. It won’t be long until internet buying and payments become the new normal.

However, you should keep in mind that many consumers now make purchases on their mobile phones (keep your online transactions secure with Avast Internet Security).

People are always on the run, with only a few seconds to spare before abandoning any transaction they believe is too slow or has taken up much of their time.

If you have already begun and are conducting business online, you must pay these online payments to make things easy. Just keep in mind to choose the ideal platform for enhancing and promoting a pleasant client experience.

Remember that they are not all made equal, so you can always test several of them before settling on the one that works best for you.

Read: Live video shopping