Digital Transaction Options for Small Businesses


The digital transaction field is getting more and more crowded.

Sure, there are industry standards like PayPal and Square. But small business owners have a lot of digital payment options when it comes to accepting payments from your customers and clients.

Many of the options we found go way beyond being able to accept credit cards at affordable rates with little up-front cost. And each company’s offering varies from the others.

When deciding which digital payment options your company will adopt, consider what your needs are and then pick the service that suits those needs.

PayPal

This is the industry standard for accepting digital payments from your customers.

Through PayPal, you’ll have the ability to place PayPal Checkout buttons on your website. This allows customers access to a PayPal gateway to buy an item from your site. Visitors are directed to a PayPal checkout page where they can use any number of payment methods to pay you. You can also create, send and receive payments for invoices with this service.

PayPal charges 3.4% plus 20p per transaction. Rates decline with higher sales volume. Rates also go down if you use the PayPal Here credit card reader.

Square

Square is PayPal’s chief competitor at the moment and offers transaction rates to rival the industry leader.

Square offers you a free online store site where you can list and sell your items and services. Items can be embedded onto your own website. These embeds act as the gateway for your customers to complete their transactions. Square also allows you the ability to send and receive payments on invoices. And the company offers a credit card reader for accepting payments in-person from customers.

You’ll be charged a 2.75% fee on every transaction conducted online using Square or with its card reader.

Stripe

It was Stripe’s goal when it redesigned its Checkout platform not to get between you and your customers. Stripe’s Checkout codes were designed to keep your customers on your website, not redirect them to its own site to complete a sale.

Once Stripe payment forms are embedded onto your company’s website, you can begin accepting digital payments from your customers. Stripe works across multiple devices with no extra work on your part.

There is a 2.9% plus 20p charge on every transaction completed with Stripe.

Log In And Pay With Amazon

This option from Amazon goes beyond just placing a button on your website … although that’s how this service works, too.

When your customers click a “Pay With Amazon” button on your site, they’ll be asked to quickly establish an Amazon account. Once they make a purchase from you using Log In And Pay With Amazon, you’ll get their name, email address, and postal code from Amazon. With this information, you can market directly to them.

This payment method from Amazon keeps customers on your site throughout the transaction. This widget also adapts to either a desktop or mobile device.

Braintree

Braintree allows you to accept credit card payments from your customers on your website and mobile app. There are also features that allow you to set up recurring payments and other transactions from your clients.

The service says you – and an experienced Web developer – can integrate Braintree onto your website or mobile app in about a half-hour.

This service charges 1.9% plus 20p on every transaction completed.

2Checkout

This payment option for your customers will require you to apply to 2Checkout before it can be integrated on your website.

If you’re approved by 2Checkout, you’ll have the option to choose between a Plug-and-Play integration or one of 2Checkout’s shopping carts. Once a customer clicks on a “Buy” button, they’ll be directed to 2Checkout’s secure payment page. Once the transaction is complete, your customers will be sent back to your website.

2Checkout charges 2.4% plus 20p on every transaction.

Google Wallet

Google Wallet allows you to offer your customers an easy way to checkout when they want to purchase items on your mobile app.

Wallet users can sign in to your app through Google+ and will be able to speed through a typically arduous checkout process in just two taps of their screen.

Google Wallet also lets you send and receive money through your email.

Shopify

This is a well-known service that offers everything from eCommerce to point-of-sale systems.

Shopify allows you to set up an online store, which you can host at your own domain. There are three tiers of monthly payment options and the more you pay for those, the less your transaction fees cost.

There is an easy-to-use back end to Shopify that tracks your sales, payments, and customer information.

If you would like any further information on the above, or how these could integrate with your business, please contact Sifar on 01621 772532 or info@sifar.co.uk or check us out at www.sifar.co.uk.

(Prices mentioned were correct at the time of posting)