The Complete Guide To Incorporate Payment Processing Solutions For Your Business in 2020


Online shopping is increasing daily. Concomitant to the increasing online influx, is a decent payment processing solution that every enterprise, whether big or small, should have to process all the transactions.

Online shopping is flourishing daily for all industries. Therefore, it has become increasingly crucial for business owners to incorporate more natural and broader methods to entertain more extensive clientele. With growing businesses due to social media, online shopping is becoming increasingly common as well. The following stats add further evidence to it regarding payment processing solutions.

 

  • In 2019, 10 billion people around the world purchased online products and services according to market research conducted by Google. By 2021, global sales are expected to reach an income of $4.8 trillion.
  • Analysts predict that by 2040 all purchases will take place online through e-commerce transactions.
  • About 55% of online buyers in the USA prefer to pay with their debit or credit cards. Other digital payment systems such as Apple Pay are used by 43%, while the remaining 39% use their debit cards as a payment processing solution for their transactions.

 

What’s a Payment Processing Company?

To put it simply, a payment processing solution company works as a connecting bridge between sellers, buyers, the card networks

To put it simply, a payment processing solution company works as a connecting bridge between sellers, buyers, the card networks, and the banks of both the parties to ensure a smooth transaction for all the stakeholders involved. The information is sent from customer’s bank to your bank to ensure the data processed is authentic. Some popular payment processors include Amazon Pay, Pay Pal Empire Pay Tech along with dozens of others.

Since the platform you choose ensures you get paid by accepting numerous types of payments, it is necessary that you keep in consideration what is it that you are looking for in a processor, and the pricing and range of operations it allows.  There are five key elements that you need to provide are taken care of when you are selecting a payment processor.

 

Terms of Contract

Majority of the third-party companies don’t require a long-term contract or a termination fees on new deals. They allow businesses to pay month to month to give them feasibility and flexibility. However, many merchant services still make companies sign a three-five-year contract. So, make sure you thoroughly read the terms and conditions before signing.

 

Cost and pricing

All goods things come at a cost, in the case of gateways, the average fees range from 1.6%-3.7% per transaction, all depending on the processor that you will choose. Many processors charge a monthly, flat payment but a lower per-transaction fee. There are also outstanding incidental fees for cases such as chargebacks, order cancellation, etc. Therefore, you need to check every possible provider before you make your decision.

 

eCommerce Capability 

All of the best 3rd party Gatways support multiple options for how customers can pay you with options that are available in your country or industry. If you own an international business, you want your gateway to accept money in many multiple currencies, or at least in the major currencies including US Dollar, Euro, and British Pound. Other than that, your payment prices should accept mobile wallet payments and payments from credit and debit cards.

 

Mode of Operation

For all online transactions, a gateway is necessary because it encrypts the financial data that is entered through your website. Many processors have their own payment gateways, while others use third-party gateways such as Empire Pay Tech.

 

Following are some of the things you will need, if you have are a business owner and want your own payment processing solution system.

 

  • A point of sale system.
  • Mobile or tablet readers for on the go payments.
  • A credit card terminal.

 

 

Reliable Customer support

Look for a payment processing solution with a proven team of reliable, responsive, and knowledgeable customer service professionals, and that offers customer support 24/7.

Make sure the company you are working with has a sound, reliable, informed, and responsive, knowledgeable customer service team that is available to help you with any issue any day of the year.

 

Six Payment Processing Solutions you can Trust

If you are a business owner, intending to cater to an online audience, you`re going to need online wherewithal to process your payments

If you are a business owner, intending to cater to an online audience, you`re going to need online wherewithal to process your payments. Simply put, this means you also need a flexible payment solution to make the transactions smooth. We have listed down the best eCommerce payment solutions that you should consider for your business.

 

Braintree Payments 

Braintree was established in 2007 but was later bought by PayPal in 2013. This system lets merchant process financial transactions using PayPal, Android Pay, Apple Pay, Venmo, and Bitcoin, along with debit and credit cards.

 

Braintree caters to a wide range of businesses, including direct sales, marketplace-based merchants, subscription-based, service-based. Their pricing scheme is pretty straightforward that starts at just 2.9% plus 30 cents per successful debit and credit card transaction for digital wallets and cards.

 

They have no requirement for a minimum transaction or hidden costs for fraud protection services. They also don’t charge a monthly fee.

 

 

WePay 

Launched in 2008, WePay is designed for donation initiatives and money-pooling. It focuses on user-friendly processes for different businesses WePay is available on mobile with a fee of 2.9% and 30 cents on all successful credit card transactions. It is one of the most reliable payment processing solutions!

 

Stripe 

Stripe has recently captured a considerable market for its less complicated and super flexible policies and pricing model. They charge you 2.9% with 30 cents per all successful card transactions. They have no monthly or setup fees that you need to worry about. Plus, their reporting feature gives you transaction data in real-time.

 

Stripe also supports over 100 currencies and processes bitcoin and ACH transactions for fees as low as 0.8% with a maximum of $5 charge. Recently, Stripe also launched a Stripe Atlas, which enables business owners from across the world to open a US bank account and incorporate a US company. They can receive tax, process transactions, and get legal guidance from Stripe’s partners. Stripe is available both on mobile apps and the web.

Dwolla

Dwolla is an Iowa based money transfer services company that was launched in the USA in 2010, establishing itself as a giant competitor against PayPal.

 

Opening a Dwolla account is free, and users can use it to transfer funds and even make substantial recurring payments. It is also available on IOS and android mobile apps. Making it an easy eCommerce option for your business.

 

ZipBooks 

ZipBooks is free accounting software that is extremely popular among small to midsize business owners and freelancers. It offers cash flow management tools, financial statement tools, and invoice financing. Its primary business model is built to help small businesses when cash flow runs low, and the company is willing to pay a fee for their expertise.

 

Moreover, they also make next-day payments into a company’s bank account and offer traditional tools like credit/debit card processing and other financial integrations. If you want an organized tool then, ZipBooks is a sophisticated tool that enhances productivity, such as bank account integration, time tracking, and recurring invoicing.

 

It’s a cloud-based tool that is available as a native iPhone app or a responsive web application web.

 

 

Bambora

Formerly known as Beanstream, Bambora was established in early 2000 and has since then established itself as a versatile omnichannel platform that can handle a wide range of transactions, including mobile transactions, EMV, batch processing, e-commerce, over the phone bills and other mobile payments.

 

Bambora charges 2.8% plus 30 cents for non-credit transactions and 2.9% plus 30 cents for successful card transactions.

 

Empire Paytech

If you’re a small business to medium-sized business owner, Empire Paytech is the best option as our charges per transaction are among the lowest, and we have no hidden fees for canceled or fraud payments. Their business model is built to help small business owners by keeping their costs at a minimum value for all the eCommerce payment solutions we offer.

 

We have a fantastic team of customer care that is available 24/7 to help our customers with any queries.

 

Final word  on Payment Processing Solutions in 2020

Online shopping is increasing fast, and therefor your competition is getting fiercer with every passing day. Hence, it is incumbent on you to offer your user nothing but the best shopping experience. And what is online shopping if your website or mobile application isn’t able to process transactions on the go?. Thus, opening a business without a platform that can process online transactions is like going into the battlefield without any weapons. Want your business to succeed? Give our 24/7 representatives a call, we`ll equip your business with just the right tools to help you imprint your footprint in your particular industry.

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