DIVERSE ONLINE PAYMENT OPTIONS FOR SMALL BUSINESSES
Owning or managing a small business is a smart way to earn extra money while also having time for yourself and for your family. Small businesses like online selling and eCommerce stores are a growing trend in modern business. They are quick to set up, easy to manage, and can be highly profitable, depending on the goods that are being sold. They are cheap to run, have global reach and help you test out different sales and marketing techniques on your brands, which can help for future businesses. They can also help you to network with other people in your sector and teach you about buying and selling, and managing a business.
The Gig Economy is full of small businesses, advisers, coaches, and entrepreneurs offering services and products as a side hustle. The Gig Economy also provides the staff to market your products online, manage your social media accounts, track orders, manage customer complaints and feedback, and help to run your business.
In these challenging times, we should learn how to expand our strategies and to provide services that customers need to keep up with the changes COVID-19 poses in our society.
Improve your business by embracing diversity in payment options! Having different methods for receiving payments is much better for your customers. Over the years things have changed tremendously. Gone are the days of paper currency, especially when the younger generations rely more on online payments. For this new type of consumer, online payments are considered practical, safe and fast.
First on our list is the use of Virtual Terminals. It is a method of accepting payments from debit and credit cards without physically seeing the card. It is a web-based software linked to your bank account securely that allows you to transact with your customers.
Merchant accounts are easy to set-up and don’t require any deposit, they are often used for eCommerce services. It acts as a liaison between the individual card-issuing bank and your business to acquire the funds and settle them in your business bank account.
This type of payment method is crucial in eCommerce because it allows customers to send payments via the web by authorising credit cards or direct payments for online businesses. It helps ensure that customers have the enough funds to pay for the service or product they want to acquire so the business gets paid.
A good payment gateway offers multiple payment channels including eWallets, Card transactions, over the counter payments with references and online payments, as well as payments over the phone.
