Nowadays, it’s difficult to imagine a successful and rapidly growing business that doesn’t accept payments online. What’s more, simply enabling customers to make purchases via the Internet is not enough to ensure a smooth shopping experience. Modern consumers expect fast checkout, a variety of payment methods, frictionless transactions, and much more.
In this comprehensive guide, we will go over all the critical aspects of accepting online payments and help you navigate through all the nuances related to it.
Theoretically, even if you sell products and services in a web store, it would be possible to operate without processing payments online. For instance, you could get away with sending bills and waiting for a check in the mail. However, it sure does sound old-school, doesn’t it?
While offline payment methods still exist, they are being gradually replaced by their online counterparts due to the plethora of benefits the latter offer, such as:
As you can see, processing online transactions is an advantage of its own. However, accepting a wide range of payment methods takes merchants a step ahead.
While some businesses can do just fine with a single payment option, the vast majority of merchants tend to implement more than one method. But why so?
Providing multiple payment methods comes with such practical benefits like:
Clearly, there are plenty of advantages when it comes to offering a good selection of payment methods. But which ones will your business benefit from the most?
Here is an overview of the most used payment methods nowadays:
These are the most popular online payment methods used across the globe. However, it’s important to note that there is a wide variety of local and alternative payment forms, with new solutions arising on a regular basis.
There are two ways in which you could start accepting payments online:
Let’s take a closer look at both of these options:
1. The “DIY” Method
If you are a do-it-yourself type of person and would like to set up your payment processing system from scratch, you will need to take care of two key elements:
While this is definitely an option that you can opt for, there is a much faster and simpler way of setting up online payment processing for your store.
2. Collaboration With a Payment Service Provider
Realistically speaking, not every merchant has enough time to set up payment processing on their own. That’s why many business owners choose to turn to a payment platform provider for a ready-made solution.
What’s more, opting for a payment platform solution often means that you don’t have to worry about complying with the current regulations, such as PCI DSS (Payment Card Industry Data Security Standard), as you would not be storing sensitive customer information.
On top of that, you are most likely to be offered additional services to customize your payment solution, such as subscription billing, fraud management, and beyond.
The advantages of outsourcing a holistic payment solution are undeniable. However, not every payment platform has the capacity to offer a full package of services tailored to your business needs.
Payneteasy is today’s leading payment service provider offering a wide array of solutions for merchants, banks, PSPs, financial institutions, and more. We provide our clients from across the globe with payment software that is fast, secure, customizable, and easy to integrate.
For instance, our white label payment gateway is an end-to-end, ready-to-use, PCI DSS-compliant solution that will save you plenty of time, effort, and development costs, while offering a plethora of benefits like:
Our payment gateway supports a variety of payment methods, ensuring the most convenient shopping experience for your customers.
Reach out to us already today to start processing online transactions and increasing business revenues in no time!
How to accept payments online?
To accept online payments, you will need two key elements: a merchant account and a payment gateway. While some choose to set them up on their own, others choose a faster and more convenient option - outsourcing a customizable payment solution, such as Payneteasy. With our white label payment gateway, you can start accepting online payments almost instantly.
What are the different payment methods online?
The eCommerce landscape features plenty of payment methods. Some of the most popular options are:
In addition, there is a variety of established and emerging local and alternative payment methods.
What is the safest way to accept payments?
No payment method is universally accepted as the safest one. However, you can rest assured that you are processing payments in the most secure way possible if you carefully follow up-to-date security standards and deal with service providers that are reputed and experienced. Payneteasy offers top-notch payment solutions with security as one of its key focal points.
Which payment method is most commonly used in online transactions?
Despite the fact that new solutions emerge continuously, bank cards remain the most popular payment method worldwide. According to research, on average, every adult person has three credit cards2.
1 - Baymard Institute - 48 Cart Abandonment Rate Statistics 2022
2 - Forbes Advisor - 9 Interesting Credit Card Statistics