How Do Businesses Accept Payments Online?

By Author: Arjit Chalmela
Total Articles: 14
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People worldwide have started interacting and connecting thanks to digital technology and the internet. They have made relations stronger despite the distances and have helped each other in emergencies. Whether they require money urgently or make payments late at night, online services have made funds available to all individuals. They can access their transaction history online without any restrictions on time and location.
Today, consumers have even more payment options available with advancements in digital wallets and mobile payment applications. They can now pay digitally to vendors and sellers who accept payments online for the goods and services sold. It increases satisfaction by improving customer experience and reducing the time for fund transfer.
Many merchants find they save time when accepting payments securely over their phone, website, mobile app, or through a recurring payment schedule that directly debits their customer’s bank account or charges their card on file.
Here are some methods ...
... businesses use to receive payments:

Cards: Enabling customers to pay through their credit or debit cards on the website is the simplest method to accept online payments. Shopkeepers can choose to create a dedicated merchant account or use an intermediary to offer their customers the feature. Choosing one method over the other can mean different business and funding processes, so research properly and determine the best option. Visa, MasterCard, American Express, and Discover are among the most widely accepted credit cards.  

E-cheques through ACH processing: Another popular method of receiving online payments is through a direct debit of a bank account with an electronic cheque through ACH payment options. Customers can input the information from their paper cheque into an online payment form or software interface. It processes the payment electronically without the physical presence of a paper cheque. 

Governed by the National Automated Clearing House Association, it has transaction fees lower than credit cards with enhanced security. 

Mobile payments: Dipping a chip card, swiping a credit card, or keying in a credit card number on a mobile device is becoming the norm for many customers and businesses. Their payment is confirmed, and they receive an email receipt immediately. Add to that the ability to sell and buy services and products online, access cash flow reporting, manage customer accounts, and send invoices from anywhere. The benefits of using a mobile payment app to collect payments are endless.


Online payment gateways: By adding a simple online payment form, customers can pay the business directly on their website. Returning customers can even create accounts to save their payment information for fast and easy repeat payments.  Depending on the provider, retailers can even customise the form to match their branding.