It's no secret that we live in an interconnected world where sending and receiving payments can occur with just a click of a button. For business owners, that's welcome news since this makes it more convenient for you to get paid online, as well as increasing your cash flow since payments happen in real-time.
With that in mind, here's a closer look at 7 common, and effective, ways that business owners can get paid online.
1. Accept credit and debit cards online.
Since everyone essentially has a plastic card, accepting credit or debit cards are convenient, transactions are instant, and they're secure. And, transaction costs are reasonable. At Due Payments, there's a flat 2.7% transaction rate.
If you run an eCommerce business, you can also use shopping carts from third party marketplaces like Amazon, Etsy, and eBay.
2. Use ACH processing to accept eChecks.
To do this, you need to have ACH payment processing software, which is governed by the National Automated Clearing House Association, where the other party just enters their bank account information like routing and account number, name, amount, and authorization into the interface.
3. Join the blockchain.
The reason why so many people are excited about the blockchain is that by cutting out the middleman, aka traditional banking institutions, transaction fees are incredibly low and instant. This makes accepting payments from international customers a painless and affordable experience.
And, you can withdraw or use those funds by using a bitcoin debit card.
4. Provide an online payment gateway.
You're not comfortable with building your own payment gateway, then you can always outsource this project to a company or individual who specializes in payment services. Look for services that provide the actual hosting of the payment form, secure payment processing, and customer account storage.
5. Transfer fund through apps.
Even social channels are getting in on the fun. Money can be transferred through Facebook Messenger and SnapChat has teamed up with Square for SnapCash. It's also rumored that Apple will eventually offer it's own P2P platform.
6. Click-to-pay email invoicing.
7. Schedule recurring payments.
7 Effective Ways Business Owners Can Get Paid Online was originally published on Due Payments Blog by John Rampton.