7 Digital Payment Options Perfect for a Small Business

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payment options

Nearly 70% of U.S. consumers have chosen credit cards as a payment method in the past six months. 

Your customers want to be able to choose for themselves how they pay for your products and services. 

You cannot use the excuse that you’re only a small business. You could be losing business already because you don’t provide your customers with different payment options.

There are many different digital payment options on the market. Here are the best digital payment options for a small business.

1. PayPal

One of the oldest platforms providing users with digital payment options, PayPal is also the most famous and popular service.

The platform has more than 227 million active users, and this figure continues to grow.

Your customers will be familiar with PayPal, and we know that familiarity breeds trust.

That’s why PayPal is also the most trusted brand of payment service, according to market surveys.

Another advantage of PayPal is that you can add a PayPal checkout symbol to your website. This re-directs customers to a PayPal gateway to complete their transaction.

PayPal permits users to pay with any payment method, including credit cards. There is a charge of 30 cents per transaction, in addition to 2.9%. The higher the sale volume, the lower the rate. 

2. Square

The second most popular digital payment service is Square.

Although PayPal has marketed itself as the best platform for consumers, Square is often preferred by businesses.

You’re provided with an online store website via Square, which allows you to display and sell items. You can also link your account to your company website, which you can design to look great.

You can also send and receive payments via invoices, like with PayPal. Square charges 2.75% per transaction with no further charge. Many people consider Square to be a more affordable payment option.

3. Stripe

In contrast to Square and PayPal, Stripe does not want to interrupt the customer experience on your website.

Customers can buy items without leaving your website via Stripe. This is extremely important since you don’t want your customers leaving your website if you can help it.

Stripe also accepts many other forms of payment, in addition to credit card and debit cards. For example, Bitcoin and AliPay are also accepted on the platform.

Many people also prefer Stripe because it requires little information from the merchant, which is valuable for some small businesses.

The cost of each transaction on Stripe charges 2.9% and 30 cents per transaction. This makes it the same as PayPal.

4. Due

Due is a digital payment platform which enables you to receive and send payments online. The platform is especially popular among freelancers and small business owners. 

There are many extra features with Due, which include fraud prevention tools, data analytics, and instant deposits. Due also has an e-Bank to store your cash. 

If you don’t want to manage your accounts and bookkeeping across multiple platforms, Due allows you to do everything within the same platform.

Due charges no upfront fee and only 2.70% per transaction for credit card payments. 

5. Pay With Amazon

The online retail giant Amazon also provides a digital payment service called Pay with Amazon. 

However, the service is only available to residents in a handful of countries, including the U.S., the U.K., and Germany. 

Pay with Amazon is easy to use. All you need to do is copy and paste the code to your online store. Customers get directed to Amazon to make the purchase. 

Amazon also includes many other features, such as fraud protection. This is important if you’re concerned about someone stealing your information online.

Best of all, you benefit from Amazon’s high trust rating of 66% among online consumers.  

Pay with Amazon charges 2.9% per transaction, plus 30 cents. 

6. Apple Pay

If your company is already committed to Apple products – Why not use Apple Pay for your digital payments too?

Apple Pay transactions are especially fast since users can take advantage of the touch ID feature.

Many of your customers are likely to have iPhones. And we also know that Apple Pay already has 127 million customers globally.

Not everyone has an iPhone, which makes exclusive use of Apple Pay impossible for most small businesses.

When you receive payment via Apple Pay you can either transfer the money to your company bank account or hold the money in your Apple Wallet for future purchases.

If users buy items with a credit card, they’re charged the standard 3% transaction rate.

7. High-Risk Solutions

Have you been turned down by a credit card processor or digital payment company?

This is probably because you’re working with high-risk products or services. This may include financial services, such as cryptocurrency, adult services or tobacco. 

You need a high-risk solution merchant account to manage your credit card payments for you. 

While other payment options may have declined your application, we have a 99% approval rate. Whatever your service or product, we’ll find a solution to fit your business. 

Which Digital Payment Options are Right for You?

Your customers expect to be able to make payments with credit cards and other forms of payment both online and offline.

You need to decide how you’re going to meet your customer expectations with digital payment options. 

If other digital payment options have turned you away, or you’re involved in a high-risk industry, you need a payment merchant suitable for you. 

Check out our website or get in touch with us to find out more about how we can help your business.

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