Payment issues can cause major cash flow obstacles for small and large businesses alike. In a worst-case scenario, customers may simply abandon the transaction. Business Insider reports that e-commerce merchants lose almost $5 trillion in sales per year when customers fill virtual shopping carts but give up during the checkout process. Here are a few tools to make payments between businesses and customers efficient, secure, and fast:
Deluxe eChecks let businesses and customers send checks via email. For businesses that rely on check-based transactions, Deluxe eChecks can replace the time, cost, and unreliability of printing and delivering paper checks with a fast digital solution. A mobile App and flexible API makes sending checks either one at a time or to thousands of people at once easy. Healthcare and insurance enterprises, realtors, contractors, property managers, and notaries are all businesses who need to send checks regularly and could streamline operations through Deluxe eChecks.
Currency Capital provides financing solutions for small businesses making equipment purchases. Their proprietary algorithm sorts through over 100 qualified lenders in mere minutes to match customer credit history and needs with the best fit. This means customers can make a purchase the same day they apply for a loan decision. Their API, already adopted by major online retailers such as eBay and Proxibid, lets online customers apply for loans without leaving vendor websites. Their matching process lets purchasers access loans appropriately sized for their business rather than settling for whatever they can get from the bank, while the network boasts a default rate of less than 1 percent.
Accepting online payments can be deceptively complicated. Customer-facing portals need to be appealing, low-friction, fast, and secure, while at the same time handling a complex payment process that involves multiple parties and compliance requirements. Dwolla allows users to build an online API for transferring funds that can be tailored to individual business needs while maintaining security and customer friendliness. The platform can be customized without prior programming experience, making Dwolla a dynamic and useful tool for a wide range of businesses, individuals, and nonprofits.
Square lets any business accept credit or debit card payments using only a free plug-in and a smartphone or tablet. Customers can sign and receive emailed receipts, while all card and customer data is encrypted at all points in the payment process and not stored on the mobile device at all. Businesses can access their Square account through an online dashboard. Square has been transformative for businesses who run small, transportable outpost locations such as farmer’s market vendors, but now it’s being adopted by many small businesses in larger brick-and-mortar locations thanks to Square’s complete register technology.
Sellfy is a payment gateway tailored specifically for vendors of digital content, from online services such as web design templates to entertainment products like videos or ebooks. Creators can set up their own storefront or integrate an API into their original website. Users can store content with Sellfly, manage taxes and payment data, and integrate with other payment programs such as Stripe and Paypal. Sellfy even includes marketing tools such as email campaigns, SEO services, and discount codes.
Worldpay facilitates digital payments for businesses who operate on a global scale. One of the payment industry’s oldest and most established players, Worldpay can provide an ideal payment solution for businesses who regularly accept or send payments using more than one currency or cards that are more common in one country than another. Because Worldpay is so large and established, it can offer the security and expertise of a well-traveled payments company to small business clients, who might benefit, for example, from their range of available APIs.
Due offers flexible, secure payment solutions with low card processing fees. Their suite of products includes invoice management, super-fast digital wallet transactions, debit and credit card processing, global payments, and even timesheet management. Everything can be managed from one central digital dashboard, which makes Due a good choice for both individual freelancers and large businesses, who can receive custom rates and solutions for high transaction volumes. Due is used by over 140,000 businesses in 138 countries.
Payment Depot offers a unique solution for small businesses who handle card payments. Rather than paying additional fees for middleman payment processors, Payment Depot users pay a flat $20 monthly membership fee, a $.25 (or lower) fee per transaction, and the standard minimum wholesale price charged for processing by card companies like Visa or Mastercard. Users can apply and be accepted as members of a club that collectively negotiates access to wholesale prices rather than wholesale prices plus undisclosed handling fees. This structure can result in significant savings for many small businesses.
Flint is a similar principle to Square but requires no extraneous hardware. Freelancers and small businesses simply need an online account and a mobile device. Card payments can be processed instantly and securely through photo recognition, and the platform can also handle invoicing, professional-looking receipts, and online sales. A client directory function lets freelancers manage their client base information. Plans are clear and affordable, and even the free option allows unlimited transactions.
What are some other payment tools your business is using for fast, efficient, and secure customer transactions?