3 Best Ways of Online Payment Solutions Can Improve Your Business.

Many businesses are now deciding to move online to reach a broader market, however, finding a good payment solution for your needs may prove to be harder than you think which is why we’re here to help. Below are the more popular payment solutions and their pros and cons. Here we will discuss “3 Best Ways of Online Payment Solutions Can Improve Your Business.”

PayPal:

Pros of Using PayPal

It’s easy to setup and use.
Your clients/customers may already be familiar with PayPal.
You don’t need a merchant account.
Your clients/customers don’t need a PayPal account to pay you.
You can create and send invoices right through your account.

Cons of Using PayPal

PayPal’s Seller Protection policies do not cover digital goods.
There are hefty fees for chargebacks
You are limited in terms of use and are subject to account suspension at any time which can result in frozen funds for months.
It can take four business days for withdrawn funds to clear in your bank account.
It can be difficult to contact PayPal’s customer service department.

Worldpay:

Pros of Using Worldpay

Seen to be more professional than eBay
A quick initial application process
Reasonably quick integration and brand payment pages
Fees reduce for large volumes of sales
Allows payment by Paypal to give the user the choice

Cons of Using Worldpay

Very difficult to get definitive pricing form the website so you are forced to call for information
Minimize time required to setup
Cost of an application can quickly add up if you need additional options such as more than one currency or recurring fees,
Personal experience: support can be a little unhelpful

Sagepay:

Pros of Using Sagepay

Recognized brand
Allows payment by Paypal to give the user the choice
No % charge per transactions
Set fees per quarter – know where you stand
Multiple currencies available at no extra cost
No monthly fees

Cons of Using Sagepay

Fees on 1000 transactions come out as 50p per transaction which is quite high – worst case a shop sells one item and it’s cost the £20.00! Unlikely I would have thought but worth considering.
An account can take a while to set up and be authorized
Personal experience: support is fantastic

These are some of the most used payment gateways businesses rely on. It’s important to d your own research and learns which of these will be best suited for you.

Conclusion:

In this article, we have discussed “3 Best Ways of Online Payment Solutions Can Improve Your Business”. if you have any issue to integrate these solutions to your online business. Just comment here or contact us to solve your problem.