The economy has been unpredictable, and entrepreneurism has been on an incredible rise, especially during the past few years. Therefore, the need for efficient and reliable online payment systems has increased drastically as well. New companies and small businesses have been emerging all across the globe at a phenomenal rate, and it seems as though the selection of online payment systems is ever-expanding.
With the wide variety of available options, it may be difficult to choose a payment system; however, narrowing down the list to the ones that best align with your particular business needs will make your decision much easier. You can begin by deciding whether you would like to purchase a device, such as a card reader so that your customers can slide their credit cards, or set up an online payment system where clients from all over the world can pay with just a few clicks.
Before making a decision, familiarizing yourself with some of the terminologies, you may encounter during the process is a wise idea.
Terminology
- ACH Payments – Automated Clearing House payments are simply electronic credit and debit transfers from a customer’s bank account. This method is particularly popular with transactions involving monthly fees, subscription-based fees, and other recurring dues; however, it works well for any type of transaction.
- Merchant Account – a bank that permits the account holder to accept payments via credit and debit cards
- Payment Gateway – a process that allows the merchant to transfer credit card information between the customer and the merchant and between the merchant and the payment processor
- Payment Processor – a company that is assigned by the merchant to handle credit card transactions while also providing anti-fraud measures to protect both the merchant and the customer
- PCI Compliance – Created to decrease fraud and increase security, Payment Card Industry compliance ensures that the proper standard (PCI DSS – Payment Card Industry Data Security Standard) is met.
Mobile Device Payment System Options
- Square
- QuickBooks Payments
Square and QuickBooks Payments are two of the top mobile device payment system options that are currently available. These products allow you to accept payments via your mobile devices, transforming your cellular phone or tablet into a virtual and mobile “cash register,” so to speak.
Online Payment Options
- Amazon Pay
- Authorize.net
- Braintree
- Dwolla
- Google Pay
- PayPal
- Stripe
- Verifone (formerly known as 2Checkout)
- WePay
If you have any questions or need more information, there is a plethora of useful information, tips, and suggestions available online.