Lots of businesses are choosing digitized solutions, particularly for their finances. However, there are so many available, so you may be curious as to which online payment service you should choose. Take a look at some excellent options that you can learn about to choose the best payment service for your business.
Do I Need Online Payment Services?
Choosing online payment services and online payment methods, such as Paxum, are more convenient and quicker for the customers and business. Payments are often instant; you and your customer will not have to wait forever for payments to process.
Plus, customers tend to prefer online payment options over traditional payment ones, especially because they are accessible. Another bonus is it helps you reach international clients easily. This is excellent, considering that majority of retail sales by 2040 will likely be e-commerce transactions.
If you want a less complicated, straightforward option, then Stripe is a good choice for you. You do not have to pay for set up fees or monthly fees. Stripe will charge 2/9% and 30 cents for each card transaction that is successful. Therefore, you only pay for the service when you use the service, a bonus for smaller businesses. Additionally, Stripe can process ACH and bitcoin, and it supports more than 100 currencies. Plus, the max fees are only $5.
Dwolla prides itself in being an alternative to PayPal, and they have definitely proved that they are a good money transfer service company to deal with. You can open your account for free. You may use the Dwolla account for transferring money for mass, one-time, and recurring payments. Therefore, it is great for both customers and business owners. Plus, almost anyone can access it since Dwolla has an app and website.
While Venmo is more popular for P2P transfers, you can also use Venmo if you are a small business. Customers can conveniently send you payments, especially since most customers will probably have a Venmo account. Customers can transfer payments for your services/products directly into the Venmo account. You may transfer funds from your current Venmo balance to your bank account. The total payment process usually only takes a single business day.
If you want a donation and money-pooling initiative, WePay is a good choice for you. It is one of the favored options for fundraising services. Plus, it offers a very user-friendly payment service, so customers and business owners can easily use WePay. WePay typically charges about 30 cents and 2.9% for a credit card transaction. ACH transactions cost 30 cents and 1%.
Braintree is owned by PayPal, and it lets merchants process credit card and debit card payments. Braintree Payments process customer’s Venmo, Android Pay, Bitcoin, Paypal, and Apple Pay payments as well. It is good for most businesses, like direct sales, service-based, subscription-based, and marketplace-based merchants. Plus, it offers cheap fees for cards and digital wallets. Braintree Payments does not have a minimum transaction, monthly fees, or hidden costs.
All businesses can benefit from online payment services, so make the switch today!