Online Payment Platforms: A Comprehensive Guide

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Process payment has never been easier with the advent of online payment platforms. Before now there wasn’t anything called online payment, and comes to talk of a platform that processes online payment.

Many business owners or merchants allow their customers to make payments manually. But since the inception of Online payment platforms, business owners have been able to maintain a steady cash flow.

Online Payment Platforms : A Comprehensive Guide

In this article, we will be discussing extensively online payment platforms, what it is, their benefits, how to select the right payment platform, and the best platform to make use of.

What are Online Payment Platforms?

An online payment platform is a merchant service provided by an eCommerce application service provider. This helps to authorize credit cards or direct payment processes for online retailers, e-businesses, etc. It is often regarded as an online payment gateway.

Over the years the need to make use of Online payment platforms to make deals became necessary. This is because online payment services will enable you to reach more customers.

Businesses, whether large or small are now inclining towards accepting payments online through the use of several platforms.

Online payment platforms help companies and business owners save time, save maximum effort for the client, and are faster.

When a company or a merchant uses online payment gateways, they provide their customers access to pay for goods and services without hassle.

It will even help the company or merchant to reduce the stress of visiting the bank to deposit cash or clear cheques issued to them by their customers.

Benefits of Online Payment Platforms

There are many advantages and benefits when you make use of online payment platforms for your businesses.

Moreover, almost all business owners in our world today make use of online pay platforms for their business. Below are the benefits of using Online payment platforms for your business;

1 Instant payment

When you allow your customers to make payment online using the various payment platforms they can easily purchase and pay for your services and products. 

It breaks geographical restrictions because they can instantly pay for services in the comfort of their home or office.

2 Quick and Easy To Set Up

There are now many affordable online payment service providers that offer you low setup plans. And immediately you set up one, you can start using it for your business.

3 Reliable

It is safer and more reliable to receive payment using online platforms than through cheques.

4 Induce More Trust in Customers

Accepting payment online through your site will help your customers build trust and confidence in you. It encourages them to do business with you.

5 It Promotes Sales

One of the easiest ways to generate more sales is to receive payment from your customers online.

If you can receive payment online, customers can grab a deal with you any time and this will increase your sales.

What to Consider When Selecting An Online Payment Platform?

Before selecting an online payment platform to use for either your small-scale or large-scale business.

There are certain important factors you will need to consider. Here are some of the factors you will need to consider;

1 Security

Before selecting an online payment platform for your business, you must be sure the payment platform is a reputable one and is safe to use. You must use a platform that can handle your customers’ delicate data with care and if you do your customers will stick to you.

2 Cost

Like any service provider, there are fees associated with using it. So before choosing an online payment platform for your business, do research and pay attention to their costs.

Some of the fees charged could include transactions, statements, merchant account fees, and even more.

These fees if too much could discourage customers from purchasing from you using the payment method.

3 Accepted Payment Method

If you are not using a platform method that offers a variety of payment methods, your customers might likely not buy from you.

But with payment platforms that incorporate a wide range of payment methods, your sales will definitely increase.

4 Check For Compatibility

Before selecting an online payment platform, check for compatibility. It is important to consider if your gateway is compatible with your brand.

Make sure the online payment platform is seamlessly integrated with your business.

5 Payment Location

Before considering an online payment platform, you should be fully aware of the app or website payment location.

Most payment gateway allows customers to complete their payment within the website and others direct them to other sites.

However, regardless of the payment location if your customers trust you, they will still stick around.

Best Online Payment Platforms

If you have been searching for some of the best online payment platforms for small businesses and large-scale businesses.

We have compiled a list of some of the best online payment platforms you can make use of for your businesses.  Below are some of the best online payment platforms;

  • Amazon Payments
  • WePay
  • PayPal payments Standard
  • Checkout
  • Dwolla
  • Wix Online payment
  • Stripe
  • Worldpay
  • Merchant E- Solutions
  • 2Checkout

There you have it. The above listed are some of the best online payment platforms you can consider for your small-scale or large-scale businesses. 

You can do research online and forget detailed information about them. Remember that selecting the right online payment platform for your site, will enhance user experience in your online store and drive more customers to make purchases.