One of the vital components in an e-commerce business is to establish a dependable payment system upon which you can build a robust online store. When choosing the best payment system, it will rely on a few factors, the most prominent of which is the price and convenience of operating it.
Customers who are trying to purchase online are faced with a host of fears. From knowing if payment will go through to deciding whether they are transacting with a trusted website–all of these doubts can be eliminated through a user-friendly payment system developed by a reputable payment vendor.
A payment system will enable any online business owners to accept payments faster and easier, and maintain the privacy and security of your customer’s sensitive information. In today’s blog post, we will provide excellent choices of payment systems that you can choose from to run your ecommerce business on.
PayPal is by far the most widely used payment processing provider today. In 2013, they had processed $27 billion mobile payments, with more than 9 million payments processed on a daily basis. Officially launched in the late 90s, they have successfully built trust and confidence with both merchants and buyers. Payments are done through the user’s PayPal account which is linked to their bank accounts. Signing up for an account will require an email address where payments can be sent. They take 2.9% and $0.30 per transaction as part of their PayPal Merchant Fees.
- They have a well-established brand that millions of people recognize and use.
- There are no setup, monthly and cancellation fees.
- Available in almost all countries.
- They have one of the easiest payment system.
- May be at risk to frauds and scams due to the huge volume of users and transactions
Google Wallet is primarily a mobile payment system that can securely store things commonly found inside your physical wallet—debit cards, credit cards, customer loyalty cards, coupons, etc which can be used to send money and shop online. For merchants, Google Wallet helps them drive traffic, boost conversion to their site and engage their customers by displaying targeted offers and smooth checkout transaction.
- The idea that it’s created by a reputable search engine giant will make people more at ease transacting with them.
- Their Instant Buy API guarantees a fast payment processing through their two-click checkout.
- Payments done in-store are not charged fees
- You can send and receive payments through an email address.
- Merchants can create offers within a few minutes which can be displayed in the Google Wallet, Google Offers, Google Map and Google+ page.
- At the moment, the Google Wallet app is available in the United States only.
Amazon Payments can help facilitate payments for their millions of Amazon consumers. It aims to provide the same convenient checkout experience when shopping in Amazon.com. Even Kickstarter, a popular crowdfunding website uses Amazon Payments.
- You are working with one of the most-trusted ecommerce brand where millions of customers shop online
- Amazon’s more than 200 million customers can easily register and shop using their Amazon account.
- Their patented One-Click shopping allows a customer to checkout without having to re-enter payment and address information.
- Pricing is transparent with no hidden fees for set-up, fraud protection, cancellation and monthly usage.
- Pricing is a little steep for payments less than $10.
When choosing an online payment service provider, assess the needs of your ecommerce business and choose one that is parallel to your business goals and circumstances.
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