Online payment processing

In todays marketplace, there is a strong movement towards using online payment services to take care of transactions with their customers. The ease and convenience of these transactions lets your customers make purchases anywhere and anytime they like, in many cases without having to leave their homes. Even businesses like Home Depot take advantage of this option to make their customers shopping experience easier and straight-forward.

But there are many business owners who are hesitant to get on the online payment service bandwagon. Most of them are being held back by myths about this form of transaction that simply aren’t true. Today we’ll be going over a number of these myths and revealing the truth about them, showing you how online payment services can help you.

1 – Fees are too High

This is one of the most pernicious myths in the industry, that the cost of using an online payment service is simply too high to merit bringing it on unless you’re a big-box business. This simply is not true, the actual rates vary by which online payment service you use, and unlike the transaction boxes on the counter in your store, these only charge their percentage if you use them. No more paying the monthly fee to accept credit card transactions, plus a portion of every transaction. With just a smartphone and a free peripheral, small businesses could even eliminate that transaction device you keep in your store counter.

2 – Online Payments are not secure

The next most common myth is that online payment services are somehow not secure. There are strident standards to which any online payment service is held to maintain its security, and the information of its customers and clients. In addition, there is no onsite storage of the information pertaining to the transactions. Depending on the method you utilize in your store currently, you’re already at more of a security risk, as much of the transaction information of your customers and clients is present in the equipment you use.

3 – E-Payments take too long

There is often a misconception that e-payments take extended periods of time to complete. In truth the amount of time it takes varies not unlike the process from your in store transactions. Payments will process in two to four days from the moment the transaction starts, rapidly getting the money into your account and saving you a great deal of inconvenience.

4 – It’s too complicated

Another misconception is that the process of accepting online payments is simply too complicated. Online payment services are never more complicated than taking a few hours to get the initial service set up, and in the case of a sole proprietor like the owners of a lunch wagon, it can take just a few minutes. Online services are available from Apps on any of the major phone and tablet platforms, to services that can be integrated with your website.

5 – It’s not worth it

While what constitutes ‘worth it’ can be open to interpretation, what isn’t is the statistics showing that accepting online payments is a path to growth in any business that chooses to use it. Certain big-box home maintenance stores accept online payments for purchases the customer will pick up in the store. Utilizing their app the customer can order whatever he needs from wherever he is, and have it prepaid and packaged for pick up when they arrive at the store. Providing convenience to your customers is always worth it.

As you can see, the myths of the dangers of Online Payment Services have been greatly overstated, and the benefits of making this transition are evident to those who look at the proof available. So take the next step into the future of commerce, and integrate an Online Payment Service into your business model today!