In today’s digital world, people are getting more creative and seeking how to start making money online. There are tons of ways to earn money online, you can set up an ecommerce store, you can start selling courses or offer professional services like graphic design, coaching, content creation, consultancy, you name it.
The more creative you are the better as you can establish multiple channels which generate an income and start building your little empire, which in a few months or years might not be so little. There are billions of internet users across the globe and with a strong marketing strategy you have access to reach them and start receiving money online. This offers flexibility with regard to time management, and you can basically work remotely which gives you freedom to move around and be your own boss.
One of the most important things you would need to consider no matter how you decide to make money online, is to have a safe, reliable and user-friendly payment solution. Gladly, it isn’t difficult to find online secure payment methods. Let’s have a look at the top 5 most popular online payment solutions you can use depending on the kind of business you own.
1. PayPal
PayPal is one of the most popular and efficient payment solutions across the globe with around 305 million active users, and it continues to grow rapidly. It is available in 202 countries and allows you to withdraw funds in 56 different currencies. Amazingly so, you can set up an account with PayPal for free, so you don’t need to worry about monthly membership fees, maintaining a balance or annual maintenance. You can also connect multiple debit and credit cards to your account, and you can purchase items online even if your PayPal balance is zero as you would just need to connect it to your current bank account. PayPal is safe and enables you to purchase or sell items online without the need to give away your financial information. Paypal is now used for everything you can imagine online, from purchasing goods and do your online shopping to buy video games or even play online real money games at some of the most famous online casino you can find in the US. Also, the transaction time is one of the fastest among the online payment methods as most often it’s instant.
2. Stripe
Stripe is quite similar to PayPal as it’s user-friendly, does not require any monthly subscription and offers a safe shopping experience. However, it offers a more customized payment platform for its users. Stripe has special tools and features which allows you to create a highly personalized payment platform for your business. It has an advanced fraud-management tool to prevent fraudulent activity called Stripe Radar and its business intelligence is based on SQL. You can also have virtual and physical cards for employee expenses so if you have a big company, Stripe would be the ideal choice for you.
3. Amazon Pay
Amazon Pay is an online payment service which is owned by Amazon. This payment method allows shoppers to use their amazon.com account to pay for your goods and services. They just need to log into their account and purchase items or services by using their credit or debit cards linked to their digital wallet. It’s very simple to set this up on your site and it is optimized for both mobile and voice search. With just one account, customers can access thousands of sites without the need to create new accounts or leaving a merchant’s site. You also have the option to charge your customers monthly membership fees and you can seamlessly offer refunds.
4. Payment Cloud
Payment Cloud is more than just a payment platform as it provides shopping cart solutions and a way to receive mail and phone orders, all on one platform. It delivers with top-notch security features as well as fraud and chargeback protection. With Payment Cloud you can accept debit cards, credit cards, as well as e-checks. It offers its users the option to set up invoices and subscriptions, and all financial information goes through five layers of security. If you have an online store selling goods, you can also set up a shopping cart through Payment Cloud or you can integrate it with the one you are already using. You don’t need to pay any fees to set up or cancel your account and the processing fees are around $25 a month. If you want a secure payment processing platform and a shopping cart together, Payment Cloud is definitely the best option for you.
5. Payoneer
Payoneer is a great competitor to PayPal but their services are intended for business use only. This platform has accomplished improvements in software to grow into untapped markets and finding better ways to work with suppliers. Wire transfers and currency conversions can be costly, and Payoneer eliminates the inconvenience with an easy and simple way as users can set up localized receiving accounts to receive payments in local currencies. In just three simple steps, you can set up accounts, email customers regarding their payment preferences and get those payments sent to your Payoneer account. Once you set up an account, you can pay directly from your Payoneer account balance and payments are sent instantly. It’s important to note that this platform charges some low-cost fees for some transfers and it comes with an annual fee of $29.98 per year. Taking into consideration the high level of service and security this company provides, it’s more than worth it to pay for their services.
Online payments are being a must for businesses
It’s useless to have an ecommerce site if you can’t get paid for your goods or services. With all the payment options available on the market, it might not be an easy task to choose which payment solution you should go for. It’s also important to keep in mind that not all the customers have the same preferences, so you need to give them as many options as possible.
Digital wallets are getting quite popular as it’s easier for customers to use alternative payment methods rather than having to manually input their payment information. The easier it is in your checkout process, you will generate more sales and reduce shopping cart abandonment rates, which is why it’s a good idea to consider these payment methods to your e-commerce site.
