10 Types of Online Payment Methods for E-commerce Business
There are many types of online payment methods. Today’s discussion is for the best online payment method types or types of payment system in e-commerce sites and what are the best online payment methods for small business. In order to operate a fully functional eCommerce website and generate more sales, you need to integrate the most suitable payment method types to accept payments from your valuable customers. Your entire online business revolves around getting paid.
Different types of online payment methods are here and there. But, you have to choose an easy and popular one for your customer so that you can get sales quickly. Some of the online payment methods for small business are very good. People love to buy online products if payment methods are easy and secure. So, you should consider adding multiple payment method types to your eCommerce sites.
Top 10 Types of Online Payment Methods in Ecommerce
1. PayPal -Most Popular Types of Payment System in e-Commerce
PayPal may be a name that I’m sure most of you’re already conversant in. The company features a reputation that speaks for itself when it involves simple use, reliability, and security. This is why you ought to consider adding PayPal to your website.
PayPal is that the most ordinarily used digital wallet within the world. Here’s something else for you to consider. Websites that have PayPal checkout options convert at an 82% higher rate than sites without PayPal.
With PayPal for ecommerce you can accept:
- Credit cards
- Debit cards
- PayPal Credit
Any eCommerce sale within the US will cost you 2.9% + $0.30 per transaction. International sales are a touch costlier, with 4.4% per transaction, plus a hard and fast amount counting on the country the acquisition came from.
2. Square -Secured Online Payment Methods for Small Business
This is an extraordinary preference for these of you who have bodily retail areas and determine to begin promoting online, in particular, if you have already acquired a Square POS system. It’s additionally a fantastic alternative if you’re getting to open retail areas brought to your eCommerce shop.
There is no month-to-month price for including the Square price sorts gateway to your website. They cost you 2.9% + $0.30 per transaction, simply like Stripe and PayPal. Integrating Square to your eCommerce platform is easy. Some of their eCommerce partners include:
- GoCentral Online Store
- Drupal Commerce
- Zen Cart
- Unbound Commerce
- WP EasyCart
So if you’re currently using one of these platforms for your eCommerce shop, adding Square is going to be a breeze.
3. Stripe -A Secured Types of Payment System in e-Commerce
Stripe is one of the highest payment methods on the market today because it’s so versatile. It’s an excellent choice for eCommerce shops, subscription services, or on-demand marketplaces. So for those of you who operate a business with multiple processes and services, this is often definitely something that you simply should take into consideration.
Another top feature of Stripe is the ability for you to line up recurring payments from your customers. Brands using Stripe have increased revenue by 6.8% before that. Another reason why I really like Stripe is that you’ll have the choice to customize your checkout process with the Stripe UI toolkit.
Stripe accepts all major payment method types credit cards and debit cards from all countries, including:
- American Express
- JCB (Japan)
- UnionPay (China)
You can additionally combine some choice charge choices into your Stripe charge technique sorts gateway. Stripe’s preferred pricing is simple. As a merchant, it will value you 2.9% + $0.30 for each card charge. There will be an additional 1% cost for worldwide cards.
Additionally, Stripe affords custom-made pricing alternatives for these of you who have a singular commercial enterprise mannequin or have giant extent payments. You can use Stripe as an online payment methods for small business.
4. Google Pay -A Popular Types of Online Payment Methods
Google now offers its own types of online payment methods named is Google Pay. Google says billions of their users already have card information saved to their Google accounts. Google Pay is now popular for online shopping and purchasing from the play store.
As with the contrary options, they promise an intuitive procedure on a computing device and cell and top-notch safety via encryption. Google Pay additionally lets shops observed out loyalty programs, digital present cards, and offers for consumers so all of us can bypass the paper and plastic cards. Google Pay additionally works with PayPal and Visa Checkout for introduced reach.
The notable matters that, they don’t cost you anything for the use of the service. It’s free for each of you and your customers.
5. Amazon Pay -A Popular Types of Online Payment Methods
Paypal ought to additionally be popular, however, Amazon is undisputedly one of the essential payment method types at famous websites throughout the complete web. Adding Amazon Pay to your savings can make it less difficult for Amazon clients to purchase from your internet site barring having to key in their charge statistics in your checkout.
Setting up an Amazon Pay button on your internet site with their Express Integration choice can take a count of minutes. Or you can use their API. It will approve you to personalize the trip to higher healthy with your website. The fee of the usage of Amazon Pay is 30 cents plus 2.9% for every purchase.
6. American Express -A Popular Types of Payment System in e-Commerce
The American Express is a popular types of payment system in e-commerce site and some of the top visitors can attract by it.
Prices for American Express’s gateway start at $20 in a month for up to 100 transactions and can go up for extra transactions. And they have a setup fee on top of that number which starts at $99 which is not free like Google Pay.
07. Apple Pay -A Popular Types of Online Payment Methods
Apple controls over 54% of the smartphone dealer market share inside the US. Apple Pay is that the digital pocket for iOS users. All of that statistics is safely saved in Apple Pay.
For customers who are buying on your mobile website or smartphone app, they will finalize the charge simply by means of using a fingerprint or face recognition. It doesn’t get a good deal less difficult than that. In addition to your eCommerce site, cell site, and cell app, Apple Pay additionally can be usual in-person at brick and mortar stores.
The Interesting thing is that Apple doesn’t charge any additional fees to merchants for accepting Apple Pay.
8. Visa Checkout -Secured Types of Online Payment Methods
Like the charging gateway from American Express, Visa Checkout makes it greater trouble-free for all Visa cardholders to check out on your net website online barring having to fill in all their rate information. There are over two million human beings who use Visa Checkout. So you have to be making these sorts of fee methods on lineless tough for a widespread thing of your audience.
That relief simply makes a difference, thinking about that Visa’s records suggest that presenting Visa Checkout can make greater conversions with the useful resource of 43%. This price method varieties consist of optimum safety factors and handy setup options.
9. Masterpass -Secured Types of Online Payment Methods
Mastercard’s Masterpass charge approach kinds have comparable preferences to those supplied with the aid of American Express and Visa. This facility makes Masterpass convenient for any Mastercard holders to rapidly and without difficulty test out from your website. And it gives the variety of superior safety in the price technique you’d assume from a credit score card company including consumer verification, tokenization, company authentication, and fraud monitoring.
Mastercard doesn’t charge any fees to either you or the customer. It is a nice payment method types for online transanctions.
10. 2Checkout -Secured Types of Payment System in e-Commerce
2Checkout is a global payment processing solution and payment method types that accept payments from across the world in a number of different currencies. They provide a nice customizable checkout so that you can design and add to your website, extensive fraud protection, and a responsive design that ensures customers can easily check out.
They offer an API that makes adding the payment processing solution to your website fairly simple. This payment method types also provide the flexibility to customize it as needed. The 2Checkout company charges 2.9% plus 30 cents per transaction, with extra fees for foreign customers. You can use 2Checkout as an online payment methods for small business.
FAQ on Payment Method Types
Which Types of Online Payment Methods are the Best?
My recommendation is Paypal & Stripe because Stripe accepts all types of Mastercard payments such as Visa, Mastercard, American Express, and others. And Paypal is the worldwide payment solution for shopping and secure transactions.
What is the Best Online Payment Methods for Small Business?
There are many online payment methods for small business that I discussed in this article. But Square and Stripe are the best payment method types for small businesses because of their small transaction fees compared to others. You can use Paypal also.
I Hope, the article will help you to choose the best types of payment system in e-commerce sites. If you use different types of online payment methods on your website which gives you more sales, you can share with us. Thanks!
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