Internet shopping has become a standard in today’s world, so it’s completely natural to look for the best way your business can benefit from this modern day practice. It has become more important than ever before for business owners to add some variety to the way people are paying for their products and services. With more choices, you can appeal to wider audiences and expand your business, but this process of diversification has to be planned.
If you’ve ever looked for the ways of online payment, you’ve probably discovered some of the more popular payment tools for online transactions. This article aims to help you discover some other, less common, but yet very useful digital payment tools and platforms. We will skip the most famous payment platform – PayPal, as there is almost nothing else to say about it. We would like to focus on some alternatives to this popular tool, so you can find the best online payment solution for your business. So, without further ado, let’s dive straight into it and see which of these digital payment methods can help your company grow.
Originally, Stripe was built with developers in mind, so they can use it to create new ways of digital payment. Even in its basic form, it represents a powerful tool. Using it as a standardized payment platform provides you with quite a lot of great features like adding the coupons, recurring billing, mobile payments and it works with more than 100 different currencies. It can also work with cryptocurrencies like Bitcoin as well as with the standard digital payment services like Android Pay, Apple Pay, and American Express. Another great thing about this platform is that it allows you to adapt it and tailor it to your own specific needs, as it is integrated with quite a lot of other applications. Stripe has no monthly fees or hidden expenses of any kind. It’s installed easily and it can save you quite some time and effort in the long run.
Moneris represents the largest payment processing platform for businesses of all sizes in Canada. According to their website, they complete somewhere near three billion transactions per year. Moneris invests in a heavy security and user safety, as well as provide multichannel options for their users. They have an amazing track record and they are one of the most recommended payment platforms for small and medium businesses in Canada. This platform is somewhat ideal for small and medium businesses which aim to expand in a fast manner. Moneris has a number of partnerships with serious companies like RBC, BMO, and Sage Accounting, so they can cover other services as well, helping you with your business growth. This platform costs $19.95 per month with an additional credit card fee of 2.75%.
This platform is representing a new generation of payment platforms and systems meant for small to medium businesses. PayStand is unique as it offers flat monthly rates and no additional transaction fees. They accept almost every form of payment there is e-checkout, e-cash, credit and debit cards, more than 100 different currencies, Bitcoins, and other means of payment as well. Transactions get completed through a pop-up window without redirecting you to a third-party website, and you can easily use product codes on your website or in emails to make the transaction even smoother. PayStand mostly focuses on the B2B market with the feature of Payment-As-A-Service which allows companies to move all of their manual financial processes to the cloud. More and more small businesses are switching to PayStand as it represents one of the more reliable and faster payment platforms.
When you’re running a small business there are a lot of challenges to tackle and a lot of things you need to focus on. If you’re looking for something that can help you with your small business management as well as help you with payment processing, WooCommerce is what you need. It’s not just the payment platform, but it also manages SEO for small businesses, as well as it offers a multitude of plugins for your WordPress website. WooCommerce allows you to integrate different shipping rates for different carriers, it accepts quite a lot of different currencies and online transaction methods and it can help you with different aspects of your business, like time tracking, scheduling, invoice organizing, and many more. It is a platform, but it’s much more than just a payment platform. WooCommerce is currently powering somewhere around 28% of all online stores and it has been downloaded over 41 million times, which makes it very reliable. It represents one of the best and the most customizable platforms for developers and eCommerce stores in the online world.
This amazing online payment platform has fully integrated payment solutions and it’s completely customizable. WePay offers fraud detection and protection, multi-party and multichannel payments, recurring payments, direct bank transfer, and it works with all major credit cards as well as with ACH payments and e-checkouts. This platform is known for their security and client safety, as well as for their amazing customer services. Another great feature this platform provides is the fact that all transactions can be done through a virtual terminal, so people don’t have to end up on third-party websites. With Know Your Customer collection and risk management that WePay offers, you can even use this platform for event ticketing, invoicing and scheduling, as well as for marketing automation.
Wrapping It Up
There are most likely a lot of other payment platforms that can compete with the giants like PayPal or Payoneer, but the main question is – how well would their payment solutions fit your business. There are quite a lot of different payment platforms around the internet and this short list aims to help you understand that it isn’t that hard to find the one that suits your business needs in the best possible fashion. Focus on what your company needs and how you can address the needs of your clients and customers. This will help you understand what type of payment tools will help you the most.