With online transactions and paperless billing being standard, today’s small business owners are almost required to accept digital payments. Luckily today’s digital transaction industry is filled with many options, most of which give small business owners affordable rates and minimal upfront costs.
Each digital payment option comes with various offerings, ranging from low credit card transaction rates to their very own credit card readers for mobile phones or tablets. Small Business Trends compiled a handy list entitled 20 Digital Transaction Options for Small Businesses that offers a full breakdown on the top digital payment options. Here are the top five, and a quick review of their best qualities.
PayPal is easily the biggest and most well-known program for digital payments. According to Small Business Trends, some of the best features of PayPal for small business owners are PayPal check out buttons for websites, invoicing services and low transaction fees that decrease by volume of sales.
Very close behind PayPal is Square, also being very well-known and trusted as a digital payment option. Upon signing up, small business owners will receive a free reader, which can be plugged into a mobile device, making it very easy to accept payments anywhere. Square also offers a free online store site to its customers so they can easily list and sell their products and services.
The biggest appeal of Stripe is that the payment form could be embedded directly onto your business’s website. With convenience, customers can complete their entire check out process immediately without being redirected to a third party site. Additionally, this payment option requires no extra work to be used on a multitude of devices.
While PayPal might appear to dominate the digital payment market, when it comes to anything related to online purchasing, the name Amazon is almost always top-of-mind for consumers. Amazon provides two ways for small business owners to accept digital payments. Businesses can offer customers Checkout by Amazon or a Pay with Amazon button, which can be placed on your business’s website.
Dwolla is not for accepting credit cards, but rather sending and receiving money via email. It offers very low transaction rates. This app is ideal for startup businesses or those with less cash flow. It can also be used in conjunction with other card reader apps.
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This article was written by Suzy Fielders for CBS Small Business Pulse