The demand for online shopping is experiencing unprecedented growth, which has quickly boosted the number of the best payment processing solutions as providers seek to help merchants meet this need. According to Statista, over $5 trillion was generated globally via digital payments in 2020 – and this demand is continuing to increase.
More than ever, consumers want (and expect) fast, secure and easy payments from anywhere in the world. As an online business owner looking to fuel growth post-pandemic and meet customer’s expectations, it’s important to watch these trends and include an online payment option. You’ll not only be able to speed up the transaction process, but also offer a convenience that keeps customers coming back.
What Are Online Payment Solutions?
What is meant by online payment solutions? Online payment means paying for products or services online via a service or software that enables online payment. It allows business owners to receive payment requests from customers via a web page, authenticate payment details and then transfer the funds to a merchant account. Examples of popular payment solutions include PayPal, Stripe, Amazon Pay, etc.
What is a Payment Processing Company?
Payment processing companies act as a go-between for businesses and their customers. They handle the process of enabling and completing a smooth, secure online purchase for both parties. When the payment processor receives a request from a customer via the merchant’s website, it starts the authentication process. Once the payment details have been verified, the transaction is then authenticated and funds transferred.
Why Your Online Shop Needs It
Setting up an online payment solution can be a great move for your online shop – as long as you choose the right processor. It makes shopping with you convenient for buyers to make payments with just a few clicks. It simplifies a lengthy process and transforms it into one that takes seconds to complete. It also opens your business up to more markets on an international level, enabling greater growth and opportunities.
How to Choose the Right Payment Processor
Ultimately, the payment processor you choose will determine how successful your online processing experience will be. You’ll want to partner with a provider that has years of experience in helping business types like yours. They should also offer the latest features, services and tools, along with chargeback prevention. Above all, make sure you compare terms, fees and contracts before making a commitment.
If you’re seeking the best payment processing solutions for your online shop, here are tips to get you started.