Online Payments - Choosing The Best Option

The choice of payment method that you use to ask customers to pay online can make or break a sale. The right payment option can make it easy or difficult to process your orders.

Internet banking and credit cards are the most preferred options. Internet banking is easy: your customer places an order and pays via internet banking. You then send the order once the money arrives.

Accepting credit card payments is possible in many ways. You might be tempted to choose the easiest option that you understand. This guide will explain the most popular Peach Pay options and show you all costs so that you can make informed decisions and save time.

Internet Banking

Online banking is now available at all the major banks. This allows customers to pay directly to their bank account. You simply need to give your customers your bank account number, which is usually found on your website.

Payments are usually processed overnight so you'll see your funds the next day. Internet banking is slower than credit cards for payment processing.

It is often believed that your bank Free Online Payment Software account number cannot be displayed on your website. It is false. Deposit money is the only thing that people can do with your bank account number.

Advantages

• Setup is free or very inexpensive

• It's easy for your customers

• Reversing payments is not possible

Advantages

• The next day is the best day to confirm payments

• For payments, you will need to check your bank account (or use an automated accounting software).

There are many credit card options

You can often get a credit account for credit cards if you have a good credit record with your bank. This allows you to accept credit cards payments via mail order forms, EFTPOS machines, or an old Zip-Zap credit-card machine.

Payment Gateways

A real-time payment gateway, such as, accepts or declines credit card payments instantly to maximize efficiency. You can see that an order has been placed from your online shopping cart and it's been paid for.

This will incur additional setup and monthly fees. However, it can save you time and money if your order volume is high enough.

Manual Processing

Many banks won't tell customers that they can manually process credit card payments via their website (using mail order forms), as they prefer everything to be automated.

This can be a good option if your order volumes are low, particularly if your average order value is high. Commissions can be high for low volume orders and order values less than $50. The bank's commission rate is 6.2% lower for orders with higher average order value (over $250).