Guide to Using Digital Transaction Options for a Small Business

Advancements in technology have led to a rapid rise in digital transactions. With a large number of online payment portals, it can be difficult to choose the right one. You need to consider the amount you are being charged for each transaction, whether payment in different currencies is accepted or if customers will have trouble using any portal. In this article, we shall explore 20 digital transaction options that would benefit you as a small business owner.

20 Digital Transaction Options for Small Businesses

  • PayPal: PayPal is perhaps the most popular tool accepting digital payments. You can add a PayPal checkout option on your website, which will direct customers to the PayPal gateway for buying products. You could also make, send and accept payments on invoices using this service.
  • Stripe: Stripe is a software platform that enables you to accept payments from international clients. It has a variety of features and tools that is ideal for any kind of business. It can refund your chargeback fee if it does not get upheld.
  • Braintree: If you are a well-established business, consider using Braintree for your online transactions. Braintree lets you receive payments made through credit cards on your website. You can implement recurring transactions and other payments from your clients.
  • SecurePay: SecurePay offers many features like a free trial period, payment pages with multiple options, and detailed reports. It also enables protection from fraud and accepts all major cards.
  • Square: As a small business owner, you can take advantage of Square’s free online website, where you can post and sell your items. Items are embedded in your website, which draws customers in for completing their transactions. You can send and accept invoice payments and use a credit card reading tool to accept payments from customers in person.
  • Pin Payments: Pin Payments does not require a merchant account. It can be used across multiple devices and offers a reduced price for non-profit organisations.
  • eWay: eWay is among the most commonly used payment gateways in Australia. It does not charge you for set-up, and transactions are rated by risks. They offer a scalable payment option and consistent customer service.
  • AfterPay: The business model for AfterPay is organised in a manner that lets online and in-person customers buy a product/service instantly and pay for it in installments. Late fees are charged if a user does not make payments within the set requirement of two weeks.
  • WorldPay: WorldPay is in use in 146 countries, so it is ideal if you are accepting payments from international customers. You are not required to pay additional fees for billing or subscription. When processing transactions in bulk quantities, you can check with customer support for a reduced price or a monthly payment option.
  • PayStand: PayStand is a newer payment system that every small business can benefit from. There are no transaction fees for users, and payment can be made using every type of credit card. You can get monthly flat fees for using PayStand.
  • Venmo: Venmo is a social payment platform that allows users to see and comment on each other’s purchases. No setup charges or subscription costs are involved. Users need to link their debit cards or bank accounts to use Venmo.
  • Take-A-Payment: This payment system enables owners of small businesses to send invoices to customers and receive payments on their website. You can also set up recurring bills using Take-A-Payment.
  • QuickBooks Payments: QuickBooks is known for organising accounting processes thereby saving effort and time for small businesses. There are no hidden costs or upfront charges for using QuickBooks.
  • PaySimple: Using PaySimple, you can set up an online paying form on your website. You may send and accept payments on invoices that you send to your client’s email.
  • Merchant Warehouse: There are several ways in which Merchant Warehouse can be used to receive payments. An online processing system can be connected to your website and point-of-sale devices can receive various types of payment.
  • 2Checkout: 2Checkout requires business owners to apply for integration with their website following which customers perform transactions on the 2Checkout page. Once the transaction is complete, your customer will be redirected to your website.
  • Google Wallet: Through Google Wallet, customers using your mobile app can make payments by tapping their screens twice. You may also send and accept money by email.
  • Shopify: Shopify methodically tracks your transactions and customer details. You can set up an online store which can be hosted at your domain.
  • ProPay: ProPay offers attractive transaction rates to small businesses. You can accept payments through email bills, credit card readers and on your website.
  • Flint: Flint allows you to accept both checks and cash from customers. You can use their app to scan a client’s credit card number to process a transaction.

Threats can jeopardize smooth running of your small business. Consider getting business insurance to protect your company from unexpected financial risks.

Sources:

14 November 2019, Top 6 Payment Gateways for Online Businesses in Australia, WebAlive, viewed 13 April 2021, <https://www.webalive.com.au/payment-gateway-australia/>

Sophy, Joshua 15 February 2021, 20 Digital Transaction Options for Small Businesses, Small Business Trends, viewed 13 April 2021, <https://smallbiztrends.com/2014/06/digital-payment-options-small-business.html>

17 September 2020, How to choose the best payment method for small businesses, QuickBooks, viewed 13 April 2021,

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