- The small business owner can no longer pay themselves a salary.
- The business is unable to hire new employees, which adds pressure to existing staff.
- Some businesses are unable to invest in the necessary equipment.
- Many small businesses stop marketing activities, hurting their ability to attract new customers.
Amazon Payments is a small business-friendly option for getting paid online. The service easily integrates into your existing website, and allows customers to pay instantly for a variety of digital goods and services.
It's a streamlined solution from the customer's perspective as well because they can pay you directly simply by using the payment information stored in their Amazon.com accounts.
Apple Pay is an excellent choice for small businesses who use their Apple devices as a POS machine, and those who want to receive instant payment via their device. Transactions through Apple Pay are faster and more secure, since the app uses touch ID confirmation. It's also quicker and easier for customers who are already accustomed to using their iPhone or Apple Watch to make purchases.
Authorize.net is a payment gateway service provider that works with your existing merchant account to accept credit cards and electronic checks through your website.
The service allows you to provide your clients with a professional payment option that doesn't require exiting to a third-party site, lending credibility to your business.
This service streamlines your invoicing and gets you paid faster by integrating directly with QuickBooks. When you sign up for a merchant account, the service allows you to get paid online via credit card from any invoice you generate, whether it is mailed, emailed, faxed or printed.
Your customers can also access their own 24/7 online Customer Account Center, which is a personalized and password-protected Web page where they can view their billing history and pay their invoices.
PayPal is a very popular online payment option that allows small business owners to accept online payments without having a traditional merchant account.
Through PayPal business services, you can accept credit cards online or by phone. You can also generate and track invoices through your PayPal account so you get paid faster.
WePay is a payment processor that provides users with complete control over the experience. This payments system can be fully integrated into the look and feel of your business website, truly making it an extension of your brand. Customization options include checkout forms, confirmation emails, customer support emails, credit card statements and mobile transactions.
WePay also provides on-the-go payment capability with a mobile chip card reader, mobile SDKs and fulfillment service, letting users embed payments into a mobile app for a more complete user experience.
Google Pay is an online payment service that allows users to send safe, simple, and speedy money transfers from their browser, smartphone, or Gmail account. You can store credit cards, debit cards, loyalty cards, and even gift cards to your account.
When your customers pay your business in a store situation, Google Pay won't share their actual card number, so your customer data stays secure. Google Pay protects all payment info with multiple layers of security, using one of the world’s most advanced security infrastructures to help keep your customers' accounts safe.
Online Payment Services for Small Business Owners
All small business owners rely on getting paid by their customers on time and in full in order to keep up with the cost of operating the business. When payments come in late on a regular basis, the business can face a financial struggle, which is something no business owner wants to deal with.
Studies have shown that there is a destructive trickle down effect that takes places, especially in small businesses, when payments are consistently late. According to an article on Entrepreneur, the impact of late payments in a small business often includes:
The good news it that there are some actions you can take to help your clients pay you more efficiently. One of those actions is making it easy for clients to submit payment by using an online payment service. Here are seven online payment services that can take the stress out of the payment process in your small business.