Online Payment Services for Small Business Owners

All small business owners rely on getting paid by their customers in order to keep up with the costs of operating a business. When payments arrive late on a regular basis, a business can face financial difficulty. 

There are various negative effects that can impact small businesses as a result of late payments from customers, which according to an article on Entrepreneur, can include: 

  • 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 cut their marketing budget, hurting their ability to attract new customers.

The good news is that there are steps that you can take to help your clients pay you more efficiently. One of those steps is making it easy for clients to pay you by enrolling in an online payment service.

In this article, we've outlined seven online payment services that can take the stress out of the payment process in your small business.

Amazon Payments

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 by using the payment information stored in their Amazon.com accounts.

Apple Pay

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.

Once you receive the money, you can have the money transferred to your bank account. Or you can use the money you received to make purchases for your business through an Apple device. 

Authorize.net

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. The service offers mobile payments, phone payments, and E-Commerce solutions.

For retail locations, Authorize.net offers virtual POS or Point Of Sale that allows you to connect a card reader to your computer for transactions in your store. 

Intuit QuickBooks Payments

Intuit 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

PayPal is a very popular online payment option and touts that they've helped over 17 million businesses with payments and credit solutions. PayPal 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.

For retail businesses, you can accept card payments from your customers in person, and it will be processed through PayPal. You have to download their app and purchase of a card reader. 

WePay

WePay is a payment processor that provides users with complete control over the experience. WePay's 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

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 your store, Google Pay won't share their actual card number, so your customer data stays secure. Google Pay protects all the payment info with multiple layers of security, using one of the world’s most advanced security infrastructures to help keep your customers' accounts safe.

When selecting a service to process online payments, be sure to explore the transaction fees as they will vary from one service to the next.