10 Online Payment Options for a Business
10 Online Payment Options for a Business
As a business person, receiving payments is the most if not one of the most important aspects of your business. If you have not been accepting online payments for your goods and services you are losing out. In this article, we will discuss some of the most common 10 online payment options for a business you can utilize in your business.
10 online payment options for a business you can apply
Mobile money transfers
Mobile money transfer e.g. Equitel, M-Pesa, Airtel money etc. These are locally common payment options you must already be knowing and most probably using so I will not spend much time explaining about them.
M-PESA 1Tap is the faster way to pay with MPESA. Using a card, phone sticker or wristband device that is connected to your M-PESA account, you can easily and securely make Lipa Na M-PESA Buy Goods and Services payments. With M-PESA 1Tap, you simply tap, enter PIN to pay and go.
This is the most common for accepting digital payments online from your customers. It helps you place PayPal Checkout buttons on your website and enable them buy an item from your site. Customers are then redirected to a PayPal checkout page where they can use different forms of payment methods to purchase. You can also create, send and receive payments for invoices.
PayPal charges 2.9% plus USD 30 cents per transaction. As sales volume go higher, the rates decline or if you use the PayPal Here credit card reader.
Nakumatt Global Prepaid MasterCard
Another option customers can pay for your goods and services online is via the Nakumatt Global MasterCard. This is a prepaid debit card combined into a loyalty card, with access to over 33 million retailers and businesses across 210 countries where MasterCard is accepted.
It’s a joint initiative between Nakumatt, Kenya Commercial Bank and Diamond Trust Bank. The Card features PayPass technology, which is ideal for environments where speed, security and convenience matter most.
KCB Pepea Prepaid Mastercard
The KCB Pepea Prepaid Mastercard service is available to both KCB and non KCB customers. It can be used when fueling, traveling, eating, or even at the Point of Sale (POS). It can also be used for online transactions and it’s globally accepted.
Electronic funds transfer(EFT)
Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another either within a single bank or multiple without any paper money changing hands or involvement of bank staff. Your big clients can use this form of payment to pay for your goods or services at the comfort of their office or home. The advantage of this method is that it’s instantaneous and payments can be verified immediately.
Credit card payment is the next most popular method of payment next to cash and there are many services that facilitate this mode of payment online. Visa and Mastercard are the most popular followed by American Express and Discover.
To set up credit card payment method on your website you need to get an Internet merchant account. However, with Paypal, you do not require a merchant account.
Shopify allows you to set up an online store on your own website and has an easy-to-use back end platform that tracks your sales, payments, and customer information. This service offers everything from eCommerce to point-of-sale systems.
Google Wallet helps you sell items and receive payments on your mobile app. This service also lets you send and receive money through your email.
Square is main rival of PayPal at the moment that offers you a free online store site where you can list and sell your products and services. You can also embed your products and services onto your own website that helps customers complete their transactions on your website. Square also gives you the ability to send and receive payments on invoices.
The common 10 online payment options for a business are not the only ones available. However, they are some of the most common ones you can easily incorporate. It’s also important to note that not all of them might be convenient for your business so you need to evaluate each and see which one is best for you.