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if your E-commerce Instead of providing multiple online payment methods for your customers, companies leave money on the table.

Although some transaction fees and currency fees cannot be avoided, there are ways to reduce payment processing costs and receive payments online for free.

In this article, we will discuss the software options available for accepting free online payments today and details on how to actually accept these payments.

But first, let’s review some other reasons why you want to use payment processing software.

Why use payment processing software?

The following are some of the advantages that payment processing software will bring to your business.

1. Convenience

Convenience is one of the main factors affecting the conversion rate. The more steps a customer pays, the more likely they are to abandon the purchase and go elsewhere.

2. Speed

Payment processors can instantly transfer most payments between shoppers and sellers. On the other hand, transfers to and from bank accounts can sometimes take 24 hours or more.

3. Trust

Many payment processors are globally recognized brands. If customers are already using payment software, they are more likely to trust your payment system.

4. Security

Payment processing companies add an extra layer of protection to online transactions. You can set limits, account activity flags, and sometimes even the time frame for the recall of payments.

5. Record keeping

Using a payment processor, you can access your account online, and manage your contacts, recurring payments, and other account activities from your desktop or mobile device.

Top online payment processing provider

Once you have developed a strategy for accepting online payments, you need to decide which payment processing provider to use. Here are the seven most popular options:

1. Paypal

Free online payment acceptance: Paypal

Price: 3.49% plus $0.49 per transaction (as of August 2021).

PayPal is one of the most trusted and widely recognized payment processing companies. Joining is free, and they provide all the tools needed to integrate PayPal payments into your website and set up a secure payment gateway for visitors. In addition, comprehensive coverage makes the platform an ideal choice for international companies.

2. stripe

Free online payment acceptance: stripe

Price: 2.9% plus $0.30 per transaction.

Stripe provides a wide range of options for online businesses, such as customizable checkout and subscription management and recurring payment functions. Stripe supports all major credit cards, mobile payment applications, wallets, etc.

3. square

Free online payment acceptance: square

Price: 2.9% plus $0.30 per transaction.

Square entered the field of payment processing by introducing a dongle, which sellers can plug into their mobile phones to accept credit card transactions.

Since then, they have expanded their software to cover all major payment processing options and provided some useful tools for online businesses and high street shops.

You can even create a basic website for free and integrate all Point of Sale (POS) solutions at the same time. They also offer paid options for custom websites.

4. Google Pay

How to accept payment online for free: google pay

Price: Google Pay does not charge any fees-merchants only need to pay transaction fees through credit/debit card sales as usual.

Google Pay provides payment tools suitable for businesses, websites, and applications. Google Pay’s API is dedicated to creating a pleasant checkout and payment experience for your customers.

If you use Google Pay on your website, you will be able to access safely and easily hundreds of millions A card saved in a global Google account so that customers can securely pay for your products at the push of a button.

5. Apple Pay

How to accept payment online for free: apple pay

Price: Apple Pay does not charge any fees-merchants only need to pay transaction fees through credit/debit card sales as usual.

Apple Pay can be used on websites, stores, applications, and through business chat or i​​Message. It allows Apple users to quickly and securely enter contact, payment, and shipping information during checkout.

Instead of asking your e-commerce customers to look around for credit cards, Apple Pay allows them to check out simply by clicking a button in the app and website. On the website, Apple users only need to click “Apple Pay” as their payment option, confirm the payment with one click (via their iPhone, Apple Watch, etc.), and they can start using it.

6. Commercial Venmo

How to accept payments online for free: venmo for business

Price: 1.9% plus a payment of $0.10.

Venmo For Business is a mobile payment software and application owned by PayPal.You can choose to allow users to pay through the following methods Your mobile app Either Your webpage.

You can set up your business profile on Venmo so that users can quickly find your profile on the app. If you add Venmo to your website, it will appear as a payment option, and next to it will provide customers with the option to pay with PayPal.

Once customers select the Venmo option at checkout, they will be directed to their Venmo app to complete the transaction. Venmo payment options can be added to any page of your e-commerce website. These pages will also display the option to pay with PayPal, including your product page, shopping cart page, and checkout page.

7. Helsim

How to accept payments online for free: Helcim

Price: 2.38% plus $0.25.

Helcim is an online payment solution for e-commerce companies-you can choose to open an online store from scratch or add a payment solution to your current website.

With Helcim’s API, an easy-to-use and secure online payment system can be integrated into your website, shopping cart, billing system and/or application. In addition to in-app and through the website, Helcim can also work over the phone, face-to-face, and through invoices, and it integrates with your accounting tools to save you time in bookkeeping.

Next, let us introduce the steps involved in receiving payments online for free.

1. Create a secure online payment gateway.

You can create a secure online payment gateway in many ways. You can hire external developers or use your website development team to create a custom gateway. Or, you can use third-party software.

Setting up a security gateway is very important. You will also deploy automated processes in place, which will save manual processing time, especially as you expand your business and process more transactions.

The more payment methods you provide in the payment portal, the wider the audience, and the easier it is for your customers to send you money.

2. Promote credit and debit card payments.

Although this situation may change as mobile payments become more common, the use of debit/credit cards is still the most popular way for people to pay for products and services online.

You can easily accept card payments through established payment providers such as PayPal or Stripe. These will accept the most commonly used credit cards in the world-Visa, MasterCard and American Express.

3. Set up periodic billing.

If you offer a subscription plan or continuous monthly service, the most effective and reliable way to issue invoices and receive payments is to bill regularly.

Most major payment processing software also includes recurring billing functions.For example, Growth Marketing Pro created a Search engine optimization tools Subscribers are charged monthly and they use stripe Set this up.

Sites like this Simple payment If you already have a payment processing system, a set of tools is also provided to set up custom, automatic recurring billing.

The use of automation is essential. It eliminates most human errors and the pressure of tracking invoices and payments.

Your customers can promise recurring payments with just a few clicks, and you don’t need to worry about manually managing your customer base.

4. Accept mobile payment.

Nowadays, people are generally more likely to have a mobile phone at hand than a debit card—and, moreover, mobile payment applications are more convenient than ever.

For example, Apple Pay has quickly become one of the most popular mobile payment systems in the United States.As estimated 43.9 million users, If you don’t accept Apple Pay, you will miss it.

Google Pay, Venmo and PayPal also have mobile applications with good market share.

5. Accept cryptocurrency payments.

If you can handle Cryptocurrency, This is a way for you to extend your reach to a wider online audience.

Sites like this Bit payment Provides all the tools needed to accept encrypted payments online, send invoices, request payments, and collect payments through the pass-through application.

Because they are decentralized exchanges, cryptocurrencies provide companies with some unique benefits. You can accept payments from anywhere in the world without incurring currency exchange fees or bank charges. The risk of fraud is also reduced.

6. Use email invoices.

e-mail Invoicing It is a way of proactively requesting payment. You can share the payment form via email or add a link that redirects the recipient to the payment portal.

However, this method has some problems: email is not the most reliable form of communication, and customers may encounter trust issues when paying via email.

The failure rate is expected, but it is an important part of many corporate payment processing.

7. Accept electronic checks (eChecks).

To accept e-check payments, you need a form where users can enter their information, and you can view this information using payment processing software.

This is basically a way of paying by online check. This is a faster and more reliable way than sending paper checks by mail, so providing it to your customers will make the process smoother.

Start accepting payments online for free

No matter which payment processing software you choose, the most important part is to make it easy for customers to pay. The more ways they can pay, the more likely your customers are to follow-up purchases.

Editor’s note: This article was originally published in April 2020 and has been updated to be comprehensive.

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