In this article, we will review the best known and legal ways that will help you accept payments internationally. We will also discuss some of the most popular online payment methods that might just be the perfect solution for your business.
In 2020, shoppers spent more time and money on online shopping than ever before, most of which were on mobile platforms. Granted that it was due to the COVID-19 Pandemic lockdown that people were restricted to their homes, but nonetheless, online shopping is here to stay.
According to the stats from 2010 to 2017, the number of shoppers (U.S.) doing mobile shopping grew from 7% to 19%. Experts have predicted that by the end of 2021, the number will be around 50% which means that every 5 in 10 Americans will use a smartphone for 80% of their shopping needs, whether it’s groceries, appliances, or home improvement.
Selecting the right payment gateway or merchant account for your business may seem like a challenge, but it really doesn’t have to be one. If you have a simple eCommerce website running on the world’s most popular platform, WordPress, then you should have plenty of options, from free to paid and simple to complex.
Here are a few factors that you must keep in mind when selecting a payment gateway for your business:
- It should be safe and secure – your customers should be your number one priority, and what better way to keep your business in competition with the top-tier brands than making sure your payment gateway provider is authorized for ensuing information security standards including PCI-DSS.
- Charges and service agreement – Payment gateways don’t always make money when they sell you the product but instead make revenue from your sales. A few payment gateways require setup fees and contracts. Make sure their transaction or processing fee sits well with your business model.
- Smooth checkout process – Studies have shown that 25% of customers abandon carts they are asked to create an account before their purchase. Ensure that your checkout process is easy-to-handle – allow guest checkouts and keep your checkout form simple and easy to fill out.
- Mobile responsive – It goes without saying that making sure your payment gateway is responsive on mobile devices should be your business’s highest priority. Since most customers prefer mobile shopping, be sure to support electronic invoicing, smart chargeback management, and global payments.
- Easy integration process – The last factor here might be the most important. You can’t always rely on your developers in times of need, so make sure that your payment gateway plugin has an easy-to-understand user manual so you can quickly resolve any technical problems, especially in odd hours of business.
Now that we know what to keep in check when selecting the right payment gateway for your business let’s look at the available options you can consider for your website.
- WPEasyPayis a square-based WordPress payment plugin that is perfect for accepting global payments. It’s a reliable and easy-to-use payment plugin for e-commerce and business ventures with grand capabilities that include managing transactions and financial records in a justifiable manner. In addition, it also empowers you to create payment forms, reports, and multiple payment options for your customers.
- One of the best Square payment gateways is WooSquarethat allows you to accept square payments AND synchronize your online WooCommerce store with the Square platform. You can auto-sync your customers, inventory, orders, and products, all on one dashboard.
- If you’re a fan of Stripe, then Stripe Payments should be your go-to option. This short-code-friendly plugin allows you to accept credit card payments using the Stripe payment gateway.
Here are some of the best alternatives to integrating payment gateway plugins on your website.
50% of global e-commerce sales by 2022 will be handled through the most convenient way, eWallets. Some reports have suggested that global e-wallets exceeded card payments last year; for example, in some markets in the Asia region, the eWallets payment method accounted for nearly 50% of transactions in 2020.
Some of the most popular eWallet services include Cash App, Android Pay, Samsung Pay, Venmo, Google Pay, and Apple Pay.
This method works like a prepaid credit account, storing the customer’s banking information. By using e-wallets, users are exempted from visiting their bank branch to complete the purchase. The payment is forwarded to the e-wallet page, where they only need to sign in with a valid username and password to complete the shopping.
Although not everyone has a credit card, you can be sure that today’s customers have multiple bank accounts with a sufficient amount of money. However, even if online shopping is at the highest level in history, shoppers still have security issues when handing over their card data.
The main advantage of a wire or bank transfer is that customers do not have to disclose any financial data before purchasing. In addition, due to open banking initiatives such as PSD2 (Payment Service Directive 2), bank transfers for e-commerce payments are recognized globally; legislation that allows non-bank entities (i.e., retailers) to initiate payments without the involvement of conventional banking.
All of these options for accepting online payments from global customers continue to grow and evolve. The key factor is identifying the correct gateway, plugin, and method of receiving payment for your business; once you understand the pros and cons of each method, you’ll get the more accurate and precise transaction without spending extra money and taxes.
It’s time to find your customer’s preference too. In short, your goal should be to make it as easy as possible for your consumers to pay their bills, so they enjoy their shopping with faster payment and more safety than ever.