How to choose payment methods for an online store

Payment methods is one of the aspects that must be taken into account in the management and administration of an online store, whatever its nature and origin. Because among other reasons it is the way to channel the payments of the sales of the products, services or articles of these digital companies. Owing expand in the formats as much as possible to adjust to the needs of customers or users.

In this sense, payment methods are an indispensable tool used to carry out the management of commercial transactions. And that therefore must be chosen the most suitable so that customers are in a position to make these purchases online. Among a wide range of systems that we are going to analyze below so that you have in mind which ones you should use from now on.

From this strategic point of view, it must be emphasized that virtual payment alternatives continue to evolve and competition for dominance of the system faces banks, applications, telephone operators, mobile manufacturers, etc. Not in vain, you can have from the payment methods more conventional or traditional to the most innovative and emerging in recent years.

Payment methods: which one to choose?

What payment methods are ideal for my online store or commerce? The answer it is not homogeneous and in a way it depends on many that we are going to try to explain next. Of course, there are many factors and of diverse nature, and among the most relevant are the following:

• The trademark, in the sense of whether it is more or less known among users or customers.
• Know where the headquarters of the online store is located since it will influence in one way or another the payment methods that you must implement in your electronic commerce.
• The cost of the product or service that your company offers from now on and on which the payment system you implement now will also depend.

With these three factors it will be more than enough for you to choose the payment methods for an online store. In the sense that to make the purchase and reach the end of the store process, if they do not find a payment method with which they feel comfortable. And from this point of view we are going to offer you some of the most relevant.

Virtual banking POS

This is a system that is being outsourced by many of the online companies due to the great advantages it brings to them in their accounting. Where, as a main requirement, it is only necessary to pay through a secure connection between the bank and the online store. The store does not manage or administer bank card data, the protection of information is the responsibility of the bank. Although it is true that it is a payment model very similar to what the so-called physical POS terminals are in reality, it is no less true that in this case they have been imported by Internet stores.

Another of his most relevant contributions lies in the fact that the conditions differ between banking entities with costs between commissions, registrations, fees, bonuses, billing limits, etc. Of course, this is one of the factors that will have to be anticipated to show whether or not its application to your professional activity is appropriate. Depending on the characteristics of your business and the channels you want to impose on it. It is not the same for an activity linked to sportswear than with the commercialization of new technology products. Not surprisingly, they require substantially different treatments when it comes to payment methods.

In this sense, it must be emphasized that a virtual POS (Point of Sale Terminal) is a service offered by banks to be able to make / receive payments over the Internet. It is the bank's platform that is in charge of validating the information provided and managing the collection process, through its servers.

Stripe

This is a simple payment platform that is integrated into the same page of the online store, unlike PayPal. This feature leads to fewer clicks to close the sale, this is positive. Another advantage is that it has lower commissions than PayPal, especially valued at the beginning of an online project. On the other hand, it can create mistrust in some user who does not know both Stripe and the store itself.

With a series of characteristics that we are going to offer you below to show the success of your importation in the commerce or online store of your property. And that basically consists of the following actions that we are going to show you below:

The expense will be much less than that of other equally innovative means of payment and they belong to the latest generation in the applied systems.

It is very efficient for online stores that have a high volume of business and a very high customer or user portfolio.

Security is another of its most relevant elements since you will be protected against the operations carried out with this payment system.

It is a subscription model that is characterized by being relatively recently created and from which you can therefore benefit from now on.

Escrow payment

It consists in that the buyer does not pay the seller directly, but leaves the money in an account of a third party on deposit. The money is not transferred from that account to the seller's until the buyer receives the product and checks that everything is correct. It is the safest form of payment that exists today, since any possibility of fraud is avoided.

While on the other hand, you can also carry out operations regardless of the volume of your commercial operations since at the end of the day what it is about is to provide an effective solution to your needs in this aspect that we are talking about in this article. Beyond another series of technical considerations that will be the subject of other explanations.

In any case, it is a more sophisticated option, but it is not without benefits for users of this payment method. Among which stands out the fact of its great security above other more utilitarian reasoning. From this point of view, it can be said that payment with escrow offers more confidence to all parties that are part of this commercial process.

Payment with bitcoins

This is the latest trend in this Internet payment system and it also presents a wide diversification in virtual currencies. From bitcoins to ripple and continuing with an extensive list that is tailored to the needs of these online businesses. Its main advantage is the fact that it is a system widely used by the younger sectors of society.

While on the other hand, we must also emphasize the fact that these virtual currencies are used with great frequency to buy and sell on the Internet. Its use is not very widespread but it has its followers. Accepting them in the store could attract people who have money in this electronic currency. It can be very useful in an online professional activity, especially for the future it brings to customers or users.

Bank Transfer

And after a system as innovative as it is revolutionary, nothing better than opting for a more conventional or traditional model such as bank transfer at this time. Where, despite everything, it is still used as a form of monetary exchange in the purchases of products, services and articles of an electronic commerce. Up to the point that they come to influence the expected billing level and the history of these commercial entities with respect to the bank.

Not surprisingly, it is a method that is still used in ecommerce in transactions with a high amount. It is very easy to use and also does not have commissions, although it has some aspects to take into account: the transaction occurs outside the page so it is not possible to perform the measurement. While on the other hand, it is a format that can be considered at this time as not immediate and therefore must be monitored very punctually at the time of generating the operation to carry out a strict control on business accounts.

That is to say, and by way of summary, almost the scenarios become very comfortable and the payment does not become a brake at the time of finalizing the purchase process. In what is configured as one of the main differences with respect to other payment systems. With a security in operations that is very remarkable from all points of view.