2017 will continue making customers choose to live a digital life. Year by year, more and more people are choosing different forms of online billing and looking for ways to accept payments.
The 2016 Annual Billing Household Survey shows each month customers pay their bills choosing an average of 3.6 different payment methods. Customers are increasingly using mobile payments: 33% of online households say they’ve paid a monthly bill using their mobile phone, which is a 22% increase compared to the 2015 survey. 42% of customers who use a smartphone say they’ve paid bills via their phone. 46% of consumers surveyed by a US credit card processor preferred to get notifications through email about their transactions.
Research in the field reveals e-commerce consumers don’t have a similar approach per region concerning online payment methods. E.g., credit cards are the preferred choice for consumers from the Asia-Pacific and the Americas. Digital payment services or cash on delivery are more acceptable for online consumers from other areas.
Based on another survey, online consumers consider credit cards as the top payment method when making purchases cross-border. Online payment services like e-wallets appear in the second place.
Below you can ways you can collect payments online in 2017.
- Credit/Debit Cards Online
This is a great way to allow your customers to pay with their credit card on your website. Accepting credit/debit cards online is the main way you can accept online payments.
Visa, MasterCard, and American Express are one the most widely accepted credit cards. In the US in 2015, Visa represented 47% of credit card transactions, MasterCard 21%, and Amex 12%. Purchases made via Visa and MasterCard debit cards are expected to increase 114.1 (bil.) and 47.8 (bil.) respectively by 2019 across the globe.
- eChecks through ACH Processing
Direct debit of a bank account with an eCheck (electronic check) is the 3rd most popular way to accept payments online.
- Mobile Payments
Mobile payments are on the rise. More and more customers and businesses are choosing to dip a chip card, swipe a credit card, or key in a credit card number on a mobile device.
- Online Payment Gateway
Thanks to a simple payment form, customers get an opportunity to pay directly on your website.
- Click-to-Pay Email Invoicing
This allows for sending your customers an invoice by email and getting paid at a quick pace.
- Recurring Billing
This is a highly preferred method for paying for many monthly services like gyms and childcare.
- EMV/Chip Card
After the EMV liability shift in October 2015, businesses started considering EMV or chip card solutions.
Turning to a reputable payment processor like emerchantbroker.com, you can get the best for your business needs. EMB, the #1 high risk processor in the US, provides multiple payment gateways and unmatched fraud prevention and protection to help you grow your business successfully. With EMB, you can open a low-cost and reliable merchant account tailored to your business needs.
The world of online payments is constantly growing and evolving. Take the time to research the available methods to understand both the pros and cons of each option, as well as see what’s the cost of having (or not having) a payment method.