Online Payment Options For Small Businesses

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There is no doubt that e-commerce is making huge waves in Singapore. The value of consumer goods purchases reached more than $2 billion last year, with more than four million people buying consumer goods online in Singapore.

Online Payment Options For Small Businesses

An e-commerce business like yours has to wade through the multitude of online payment options available to boost sales. But what does it mean to have multiple online payment options?

The Small Business Advantages Of Accepting Online Payments

Combining online payment options may seem like a hassle to you. But let’s go into detail why it is so important: convenience and reliability

No one wants to waste time entering their card details repeatedly. Especially when it’s more convenient to use your mobile phone to browse e-commerce sites. Having different payment options can help streamline payment processes for customers.

Integrating online payments simplifies the user journey to your website, which can lead to higher sales rates.

What else? With a host of digital initiatives like Virtual Cards in Singapore, paying with your smartphone has never been easier!

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Customers usually go for online payment options which they often use while shopping on websites. By including popular online payment options, you increase the chances of customers getting through their purchases.

You’d be lying if you said you didn’t know about PayPal. PayPal currently has around 286 million active users. It’s a crazy market to tap.

Integrating PayPal on your website is a relatively simple process. Just add the HTML code provided by PayPal and you’re good to go. After adding PayPal as an online payment option for your website, you can accept payments from various credit card options.

Fees for PayPal are tagged at 3.9% of the gross sales amount with a transaction fee of S$0.50. PayPal cuts through payment barriers to bring buyers and sellers together at lightning speed, which explains why it currently dominates all other online payment options.

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ApplePay is close to PayPal. ApplePay is a contactless digital payment service that includes a digital wallet. Most iPhones are equipped with Apple Wallet, making ApplePay a particularly accessible payment option for consumers.

Consumers can enter their credit and debit card information into Wallet. This effectively turns all their physical cards into virtual cards. Since ApplePay uses Touch ID as an authentication method, making an online payment through this option is extremely secure.

Around 36% of Singaporeans are iOS users, so ApplePay is definitely an online payment option you’ll want to add to your lineup.

Watch out, there’s a new kid around. Google Pay is a relatively new online payment service in the market. Like ApplePay, Google Pay also works as a digital wallet. However, Google Pay is compatible with both iPhone and Android users, making it more versatile than ApplePay.

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Google Pay has also teamed up with local banks like OCBC to integrate peer-to-peer transactions through PayNow, all within one app. Customers easily complete online purchases from small local businesses when PayNow is a recognized payment method.

Stripe is rapidly gaining popularity in the online payment market. Stripe is a fully integrated suite of online payment methods including WeChat Pay and AliPay.

What makes Stripe unique is its compatibility with a large number of shopping cart tools like Shopify. It allows business owners to customize their checkout page to match their website’s UX design, making the checkout process more intuitive for customers.

With no setup fees or monthly fees, Stripe is an online payment option that small business owners should keep an eye on.

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It may be owned by PayPal, but Braintree is definitely leading the software development game. Braintree integrates PayPal, ApplePay, Google Pay with major credit cards to create a one-stop online payment platform.

Apart from a powerful international gateway that enables transactions in more than 130 countries, Braintree has many other features. It includes billing management, payment page customization and optimized for mobile payment transactions.

With the high level of customization it allows, Braintree provides a user-friendly online payment experience for all your customers.

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As a small e-commerce site, be aware of your current business goals and objectives. Choosing online payment options that can help you reach these goals should be at the top of your priority list.

Apart from online payment methods, virtual cards are also gaining popularity as Singapore moves towards a cashless future.

Virtual card options like the Aspire Visa Card are slowly integrating with online payment platforms to streamline business billing processes. Below is a table showing the online payment options that Aspire integrates with:

Get insights and resources to grow your finance team, your financial technology stack, and your business. A huge part of the life cycle of any small business. Choosing a payment gateway for your small business is like choosing grow-me pants for your child. In an effort to keep things simple, some payment systems run the risk of becoming out-of-control solutions that may struggle as your small business grows.

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In this article, we’ll explore the 3 best online payment gateways for small businesses that can grow with your small business and ensure the security of your customers’ data.

Note: If you are looking for the best mobile payment gateway, check out our previous article on mobile payment gateway integration.

Founded in 2010, Stripe’s initial goal was to provide an easy way for startups to accept online payments with just a few lines of code. Since then it has developed a variety of products that make it easy for start-ups and small companies to do business online. It is now used by small local businesses as well as the world’s leading brands including Amazon, Uber, booking.com, Deliveroo, NBC, Just Eat and Google. Whether you’re building a custom solution for your small business or integrating with an e-commerce platform, Stripe offers a variety of scalable solutions for both online and in-person payments.

Step has no setup or monthly fees, but transaction fees are 2.9% + 30 cents per transaction.

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Why is it essential that your payment gateway provider supports many payment methods even if your business is small? There are several reasons for this: reaching global customers, increasing conversion rates and ensuring a better customer experience. Read more about how to choose the right payment methods for your business on the Stripe blog.

24/7 via email, phone or chat. In addition to this, Stripe has a support service that addresses the most common issues related to Stripe integration or any other user queries and needs.

To use Stripe you should be able to verify PCI compliance. The easiest way for you to be PCI compliant is to not access your customers’ card data. Stripe does all the heavy lifting to protect your customers’ credit card information.

Stripe has a “developer first” approach. It started as a payment system that could be integrated with just a few lines of code and continues to operate on that principle. Moreover, Stripe supports more than 660 third-party integrations in marketing, sales, finance, operations and e-commerce.

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βœ… A custom solution or easy integration into an existing e-commerce platform, making it the best payment gateway for small e-commerce businesses.

PayPal is the world’s best payment gateway for small business recurring payments with over 20 years in the market. PayPal offers a variety of products that your small business can benefit from:

PayPal Checkout: A one-time payment solution that allows your business to accept a variety of payment types. It automatically offers your customers the most relevant payment options – whether it’s PayPal, Venmo, PayPal Credit, major credit or debit cards, or local payment methods.

PayPal Payment Standard: A good payment integration solution if you want to implement it yourself. Adding a payment button to your website requires little more than copying and pasting a few lines of HTML code – no developer help required.

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PayPal Payments Pro is great for those who want to accept credit and debit cards, PayPal, and PayPal Credit, but needs more customization options. This allows you to create a unique checkout process that best suits your customers. Payments Pro is the best payment gateway option for expanding and growing small businesses. For this reason, you will likely need a professional development service.

PayPal is here: Lets you set up payments on the go or in-store. It turns your smartphone or tablet into a mobile payment hub.

PayPal can be set up for free. It charges 2.9% + 30 cents for online payments and 2.7% for in-person payments.

If you choose PayPal as a payment gateway provider for your small business, your customers will be able to use these payment methods:

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PayPal is one of the most secure payment gateways. It automatically encrypts all transactions using SSL (Serve Socket Layer) protocol technology with 128-bit encryption.

We talked a bit about PayPal integration above. everything

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