Payment processing options for the marketplace and the right solution is one of the biggest challenges in any online marketplace. The right type of payment processor will assuredly lead your business towards success, and vice versa in case you do not have right Payment Processing Options For Marketplace.
Choosing the right payment method for your business is mandatory like many big brands have gained a significant reputation after switching to certain processors.
For an instance we can consider Uber as a great example, earlier Uber was not quite good with payments. Even the most basic conversion such as Dollar to Euro was not provided by Uber. And contrary to that if you look at the present, Uber manages around over 130 different currency conversions, which is fascinating. And Uber got such results right after it switched to Braintree.
Every marketplace has different types of payment option, methods and challenges they confront. So being an entrepreneur and based on your marketplace you must determine which payment processing option would be best suitable for your online marketplace. Let us shed light over 5 payment processing options.
5 Best Payment Processing Options
Payment processing options enable us to handle transactions that can be between two people or two companies; there are several companies that offer different types of payment services. Sometimes it gets a little difficult to choose the right payment processing option for the online market place. Let us discuss some of the most popular and best payment options.
Certainly, we would love to put PayPal on first as this is one of the best low payment options, if you want to go for a low volume payment processing option then PayPal would totally fit for your online marketplace.
Another premium thing about PayPal is it operates through about 200 countries. That ensures you do not lag behind any payment country or payment type. It will offer you about 26 currencies which you can deal in. It is also a user-friendly payment option; the customer support they offer is premium.
Now many online businesses have adopted PayPal and it is being used on an almost a daily basis. PayPal also does not ask for any monthly fee. There are no charges to set up the account or even to send money. This has set the standard and according to research, about 179 to 180 million people use PayPal services.
#2. Square payment
Another best type of payment processing option is Square payment; you can accept payment regardless of where you reside and where you are. It has a contactless chip reader.
It features a Magstripe reader which actually lets your ordinary smartphone to act as a payment processor. This is very safe, and many people love dealing through Square as it is convenient and fast. Square offers payment solutions for almost every business, which increases its range and usability.
#3. Google pay app
Google Pay is another powerful payment option, the best thing about the Google pay app is its security system. Every transaction information resides on the server which is fully secure by Google. Furthermore; the cards detail are not kept on your phone. That is why even if someone wants he cannot take or pass the payment information.
The Merchants whom you deal with are given a virtual account number, so even in case of any mishap, your real payment information is not compromised.
Google Pay app also offers you remote access to your Google Pay; if you lose your phone you can access your Android Device Manager in order to cease any ongoing payment. This is another biggest payment option which is managed by Google and it is used by millions of people on daily basis.
#4. Stripe payment
Stripe payment is a reliable and best payment processor; it has been rated best for online marketplaces. It is a customizable payment solution. With stripe payment. You can accept credit and debit cards, not only that but bitcoin payment can be accepted too. Stripe payment is quite flexible; you can deal in around 130 currencies, which offers you a wide range.
The stripe connect is the best payment option that handles the funds for you. Moreover; it offers the best payment solution, it has one to one, one to many, many to many and holding funds facility.
Stripe payment also offers a sync option that can read and sync your sales data via the application, and you can handle billing through automated payment modes. Stripe gives 2% of the market exchange rate and for bitcoin, it gives 0.5% exchange rate. This is quite reasonable when it comes to security and payment facilities, and you can get discount too if you have to manage a large amount of money.
BitPay initially came into existence in 2011; it is a payment processing option for bitcoin. It has become so popular over these years that it manages over million-dollar transactions daily. Being a BitPay user you can choose to convert in any of nine currencies that are for 38 countries.
Also; it is very much safe and people who want to cash their bitcoin payments love to go for BitPay payment processing option.
6 Things to consider while choosing the right payment gateway for marketplace
It is mandatory to figure out which type of payment processing option you want to have for your online marketplace. You have to be very clear about your target audience and where they reside, what type of currencies they use and what is the market trend. It is also good if you could handle multiple payment processing options.
Risks are always involved especially if you are not going for right payment methods; you have to go through banking information and all the sensitive information such as their record and payment information. You handle all their financial data, and even slightest issue in a system can bring higher risk.
Stripe Connect payment is popular for that reason, it handles all the cash flow for you, the marketplace itself does not keep funds, making things easier and reducing the risk.
But Stripe connect is not very flexible with language. Many people have found this as a con, as the Dutch language is not available. Let us see some of the aspects we should consider while choosing the payment gateway or right Payment Processing Options For Marketplace.
#1. Right payment flow
Selecting the right payment strategies would solely depend upon what kind of E-Commerce business you run. however; it is always a wise decision to add an appropriate payment gateway to your online marketplace.
You could make use of integrated form to send payment information, that way information is sent via a secure gateway using API calls, but setting this might require additional steps or procedure, but worth applying this system. Embedding Escrow system is also a good idea depending upon your business so that funds can be held.
#2. Do not compromise on customer’s security
While dealing with payments, security and safe transactions become the most crucial and important thing to deal with, regardless of the size of your business. It is mandatory to keep your users safe and secure. You must make sure to run and offer secure payment options to your customers. In order to provide your customers with the best security, try implementing payment options that hold the PCI-DSS standard. Also, you can redirect your users to another third-party secure payment gateway without them noticing as many secure gateways allow customization, so you can keep up with your brand impression.
#3. Multi option payment gateway:
If you want to cover your online marketplace for global coverage then you should also be ready for that, you must-have features that should provide your users with flexible options. For example, if you want to increase your country range. Then you might want to include a payment gateway that offers several types of debit and credit cards.
Also, you would have to be flexible in regards to currencies, as your marketplace would be providing services globally. Another important feature is an electronic invoice system; you must include a payment gateway that has a reminder option for your customers and offers you back end management system.
#4 Quick and easy Integration system
Imagine having everything settled down and still not getting through the payment process? It is one of the few problems that arise when people do not take care of the easy integration payment system.
Make sure your payment gateway walks you through the integration process easier, and also it should provide your users with a decent and easy experience. Some best payment gateways offer detailed walkthrough instruction for E-Commerce, Shopify and another online marketplace. Neither your user experience should be low, nor should it be slower.
#5 Mobile Payments
As we know smartphone users have outnumbered desktop users, and they are increasing day by day. Call it sales, browsing or any other activity users are consuming their time more on a mobile phone. If you have a mobile payment option enabled it would be a big plus point for your online marketplace.
You can optimize your website for mobile, and some of the payment processing options such as Google Pay enable the users to pay through mobile phone, the digital wallet comes in handy here. If you wondering why you need a mobile app for the online marketplace? Our experts have explained the benefits of mobile app for your online marketplace
#6 Merchant account
Just like all other important factors to consider Merchant account is important too. A merchant account enables you to receive payment from your payment gateway. Whenever any user makes his purchases you do not get his money directly, instead of the payment goes in pending status or on hold. And the payment goes to a different account which is called a merchant account.
It stays there until the corresponding bank of that client approves the payment. Thereafter you get the payment transferred into your account. This should be done in order to protect the interest of both parties and it adds more security to your online marketplace.
These were some of the best payment processing options for the marketplace; furthermore, we discussed how to make your online marketplace better by implementing some of the underlined and best methods. Consider choosing a payment gateway with these things, not only will this strengthen your online payment security system, but also it will increase the better user experience.
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