Starting From Escratch: Top 6 Questions About Accepting Online Payments

For many small businesses, the prospect of adding a new way to collect payments, with a possibly unfamiliar technology, can seem intimidating. Most small businesses want to offer their customers more flexible payment types, but they are wary of the costs, security, and requirements to set up such customer conveniences.

The bottom line is, small businesses owners have questions, and aren’t sure who to ask.

Based on what we’ve learned from our customers, here are the Top 6 questions and concerns preventing businesses from setting up online payments:

1. “We are too small of a company.”
As much as it may seem, the rule is not be big or go home. By incorporating online payment processing functionality, such as email invoicing and recurring billing, at a lower cost than legacy billing processes, small businesses can actually leverage their collection process and compete with larger businesses in some facets.

2. “Our customers won’t use online payments enough to justify the monthly fees.”
On the contrary, consumers are driving the creation and adoption of such billing services. Over 50% of all US households pay at least one monthly bill online and wish more businesses offered the convenience.* Even non-profits like churches and fundraising organizations are adopting online payments, and realizing increased donations and sales.

3. “Do we need to have a website?”
No. Some online payment processing providers also provide a securely hosted online payment page that is even customizable to look like your business.

4. “Do we need a tech person to setup and handle the system?”
No. As the technology in payment processing advances, setting up online payments is becoming easier and easier to do. Not only do you not need a website, but you don’t need any technology experience. When inquiring with a company, be sure to ask about the setup process.

5. “Are online payments secure?”
Yes. Almost 85% of identity theft cases are due to offline transactions because consumers who pay bills electronically expose their information to fewer people. Additionally, using risk management features in a PCI compliant online payment solution, including adjustable fraud settings and user-based processing limits, protect both the merchant and customer.

6. “I don’t know if it will be advantageous for me to set up online payment processing.”
Most of our customers experience faster collection cycles and increased sales or donations after setting up online payment processing. In addition, they experience time and cost savings by drastically reducing the amount of paper invoices and checks they have to output and receive. I don’t know of a business that wouldn’t want to discover a service that enables it to follow the old mantra to “cut costs and increase efficiency.”

And if you’re still wary, check if the service you’re interested in offers a money back guarantee. Then you have nothing to lose by giving online payment processing a shot.