Cash or Plastic? Payment Modes for Online Businesses

Any purchase transaction will not be complete without the business receiving the payment and the customer receiving his goods. This exchange used to be as simple as handing cash and goods over to each other. These days, there are modern innovations to the way people pay for their purchases. This, of course comes with various changes in the way goods are made available to consumers. There are various payment modes for online businesses nowadays. While they would still offer their customers to pay for their purchases with cash or their plastic debit or credit cards, online businesses often accommodate several other payment modes.

payment modes

The most popular of these payment modes for online businesses is the credit card or the debit card. When consumers pay using plastic, the business owner immediately gets his money. There are no clearing times to wait for and there are no transfer fees to worry about. The chances of the buyer not paying for his purchases are also eliminated since payment is automatically transferred to the business owner’s account once the transaction with the credit card company or the debit card company pull through. The only information that online businesses will have to get, other than the customer’s full name, is his card number.

While a lot of people who shop online use their bank cards to pay for their purchases, there are some who are still hesitant to give out their card details online. Understandably so because there have been reports of credit card fraud or identity theft online. Businesses will have to assure their customers that they have a secure payment processing system. There are security systems specifically programmed for payment processing. It is recommended for online businessmen to ensure that any information given by their customers are kept secure and confidential.

Even in the online world, gaining and retaining customers is all about trust. Your customers should be able to trust you with their payment information to consummate the sale. Most online shoppers would ask about payment modes for online businesses and their security measures before finalizing their purchase. Not a few have actually walked away from a purchase just because they do not trust the online site with their card and personal information.

Image Credit:
SixNinePixels – FreeDigitalPhotos.Net

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