How to make money is one of the most searched terms in Google search. You may or may not be running a business but your connection with money is inevitable. You should know how to accept payments using the fastest ways to receive payment. Therefore, accepting online payments using different modes of payment is normal. We live in the connected world where internet is easily accessible. You can receive payment on google pay, Paytm and other mobile wallets in seconds. You can also accept online payments as a small business using payment gateway integration in a website. Other than this there are options like internet banking and wire transfer. In this article we will discuss how to accept payments online. The idea is to list most common modes of payment that work. Here is a list of payment modes and later in the text we will move to the details of each one of them.
How to accept online payments as a business and why do it at all
If you are running a small business then accepting online payments is one of the best techniques to save time. Not only this, you also save a lot of money involved in payment collection. When make an ecommerce website for business, payment gateway is an integral part of the website. Money is the backbone of a business. Organizing the inflow of money is an assurance that the business can survive for a long time. Money is also the primary requirement for making business successful.
Using most payment methods, you can accept online payments as a small business and individual. There are more payment options available but I have listed the fastest and most reliable.
Using most payment methods, you can accept online payments as a small business and individual.
- Mobile Wallet Payments
- Google Pay
- Online Fund Transfer via Internet Banking
- Payment Gateway
- Credit / Debit Cards
- UPI Payments
Let us now understand each one of them in little more detail. We will start with Mobile wallet and reach till online payment gateway. Stay with me on the journey of understanding the ways of accepting online payments.
Mobile Wallets are Quick and offer great flexibility. Most of the times, the mobile wallet is linked with the mobile number. Mobile wallet does person authentication at the time of doing KYC. Due to this it does not ask for OTP authentication for small transactions. Paytm and PhonePe are the most famous mobile wallets. You can use anyone of them to accept payments online.
Google pay looks like a chat box. You can receive funds online in seconds. In this case your payers link bank account with Google Pay account. Normally you don’t even ask this because they are already using Google Pay for other transactions. You can ask them to make payment using Google Pay. Share the number that is linked with Google Pay. Within Seconds you will get the payment.
Online Fund Transfer via Internet Banking
Online fund transfer via internet banking allows great convenience to everyone. First of all receiving an online payment using internet banking needs your customer to add you as a payee. The next step is to make payment. During the process, customer enters an OTP (common these days) and proceeds with the transaction.
Customers can also set up recurring payment in their internet banking account.
Accept payments online using Payment gateway
This is perhaps the best mode of payment for a small business. Payment gateway works as a bridge between your company, customer and bank. Most payment gateways provide fast payment processing. With single payment gateway you can accept online credit card payments, debit card payments and internet banking. Some payment gateway companies are also connected with mobile wallets. And some allow customers to convert the bill into EMI. Due to this you can increase chances of sale by good margin.
Accept payment via debit card or credit card
If you are using payment gateway, then you get an option to accept payments via credit card or debit card. Additionally, your customers (if you are starting a business) can pay using any debit or credit card. As a result, you can increase chances of business growth.
Many countries have developed their own payment system. For example, if you say in India, UPI payment is a good option. All you need is a bank account, and you can connect bank account with UPI. Payments using UPI are fast, secure and sometimes instant. You can also link wallet to UPI to accept payments online.