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The Most Popular Online Payment Methods

Tag: online payment

The Most Popular Online Payment Methods
Mohab Ecommerce 0

Online payment methods have become increasingly popular due to widespread use of internet-based shopping. Efficient payment solutions not only ensure that your business retains its liquidity but also endeavors to provide smooth services to the clients. The right payment method helps you attract more customer and address a larger market. However, before choosing one for your business, it is important to keep certain facts in mind. The selected methods should be flexible yet robust. To make things easier, here is the list of the top online payment methods.

  1. Credit Cards:

    Credit cards have emerged as one of the most frequently used online payment methods. These cards usually have international acceptability, making them highly useful for online transactions. If you want to offer this feature to your customers, you need to decide whether you want your own dedicated merchant or an intermediary holding account. It is important determine the best option as selecting one over the other can result in different business processes and funding times. This method is highly flexible as the client may choose to make payments in installment. Further, these cards also offer high level of transaction security.

 

  1. Internet Banking:

    This is an upcoming online payment method. Internet banking comes with various payment options, which are tailored to meet different requirements of clients. This electronic payment system is considered safe and secure. The client may be required to pay certain charges to their bank for using these services. However, this method is still relatively cheaper than most of the other online payment methods.

 

  1. Mobile Payments:

    Mobile payment methods are regulated transactions that is performed from your mobile device. This payment method has become widely popular as people consider contactless payment to be the safest option. It is secure, fast and convenient. Mobile may be used for processing payments made by a chip card or a credit card. This payment option is highly flexible as it incorporates several methods such as typing the credit card number or simply dipping a chip card to process a payment. There has been development of mobile payment hardware as well for the purpose of swiping physical cards and processing the payment. This method of online transaction will likely to gain more traction in the coming times.

 

  1. Online Payment Gateway:

    You can offer this payment method to your clients by simply adding an online payment solution. It is the simplest way for organizations to collect online payments from their website or an app. This solution is swift and convenient. Choosing a reliable online payment gateway is an important decision as several options are available in the market. However, it is vital to check out all the options and pick the one that best suits your business as many gateways offer one stop solution. These gateways not only allow you to expand your market but also to offer security and safety to your clients.

 

  1. Click to Pay Email Invoicing:

    Email invoicing is amongst the most user-friendly methods of online payments. It is a fully integrated and intuitive to use. It also allows your clients to generate their payment by producing an invoice. Businesses can streamline their process with this method. With increasing number of people making online purchases, the payment solution has become quite popular. It is also fast as when a customer clicks the link and pays the invoice, it is automatically updated in the system as paid, saving both your time and energy.

 

Also Read:5 Emerging Trends In The Mobile Payments Space

6 years ago
7 Online Payment Definitions You Should Know
Mohab Growth Hacks 0

7 Online Payment Definitions You Should Know

Online payment systems are a complex mechanism with very specific and specialized terminology. In order to fully understand the operations and working of online payment systems, it is important to be conversant with various terms associated with these systems. Here are some of the most important and widely used terms which you need to know to remain updated about online payment ecosystem.

  1. Merchant Account: This is the type of account which a business needs to acquire while entering into a contract with an acquiring bank. A merchant account has several features, the most important ones pertaining to the ability to process debit card or credit card payment system. Once an online transaction is executed, the acquiring bank proceeds to accept payment from the customer. The funds are then deposited into the merchant’s account after making due deductions. These funds are later paid into the merchant’s business account.
  2. Acquiring Bank: An acquiring bank is responsible for processing card payments, including debit and credit card payments for a business. Such banks are associated with different card networks including Visa, American Express, etc. The main function of these banks is to act as a middle person between issuing banks and the businesses. An acquiring bank carries out a large number of services such as accepting card payments from card issuing banks. It also carries out the verification of the transactions for approving or disapproving the payment.
  3. Issuing Bank: This bank is entrusted with the task of issuing debit cards or credit cards to customers. The name of such bank is printed on the card and thus is easily identifiable. An issuing bank is also known as card issuer. This bank is authorized to extend credit facility to its clients by implementing letter of credit process. Some of the major card issuers around the world are Visa, HSBC, MaterCard, Citi and Barclays.
  4. 3-D Secure: Ensuring safety and security of the sensitive information is very important in online payment ecosystems. 3-D Secure refers to Three Domain Secure protocol and helps in preventing fraud in online debit card and credit card transactions. This protocol establishes the identity of the card holder by assigning unique username and password to the cards. For example, Visa uses Verified by Visa service for this purpose while MasterCard uses MasterCard SecureCode to carry out 3-D Secure procedure.
  5. Chargebacks: A chargeback is a mechanism to ensure customer protection in the case of online transactions. It is done to provide security to customers in the case of disputed transactions. Under this system, the money is either reimbursed to the cardholder or to the merchant, depending upon the particulars of the transaction disputed. Some of the main events which may trigger charge-backs are the non-receipt of the goods, dispatch of wrong goods or the use of the card without being authorized by the card holder. Excessive charge-backs may lead to revocation of online payment privileges for the business organization. Alternatively, they may be saddled with high fines.
  6. Rolling Reserve: This term refers to the proportion of the transaction value which is kept in abeyance by the acquiring bank. The amount is later released in a staggered manner to the merchant. The main purpose of rolling reserve is to protect against various risks associated including chargebacks with online payments. Rolling reserve ensures that the merchant has enough liquidity to honor chargebacks. Acquiring banks carry out periodic review of rolling reserve ratio applicable to different merchants. Such limits are decided based on volume of online transactions and the risk profile of the firm. This constraint is not universal in nature and thus is not applicable to a large number of businesses.
  7. PCI DSS: This protocol refers to Payment Card Industry Data Security Standard, as defined by the PCI Council. The main purpose of this protocol is to improve the security factor of online payments. It enumerates various policies and procedures which need to be adhered to so that the sensitive information pertaining to the business and its clients is handled in a well-defined and recognized manner. The Council was created through the collaboration of various credit card companies such as Visa and MasterCard.

Though these are the most important ones, there are other terms also which are important to know in the context of online payments. The need of the hour is to keep oneself completely updated about the changing norms in online transactions.

7 years ago
7 Habits of Successful Small Business Owners
Mohab Growth Hacks 0

7 Habits of Successful Small Business Owners

Owning a business is a dream come true for a large number of people, but it is an onerous task. As a small business owner, you are not only required to manage various facets of your business but also to ensure that these tasks are accomplished with optimal efficiency. Here are some tips to help you perform the best as a small business owner.

  • Focus on Customers: One of the most important factors which distinguish successful small business owners from run-of-the-mill ones is their ability to focus on customers. For the longevity of the business, it is imperative that the market is identified in a definitive manner. Such identification helps in devising business strategies and policies which are most amenable to the needs of the customers. Such focus on the market and customers is helpful in ensuring the long-term survival of the business. With unwavering focus on the clients, the business is able to develop a reliable customer base, which is crucial for the growth and survival of the business.

 

  • Focus on Employees: While focus on customers is vital, it is also important to take good care of the employees. No small business owner may become successful without the aid of diligent team members. By cultivating good leadership traits, a small business owner may motivate their team to give their best. Such practices help the business become more efficient and thus, lucrative. Happy employees are also helpful in making an enterprise more stable. For creating a strong team, a small business owner needs to develop people management skills. They should be able to delegate tasks effectively to ensure the timely achievement of goals in an efficient manner.

 

  • Be Adaptable: A successful small business owner needs to be adaptable so as to pivot the business in response to changes in the surrounding environment. Current business scenario is highly volatile and tends to change frequently. Small business owners may use technology and other tools to remain updated about the latest developments in their industry segment. Small businesses may also collaborate with service providers to ensure that they provide the latest services to their clients. PayTabs can help such enterprises in offering easy-to-use and smooth online payment platforms. The ability to leverage technologies to enhance their business is one of the biggest qualities found in successful entrepreneurs.

 

  • Network: Networking is highly important for small businesses so that they can leverage their resources. Small business owners may look for mentors in their specific fields who can provide them with invaluable advice. Networking also allows the businesses to avail expertise in technical areas. It is important to develop relationship with peers and advisers to fully harness the potential of the business. For this purpose, the entrepreneurs may join industry chambers and other such associations. Various meets and expos are also good venues for meeting peers and networking with them.

 

  • Maintain Work Life Balance: Starting and running a small business can be a lonely journey. Therefore, it is important to ensure that your personal life does not suffer on account of your busy schedule. An entrepreneur needs to wear several hats at work and that may prove to be exhausting. In many cases, such excessive workload may lead to burnout, putting the entire business in jeopardy. The concept of work life balance should also be extended to the employees so that the entire team is able to offer their best to the organization. You may also introduce workout classes or sports sessions at the office so that the team may remain physically fit. Such activities will also provide them with a reprieve from routine tasks.

By inculcating above-mentioned habits, any person can enhance their business acumen. These habits will make the process of running a challenging business more manageable. Apart from developing these traits, small business owners may also avail services of technology partners to run their enterprises in a smoother manner. Incorporating services provided by outfits such as PayTabs is one such example of the collaboration which can bring drastic changes in the online payment system of a small business.

7 years ago
Important E-commerce Trends You May Be Missing Out On
Mohab Growth Hacks 0

Important E-commerce Trends You May Be Missing Out On

More than half of the global population today loves to shop online from the comfort of their homes. Clearly, the e-commerce boom has brought about remarkable changes not only in consumer buying behaviors but also in the retail segment. For most companies, having an online presence isn’t optional; it is necessary for survival in the current internet-oriented market. You should be able to showcase your products and take payments online.

If you truly want to be a leader in the e-commerce marketplace, you’ll need to know all the online shopping trends. Below are some ever-changing trends you can explore to stay relevant in the industry.

Increased Mobile Use

Mobile devices have become an important factor in online shopping, and this isn’t about to change. According to estimates, it’s projected that 50% of revenue will come from mobiles this year. A large part of consumers now reach to their smartphones and other mobile devices to place orders rather than logging onto websites through their PCs. What’s more, Google’s announcement regarding the ranking algorithm that counts on the responsiveness of a site on mobile devices has made these devices even more crucial.  Mobile shopping is set to increase the overall e-commerce revenue since people can shop online irrespective of their location.

Increased Voice Purchases

The recent mobile devices come with voice assistants that consumers can rely on to operate the gadget or search the internet via speech. Additionally, smart home speakers such as Google Home and Amazon Echo have gained a lot of popularity too. E-commerce has managed to leverage this to provide more customized shopping experiences to their customers. An e-commerce application can deploy the feature to help buyers search products simply by voicing their wants. 40% of millennials have used the voice assistant before making an online purchase.

Enhanced Payment and Fulfillment Options

Other than the flexible shipping options, e-commerce owners are providing offers like free shipping above a specific order amount or within a certain distance. More lucrative fulfillment is being provided to beat the competition. Currently, businesses are creating premium shipping options such as speedy, same day delivery, etc. New options have also been unveiled on the payment side such as mobile pay, e-wallet, purchase now pay later, etc. Therefore, consider all these options if you wish to secure your position in the current competitive market.

Big Data Analytics

Due to big data and analytics, all types of industries have been transformed, including e-commerce. Almost all actions users conduct online can be converted into data, which can be later used to analyze and optimize e-commerce websites.

Through big data analytics, businesses can predict the demand, optimize pricing to boost sales and personalize consumer experiences.  You should always keep in mind  that a slight increase in price can lead to a huge increase in profits. Simply put, big data analytics will help you make informed decisions to increase sales and also offer your customers the best experience.

Chatbots and Messenger Apps

The chatbots which operate via messenger applications like Facebook Messenger are on the rise in the e-commerce sector. Online businesses can use these technologies to send special coupon offers and deals, send customized marketing content, and suggest a purchase to customers. Furthermore, chatbots also help retailers to heed to their client’s queries and requests and free up staff to handle more complex customer service problems, among other projects. Since the technology is still improving, chatbots and messenger application marketing are going to become even more popular and useful.

Personalization

Through online shopping, businesses get the opportunity to create unique consumer experiences for each individual client. For instance, a platform like Amazon suggests products depending on consumers past purchases, and streaming services such as Netflix recommend similar shows to those you watched in the past. Personalization will likely be common in the future so your business should adopt it to improve customer experience in order to retain old customers and attract new ones.

It is clear that e-commerce has become a substantial segment of the overall marketplace and companies that do not plan to make their presence felt in this segment do so at their own peril. If your business doesn’t have an online presence or you haven’t implemented any of these e-commerce trends, you are likely missing out on a significant section of your potential sales. By keeping up with the ever-changing trends, you will be able to capture the growing online audience and convert this into more sales and profits.

8 years ago
Tips to increase revenue and brand loyalty
Mohab Growth Hacks 0

Tips to increase revenue and brand loyalty

One of the most difficult aspects of managing a business is increasing revenue.  As a business owner, you have to grapple with increased competition in the backdrop of increasing operation costs. While most businesses focus on customer acquisition to boost revenues, research shows building brand loyalty can have an even greater impact. A recent report shows that 43% of customers spend more money on brands they are loyal to highlighting the importance of building brand loyalty. The same report shows that the probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is 5-10%. If you want to increase your revenue base, you have to start thinking about strategies that will build loyalty.

From integrating secure online payment systems, customer referral programs, and excellent customer service to responsiveness, there are many ways of building loyalty with an eye on increased revenue. This article explores some of these strategies in detail. Keep reading.

  1. Create a customer reward program

One of the best techniques to retain customers is through gifts and rewards. This is the shortcut to customer loyalty and today; it is possible to personalize such gifts for better impact. With the data collected from your systems, it is possible for instance to wish a customer a happy birthday and even send them a personalized card and a gift.

This gesture will not only help in retaining the customer, but also promote your business by way of word-of-mouth marketing. Your business revenues will increase through return purchases and from referrals by your satisfied customers.

  1. Prioritize customer service

Businesses today struggle to increase revenues due to high customer churn rates. One of the main reasons for customer defection is poor customer service. According to the American Express 2017 Customer Service Barometer, 33% of customer say that they would consider switching brands in case of poor customer service. The same report shows that more than half of Americans have scrapped a planned purchase due to poor customer service.

These numbers emphasize the importance of providing excellent customer service. You must be there for your customer at all times because this is the only way to ensure they complete a purchase and remain loyal to your brand. If you want to improve your revenue numbers, you should invest in the best customer service.

  1. Provide value

Your customers already know many other brands selling the same goods and services as you. As such, your main focus should not be on the products themselves but on the value they add to the customers’ lives. You need to distinguish your brand as one that provides value, not just through what you sell, but also through community participation among other things.

  1. Engage with your customers

In today’s wired world, your customers are everywhere and they want to interact with your brand on all platforms. It is no longer enough to build a website because your target customers are on social networks and this is where you should also be. Make sure you connect with your customers as this gives them a sense of belonging and makes them loyal to your brand.

Use available platforms to inform your customers of new trends in the industry, your company activities, and anything else that is relevant to your relationship with the customer. Your customers should feel a part of your business as this will keep them coming and they will also promote your brand. This is a smart way to increase revenue for your business.

  1. Offer conveniences

If you make life easier for your customers, they will keep coming back and this will improve your revenue base. For instance, if you accept payments online free, offer feedback on social media, do free deliveries among other things this will retain your customers and increase revenue.

There is no denying that the current business environment is tough but if you focus on customer retention, it is possible to stay ahead of the competition. These two-prong customer retention strategies will not only build customer loyalty but also increase revenues.

8 years ago
PayTabs
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