aab online payments
TRANSCRIPT
What is an electronic payment form?
A way for consumers to
pay for goods or services
electronically, instead of
using cash or a check, in
person or by mail.
What are some benefits to using online payment forms?
1. Expanded Reach
● Allows your business to not only interact
with in-store customers but also
operate/expand to an online presence
● E-commerce allows for increasing
demographic on state-wide, national, or
global level which can lead to increased
revenue
What are some benefits to using online payment forms?
2. Increased Security
● Avoids forged and void checks
● Limits internal fraud and theft by the
elimination of large amounts of cash
in-store
● Leaves an electronic “paper-trail” for
businesses to track payments
3. Faster Payments
● Avoids lag between invoicing and
usually allows you to immediately
receive payment from customers
● Makes it easier to manage and
predict cash flows and cycles on a
regular basis
What are some benefits to using online payment forms?
4. Convenience for Customers
● Many customers do not carry cash on them
● Making and giving change can be difficult and
inconvenient for customers
● Mailing checks or cash can be risky for long
distance customers
What are some benefits to using online payment forms?
Paypal
● 3 different levels for business accounts (free
account accepts all major credit cards, paypal
payments, and gives customers options to pay
over time)
● Easy money transfers, doesn’t necessarily
require a website
● Paypal is a trusted online payment forms for
many customers
● Paypal takes a small percentage of each
payment
Checkout by Amazon
● Optimal for an already created online
store with a checkout
● Allows customers to not have re-enter
their credit card information and use
Amazon information
● Amazon is an established corporation and
secure payment form that is widely
known, legitimizes your small business
● Encourages regular purchases
● There is a small processing fee, based on
how much customers pay
Apple Pay
● Free in-store or online options (separate
programs)
● For in-store you need to contact your
payment provider so they can set up a
terminal
● Many other online payment forms are
integrating Apple Pay into their systems
● Requires customers have an iphone, ipad
or apple product
● Extremely secure, requires touch ID or
password
Square
● Free to receive a free smartphone dongle
once you sign up!
● Allows you to process all types of credit
cards in person
● Perfect for businesses who attend markets
● Square also takes a minimal percentage of
the online payment for each swipe
How to decide which electronic payment form is optimal for your small business● Consider your business, how do customers normally pay? Why?
● Think about the customer--what will be most convenient for
them?
● Analyze pros and cons of using an online payment form cost
wise; will the small percentage taken by the specific form be
worth it?