Embrace online payments
as the future of mobile money
As business owners, we all have bank accounts and up until recently probably used our bank’s electronic systems to make payments from our bank account to other people. This may have included direct debits and invoice settlement and the receipt of direct credits from other organisations.
What is an online payment system?
But like everything in this modern fast-paced world in which we live, the growth in the use of online payment systems or payment gateways has been incredible. Many of us probably use them daily, without even realising it. If we say PayPal, Opayo (Sage Pay) and Shopify, you probably know what we're talking about.
Online payment solutions are managed by third parties and allow buyers to send secure payments without exchanging cash or using a traditional card reader. Being able to accept online payments has become essential for companies of any size. Obviously, there is the convenience factor for both you and the other transactor, but other benefits include:
We asked our network for their thoughts on payment systems so a big thank you to everyone for your input – much appreciated.
In the UK now, Worldpay has the biggest market share with just over 40% of all online card transactions. But the competition is vast and increasing steadily and as we discovered, when we asked our network of contacts across Northamptonshire for their thoughts, there are certainly plenty to choose from. A big thank you to everyone for your input – much appreciated.
Leading the way in terms of popularity were Stripe and GoCardless for one-off remote payment and monthly agreements. Other favourites included SumUp, Square and Zettle, which were mainly used for face-to-face transactions.
What is an online payment system?
As the most positive comments related to Stripe. We thought we would focus on it and highlight some of the advantages and disadvantages which were shared by our helpful business colleagues. So, if you are thinking about taking the plunge and using an online payment system, you could do worse than head on over to Stripe.
Despite being trusted by huge brands including Deliveroo, Booking.com, and ASOS, Stripe is designed for businesses of all sizes, and gives you the option of a hosted payments page or full website integration.
The reason for the popularity of Stripe is clear. Not only are there no monthly fees to pay, but it’s easy to use and integrates well with lots of other software (accounting, CRM, booking systems etc.). It’s also convenien, secure and easy to use, with a wide range of resources and information to help you. Plus, regardless of whether you are setting up a one-time transaction or subscription payments, it’s speedy and intuitive.
Whilst on the downside, Stripe is set up very much like accounting software. It works well for people that are financially minded. This means that without some development knowledge, things can sometimes be tricky for non-technical users. It is also only available in 32+ countries (PayPal for example is accepted in 200+) and whilst it automatically deposits your funds into your bank account with a 2-day average pay-out time, many feel this should be quicker. Also noted for potential improvement were customer service (particularly the introduction of phone support), together with lower fees, better analytics and enhanced reporting
If you like these tools and apps we can send future ones straight to your inbox…