Any business that wants to succeed in the current climate needs to have an online sales platform. Online sales are fast taking over brick and mortar stores so it’s vital that you’ve got a great website where customers can buy your products. There are a lot of challenges that you have to face if you want to make your e-commerce business a success but before you even start selling, you need to make a couple of big decisions. Perhaps the most important is choosing a payment platform for your site. There are a lot of different ones out there, all with their own benefits and drawbacks. To help you choose the right one for you, here is a list of some of the most popular ones and their pros and cons.
Paypal is by far the best know payment platform out there and one that most people tend to use. One of the main benefits is that the brand is so well known that it inspires a level of trust in consumers which is very important. When people are offering up money online, there is always a risk of fraud. That’s why people often prefer to use sites with payment platforms that they recognize. The other main benefit is the paypal working capital scheme which aims to help small businesses by offering them short term loans. That’s a huge help when you’re first starting out so if you’re having trouble finding funding, Paypal might be your best option.It’s also available worldwide so if you’re trying to break into international markets, Paypal makes it a lot easier.
Amazon now offers their own payment platform called log in and pay by Amazon. Like Paypal, it offers the benefit of being a worldwide brand that is trusted and recognized by people across the globe. It also makes it easy for shoppers to buy things on phones and tablets without the need for extra setup on your end which is great considering more transactions are being done on portable devices than ever before.
Worldpay isn’t quite as well known as Paypal or Amazon but it’s still a well-established brand, especially in the UK. It offers great online payment services with good security features which is always a big concern for consumers. The main benefit that Worldpay has over the other entries on this list is that it offers more traditional payment options. Worldpay comes complete with email and phone payment options which is particularly helpful if you’re appealing to a slightly older demographic who are less likely to buy things online with a credit card.
Stripe is one of the best new payment options out there, offering an easy to use interface that doesn’t need much setup at all. The transfers will go into your bank within 2 days which is a lot quicker than most other platforms. The other major benefit is that you can use more alternative payment methods like Apple and Android pay and even Bitcoin which is fast becoming a popular payment method.
Any one of these payment platforms is a great option for your online business, it just depends on which one suits your company.