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How to Receive Payments Online for Free

April 23, 2020

By Hailey Friedman

If you’re not offering your customers multiple ways to make payments online, you’re leaving money on the table.

While there’s no way to escape some transaction fees and currency fees, there are ways to reduce payment processing costs and receive payments online for free.

So, you’re probably wondering, “How can I save that money?”

You’ll have to set up an effective online payment portal with a range of payment options. This makes it as easy as possible for your customers – and your wallet.

Below, let’s review why you should use payment processing software and how to receive payments online for free.

Why Should You Use Payment Processing Software?

As a small or local business, you might be tempted to handle payments yourself via checks and direct bank transfers.

However, in this digital age, there are numerous reasons why that’s not a good idea.

Here’s a look at some of the advantages payment processing software will bring to your business.

  • Convenience – Convenience is one of the main factors that influence conversion rate. The more steps a customer has to take to make a payment, the more likely they are to abandon their purchase and go elsewhere.
  • Speed – Payment processors can transfer most payments between shoppers and sellers instantly. On the other hand, transfers to and from bank accounts can sometimes take 24 hours or more.
  • Trust – Many payment processors are brands that are globally recognized. If a customer already uses payment software, they’re more likely to trust your payment system.
  • Security – Payment processing companies add an extra layer of protection to online transactions. You can set limits, flags for activity on your account, and sometimes even a time frame to recall payments.
  • Record-keeping – With payment processors, you’ll have access to your account online and can manage your contacts, recurring payments, and other account activity via desktop or mobile.

Now that we know why you should use a payment processing software, let’s look at the fees you can’t avoid, the ways you can receive online payments, and the most efficient ways businesses of all sizes handle invoicing and online payments.

1. Create a secure online payment gateway.

There are a couple of ways you can approach creating a secure online payment gateway. You can hire an outside developer or use your website development team to create a bespoke gateway. Or, you can use third-party software.

Setting up a secure gateway is essential. You’re also putting automated processes in place, which will save time on manual processing, especially as you scale your business and handle more transactions.

The more payment methods you make available within your payment portal, the wider the audience, and the easier it’ll be for your customers to send you money.

2. Facilitate credit and debit card payments.

Although it may change as mobile payments become more prevalent, using debit and credit cards is still the most popular way people pay for products and services …read more

Source:: HubSpot Blog