In 1994, UK-based Shop Direct was the first ever retailer to accept online payments via the world’s first secure ecommerce transaction – the first sale was Sting’s “Ten Summoner’s Tales” album. However, electronic payments have come far from just selling CDs. In today’s world, electronics payments are used by an extensive range of retailers and even become the primary means of selling just about everything from diapers to cars, and everything in between on websites running on WordPress.
Modern merchants have discovered that online world provides a sure way of attracting new clients and retaining current ones by expanding product ranges and reaching customers in virtually every corner of the world. Global online shopping retail sales are already at $1.9 trillion and projected to grow up to $4.6 trillion by 2020.
Already, there are several types of WordPress merchant services available for small businesses, including those that enable online payments. Businesses that already process payments in their stores using a WordPress POS system plugin can start accepting online payments with a merchant account. Here are four online payment options available for your small business today.
Semi-integrated solutions plugins allow your customers to shop securely online and securely pay via a direct link to a payment processor. Such solutions offer you the advantage of never having to deal with sensitive information on your own systems. Instead, the data from the cardholder is directly sent to the payment processor, completely bypassing your POS terminal as well as back office systems – a preferred method by digital forensics experts, for example.
The semi-integrated payment solution is a great option for small businesses that already have a POS system in place and are only looking to include ecommerce capability. Through EMV technology, you can leverage on the popularity of EMV cards, eliminating the need for acquiring certification for your current system. While shopping for a semi-integrated solution, it is critical you take into account the security technology offered such as tokenization and encryption.
The Virtual Terminal
Virtual terminals are powered by your standard browser and does everything your traditional POS system does, but on the web. The terminal uses a web-based WordPress payment form in place of a physical payment card and can be accessed from anywhere. In addition, you can use it for in-store payments – your sale executive uses a smartphone or a tablet – as well as for online payments – your customer submits his or her payment information via a web form.
This type of payment is the best for small businesses that do not have a physical location. Good candidates include entrepreneurs at trade shows, craft fairs, flea markets and farmers’ markets. Due to their ability to facilitate installment and recurring payments, they are also a good option for member-based organizations as well as for businesses that offer telephone and mail order services.
The Integrated Ecommerce Solution
Integrated ecommerce solutions are built into an ecommerce WordPress site or shopping cart and facilitate transactions directly or through a payment gateway. Integrated payment solutions allow for automating all transaction steps, ease payments reconciliation, speed up transaction time and reduce manual errors. In addition, your customer relationship management, accounting and credit card processing work seamlessly together.
Full POS and Ecommerce Integrated Solutions
The solution spans both in-store and online customer experiences. With a full WordPress POS and ecommerce integrated system, your customer heads on over to your website, places an order and pays for it online. Your customer then receives an email or a text message confirming the purchase and the order is sent to your business for process; your customer then simply picks their order from your store once it is ready.
Taby Gits is an influencer marketing pro with brownboxbranding.com who is passionate about building authentic relationships and helping businesses connect with their ideal online audience. She keeps her finger on the pulse of the ever-evolving digital marketing world by writing on the latest marketing advancements and focuses on developing customized blogger outreach plans based on industry and competition.