Looking for online card payment providers? Oceanpayment is the solution to an easy, fast and secure platform for receiving online payments.
The availability of credit cards has existed for more than a decade. What initially started as a credit card that could be used in the normal swipe machine has now developed to function as an online money transaction using the help of online card payment providers. When it comes to payment gateways, there are multiple options available for the businesses that want to offer and receive payments online. With a flexible payment option like processing credit card payments online, the merchants can offer scalability and integrity for their customers. Along with understanding the concept of online card payment providers, it is necessary to learn about the top payment gateways available in the market. Now take a look at the leading online card payment providers in the world with their features.
What is a payment gateway?
While processing credit card payments online, the customers must connect securely with the merchants regardless of their bank. Some of the leading online card payment providers offer these services in the form of payment gateways that secure the transaction through OTP and other protocols. Most people consider that options like WorldPay and PayPal are the only online card payment providers in the system. But the truth is other organizations offer similar features and security. When it comes to processing credit card payments online the quality and speed play an important role.
The leading online card payment providers
Worldpay has gained more popularity and familiarity among the audience when compared with the other online card payment providers. But with its ability to attract more users, the merchants can also use them for processing credit card payments online for a decent budget. So if you are looking for one of the leading online card payment providers, then Worldpay can be an option. They can be integrated into your website for a monthly budget since nearly 10 lakh merchants prefer them on a global basis.
● PayPal service
Similar to the world, PayPal also has a good name in online card payment providers with familiarity with speed transfers. Their prices are reasonable for processing credit card payments online with a simple transaction price. They are also used for completing bill payments, and the speed is perfect for these services.
The stripe online card payment providers offer multiple other transaction techniques including debit cards and internet banking-based transfers. This online card payment providers offer complete service in different payment modes and currencies embedded within them. They do not charge any setup or maintenance fee for processing credit card payments online. Hence all you need to do is embed this online card payment providers application within your website for instant activation and security.
● Amazon pay
When you are looking for processing credit card payments online, then Amazon pay is a perfect option. Amazon pay is simple and easy to use among the available online card payment providers, even for commoners. They offer solutions for processing credit card payments online with a clear understanding of the common people and a hundred different currency transfers.
All these online card payment providers have become quite famous among audiences. Along with these leading options, there are also other options like 2checkout, square, Blue Snap, and Alipay. All these services are quite famous, and they are used for processing credit card payments online.
If you are looking for exclusive online card payment providers to be installed within your website, then Oceanpayment can be a perfect option with leading payment gateways for online credit card payments. Combined with customized solutions, they also perform processing credit card payments online.
In 2018, the leading credit card processors (Amex, Discover, Mastercard, and Visa) collectively reported over $3.8 Trillion in transaction volume. This represents a significant shift away from traditional cash-based sales. Customers today are looking to transact with companies that offer them streamlined payment options.
In this digital landscape, learning how to process online credit card payments can be an invaluable tool in expanding your business. With credit card use increasing at an unprecedented rate, this is the perfect time to learn more about processing credit card payments online.
Importance of Processing Credit Cards Payments Online
A lot of business owners ignore the growth of digital mediums because they feel more comfortable handling cash the conventional way. However, sticking to the conventional approach can result in major losses for your business. Across the US population, credit card transactions amounted to over $17.1 Billion in 2021. This figure represents a significant chunk of consumer spending and makes it essential for your business to consider offering an online card payment provider to your customers.
Benefits of Accepting Online Credit Card Payments
As your business starts to grow, it is natural to consider venturing into digital sales. Online credit card payments allow you to expand your customer outreach and increase your revenue.
Here are the biggest benefits of accepting online credit card payments.
Secure Payment Management
Conventional payment handling can often be marred by the inefficiency of the cash handling process. From accumulating cash to accounting, there are a ton of steps you need to take to process your revenue. Cash handling also leaves your payments exposed to mismanagement and malicious attempts from external factors.
Offering online credit card payments allows you to receive payments in your account securely. These payments are backed by verified authenticators and keep your transactions secure from external influence.
Thanks to the scalable nature of processing credit card payments online, you can seamlessly manage a larger number of payments compared to conventional methods. You’re also no longer limited by the number of cash tills and cashier processing. The ability to simultaneously process multiple payments increases efficiency and saves you a ton of time and money.
The configurations of options like automatic payment management help your company generate revenue without manual intervention. This automation helps you focus your human resources on critical areas and benefit from enhanced efficiency.
Due to the faster processing speed of online credit card payments, you can benefit from faster cash flow management and build up your capital. You can also continue payment management on conventional bank holidays, including weekends, in contrast to conventional options like cash or cheques.
Shifting to online payment management allows you to have a much better track of your financial operations. With digital dashboards, you can review past transactions and shift to an improved bookkeeping regime that is not reliant on conventional data. You can also seamlessly sync and connect your datasets to other avenues.
Costs of Setting up Processing Credit Card Payments Online
A key hurdle that stops small businesses from adopting online payment processing is often the cost associated with processing credit card payments online. This is often a result of inefficient implementations and unreliable 3rd party companies. Having an understanding of the key variables can help you have a better understanding of what to expect when you implement online credit card payments.
Here are some of the key components associated with online payment management.
- Transaction Costs – These are the costs associated with processing every single transaction by the payment provider. Even though these costs vary on the basis of provider, the primary structure of the costs is similar for most companies. You can expect to pay a minor fixed transaction fee or a percentage-based fee depending on your chosen vendor.
- Card Network Fees – Card network fees are charged by the card-issuing networks for processing the payments. These fees are often a significant percentage of the fees charged on online transactions.
- Payment Cancellation Fees – Even though these fees are primarily charged by lesser-known 3rd party vendors, they can add a significant cost for online businesses. Payment cancellation fees are imposed in the scenario where customers cancel their orders from the business due to any acting reason.
- Monthly Fee – Monthly subscription fees are charged by some payment processing platforms in exchange for monthly payment integration and management on digital websites. This fee has to be paid on a regular basis in exchange for the services procured to manage payments.
Aside from these transparent costs, shady payment processors often have hidden fees and pricing structures that can have a detrimental impact on your profitability and digital business. Your ideal option is to go with online card payment providers that are upfront about their costs and charges. This allows you to evaluate and compare your options and go for a provider that meets your requirements.
Even though it seems like a simple process, the payment provider you choose will have a major impact on your profitability. Make sure you review your options before making a financial decision.
With consumers shifting towards digital payments, offering online credit card payments can allow your business to have the edge over the competition. The convenience of seamlessly receiving payments allows you to focus on business scalability and delegate the management process to a popular provider.
However, processing credit card payments online can be challenging if you don’t have the right insight. 3rd party partners can often overcharge you on every transaction. This adds significant overhead to your business costs. Working with an experienced partner can help you implement sustainable payment processing and help you decrease costs significantly.
Oceanpayment is a leading payment solutions provider focused on simplifying digital payments with cutting-edge solutions. We’re helping companies go digital with easy-to-use solutions and accessible services designed to connect stakeholders from around the world. Our qualified team and years of experience make us the ideal partners to help you manage online credit card payments.