Virtual payments have become a requirement for businesses today. Although contactless payments are relatively new, technology such as digital cards and real-time payments have already integrated into the way consumers spend. In fact, 80% of Americans use credit cards, and 59% of U.S. consumers use debit cards to pay for purchases online.
It’s no surprise that other major players in the U.S. virtual payments industry are mostly tech companies including Apple Pay, Google Pay, Samsung Pay, Venmo, Square Cash, PayPal, and Zelle. As a business owner, it’s important to have all virtual payment functionalities working together. Here are 5 easy ways to process virtual payments in 2020.
Add an Online Shopping Cart
An online shopping cart, or eCommerce shopping cart, allows customers to shop directly from a website via a desktop, tablet, or mobile device. Online shopping cart systems typically include a full range of eCommerce capabilities including payment processing and product management.
Adding an online shopping cart to your list of services has been made easier with the creation of the Stax instant online shopping cart. Simply select your catalog items, click create, and your shopping cart is ready to process online orders for your customers. No coding or configuration is needed to build your shopping cart.
Offer Text2Pay as an Instant Payment Option
Text to Pay is the process of accepting payment through mobile text messages. As an innovative payment processing tool, SMS payments (Short Message Service Payments) improves overall payment accuracy and efficiency.
With the Text to Pay feature, you can send an invoice to your customer via SMS text, making it extremely convenient to be paid. By sending an invoice over text, your customer is more likely to respond right away. If they store credit card information on their phone, they can easily pay you with just a few taps.
The contactless payment solution is a great fit for any industry or business that uses recurring billing. It can also be used to collect one-time payments by businesses with individual payment requests.
Use a Virtual Terminal for Electronic Payment Requests
Virtual terminals are built into your integrated payment platform and can accept a variety of payment types including debit, credit, and ACH bank payments. The added benefit is the increased flexibility in accepting payments over the phone, online, and in person. And you can do so without ever having to use a physical card.
Built for online invoicing and recurring billing, virtual terminals for payment card processing help you accept digital payments instantly with ease. The virtual terminals for payment card processing are fit for those businesses that primarily operate over the phone, handle online invoicing, or have recurring monthly memberships. This includes restaurants, food delivery services, freelancers, health and fitness services, and professional services.
Add Touch-Free Mobile Payment Solutions
Also known as tap to pay, touch-free mobile payments are now in the adoption process by all major payment processors such as Visa, MasterCard, and American Express. Users of these cards set up their payment card information on their mobile device once. From there, they can use the tap to pay method for any subsequent purchases of their choice.
You can also add a contactless terminal that accepts various types of contactless payment types, including credit and debit cards, Apple Pay, Android Pay, Google Pay, Fitbit Pay, and other devices that use NFC) or RFID.
Manage Payment Requests with Email Invoicing
Email invoicing is the exchange of the invoice document between a business and a customer in an integrated electronic format. Traditional invoicing is manually intensive and often prone to human error resulting in increased costs and payment processing lifecycles for your business.
Email invoicing or electronic invoicing is an easy and safe way for businesses to send out online payment requests. With a simple click, your customers can open the invoice via email, input their preferred payment information, and pay you instantly. Virtual payments are important to modern business success. Without them, you are unable to accept payment methods that are becoming an industry standard.
With Stax not only will your business have access to the wholesale card-not-present rates, but you’ll also gain access to the contactless payments tool kit including the Stax Virtual Terminal. Whether it’s invoicing, recurring billing, pay by phone, contactless payments, or a one-click shopping cart, Stax offers multiple virtual payment options that can help your business succeed.
Reach out to Stax for a consultation today.