With new and innovative ways to make purchases, businesses are opting less for cash and more for digital payment methods. Not only is it more secure, but it’s also more convenient and easier. That being said, the digital payment industry is becoming more and more competitive. Gone are the days where consumers only had a limited choice of digital payment technologies to choose from. Providing digital payments as an option to clients can significantly help small business owners to grow their business. It allows them to reach a larger client base and puts them as strong contenders in the competitive market space. When it comes to choosing the right digital payment for SME owners, there are many aspects that they must consider. It can seem overwhelming with all the options in the current digital payment industry. Our team of experts has narrowed down the top 5 best digital payment technologies for any small business.
PayPal is the most popular and standard digital payment technology. Not only is it a trusted brand and known by everyone, but also the most convenient. PayPal gives clients the opportunity to purchase things online directly through the PayPal checkout button. Business owners can create, send and receive payments through PayPal making it that much easier for them to manage their payments electronically. The first online global payment platform created for freelancers and small businesses, PayPal has come a long way and still continues to innovate the online digital payment industry.
Designed to facilitate the checkout process for both consumers and business owners, Stripe has completely redesigned the checkout platform. The Checkout platform offered by Stripe lets consumers stay on the website of the business directly as they purchase their items. No longer being redirected to a third party, Stripe connects consumers and businesses all throughout the checkout process. Definitely a strong contender in the digital payment industry.
PayStand is perfect for small businesses who sell in larger volumes. Instead of charging per transaction, PayStand offers a wide range of monthly subscription with different monthly fees for entrepreneurs to choose from. Entrepreneurs can choose the model that best suits them and their business and simply pay a monthly fee as opposed to paying per transaction. This can be beneficial in the long run, especially for those who are expecting to have a high number of sales on a regular basis.
Wave facilitates the task of finance management. With a simple platform that makes online payments a breeze, Wave is revolutionizing the digital payment industry with its several features to removes the haste of payments. Keeping things simple, easy and secure is part of Wave’s motto and they are succeeding at it. With their innovative thinking and easy to use features, Wave has quickly become a popular choice among entrepreneurs when it comes to choosing their digital payment technology.
Square gives entrepreneurs a free online store site for them to sell their items and services. Additionally, Square has completely revolutionized the Point of Sale hardware industry. Its device allows smartphone users to attach the little square to their smartphone or tablet and people can easily make their payment like they would with a terminal. Modern and innovative, Square is the new modern technology for POS merchants and digital payments.