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Start Accepting More Than Credit Cards Online

By July 13, 2015March 7th, 2023Blog, Technology News

now_is_the_time_to_start__69262_130508The world of Internet payment methods continues to expand, and not just by using credit cards but online, where companies such as Apple and PayPal use a simple login and password combination to securely make payments for everything from apples to eBay transactions.

Stating The Obvious

A few months ago, eBay announced it was separating itself from control of its online payment company, PayPal. There were many reasons given for the split, but the most obvious one is that PayPal is simply generating more revenue as an online payment service than eBay was as an online auction site. Investors knew this well and were chomping at the bit for years waiting for the decision to be made.

With the host of data breaches that affected consumer credit cards at both brick-and-mortar and online shopping venues, people are increasing aware and nervous about the possibility of their person information being mishandled. Online payment companies, which in most cases are not directly connected to financial institutions, are safe havens for people who conduct business online.

The Customer Is Key

Businesses constantly make the case that their customers are the most important part of the company. What customers want, and what the alternative payment methods provide, is an easy and efficient way to shop online without having to provide 16 digit card numbers with a 3 digit security code which is then stored online for future use. That means the customer’s credit card data is subject to a data breach. PayPal and Apple, among other companies, do not require any credit card information at the point of sale, making the transaction simple and safe.

What is the Benefit for SMBs?

The most obvious benefit to small- and medium-sized businesses is customer satisfaction. Customers who can conduct transactions in a safe financial exchange environment are more likely to buy from your company. A good piece of advice to follow in this situation is be proactive and not waiting for the marketplace to force your hand in adding alternative online payment methods to your customer purchasing options. You do not have to eliminate accepting purchases made through credit cards, and you may find encouraging customers to use alternative online payment methods will save you money.

Google has increased the efficiency of your sales transaction by including in its Google Checkout payment method the option for the company to generate invoices and statements and send them to the customer’s email address. Google’s method also includes an industry standard fraud protection program that limits the losses for both you and your customers. Both of these features are sure to save the company time and money.

Companies, investors and customers all have realized the importance and value of accepting what are known as alternative payment methods. But the trend is that credit cards will soon be the alternative payment method, while the number of companies offering more efficient and safer methods will continue to grow. Stay a step ahead of the competition and investigate the possibilities, then choose the one that best meets the needs of your customers and the future of your business.

Jason Manteiga

Jason J. Manteiga, Vice President of Olmec Systems, has been part of the company for over the past 20 years. He believes that having a great work environment and supportive team, is the ultimate key to success. Since being in the IT realm for over 25 years, Jason, along with Olmec Systems, has been on the Inc. 5000 “List of America’s Fastest Growing Private Companies” and Channel Futures MSP 501 “Top Managed Service Providers in North America,” along with other awards and nominations. Jason earned his Bachelor Degree in Information Systems from the New Jersey Institute of Technology. He also holds certifications in Microsoft MCSE, VMWare VCP, and Cisco CCNA. In his spare time, Jason is a contributor for The Center for Social & Legal Research (Privacy Exchange) and a member of the Morris County Chamber of Commerce. His hobbies include cycling and kayaking. He currently lives in New Jersey with his wife, two daughters and son.