A useful summary of payment solutions to use in your business
In today’s digital age, businesses have a wide range of payment solutions to choose from when it comes to collecting payments from clients. From traditional options like PayPal to modern platforms like Stripe, each system offers unique features and benefits. In this article, we’ll provide a useful summary of some popular payment solutions that can streamline your business transactions and improve your overall payment collection process.
We understand that as a business owner, it can be difficult to find someone who really understands your business. Joanna Bookkeeping is a professional practice based in Oxford, UK, offering bespoke bookkeeping and accounting solutions that are tailored to meet your business’s needs. Whether you’re just starting out or have been running your own company for years, we can offer support with the A to Zs of bookkeeping and accounting.
So, what are the best ways of collecting payments from your clients?
GoCardless
GoCardless is a popular payment solution that specialises in recurring payments and direct debits. It allows businesses to set up automated payment collection systems, making it ideal for subscription-based services, membership organisations, and other businesses that require regular payments. GoCardless integrates seamlessly with various accounting software and offers competitive pricing, making it an attractive choice for businesses of all sizes. If you use Xero software, we have a great article about the integration between Xero and GoCardless.
Stripe
Stripe is a versatile and developer-friendly payment solution that enables businesses to collect payments from clients online. It supports a wide range of payment methods, including credit and debit cards, digital wallets, and even cryptocurrency. With its robust set of features and customisable options, Stripe is an excellent choice for e-commerce businesses looking to provide a smooth and secure payment experience for their customers.
Crezko
Crezko is a comprehensive payment solution that offers a range of services, including online invoicing, payment reminders, and recurring billing. It allows businesses to accept payments via multiple channels, such as credit cards, bank transfers, and digital wallets. Crezko’s user-friendly interface and advanced reporting capabilities make it a convenient option for businesses seeking a streamlined payment collection process.
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IwocaPay
With flexible payment solutions designed specifically for B2B transactions, IwocaPay is another good payment solution for business owners when it comes to collecting payments from clients. It enables businesses to offer their customers credit and instalment options, making it easier for them to make larger purchases. With IwocaPay, businesses can benefit from accelerated cash flow, increased sales, and improved customer satisfaction. It also integrates smoothly with popular e-commerce platforms, making it convenient to implement for online businesses.
PayPal
PayPal is one of the most widely recognised and trusted payment solutions globally. It allows businesses to accept payments from customers worldwide, supporting various payment methods, including credit and debit cards, bank transfers, and PayPal balances. PayPal’s extensive network and user-friendly interface make it an accessible option for businesses of all sizes, particularly for those just starting with online payments.
Klarna
An increasingly popular payment solution that offers customers the option to buy now and pay later, making it appealing to businesses looking to increase conversion rates and customer loyalty. Klarna allows businesses to offer instalment plans and flexible payment options at checkout, enhancing the buying experience for customers. It also provides additional features like buyer protection and easy returns, further benefiting both businesses and customers.
Square
Square is a comprehensive payment solution that caters to both online and offline businesses. It offers a range of products and services, including point-of-sale systems, online payment processing, and invoicing. Square’s all-in-one platform makes it convenient for businesses to manage payments across different channels, whether it’s in-store or online. It also provides advanced analytics and reporting features, helping businesses gain valuable insights into their sales performance.
Zettle
Zettle, acquired by PayPal, is a payment solution that specialises in mobile card readers and contactless payments. It is particularly suitable for small businesses and individuals who need a portable and easy-to-use payment solution. With Zettle, businesses can accept card payments using a smartphone or tablet, making it ideal for pop-up shops, events, and on-the-go transactions.
Shopify Payments
Shopify Payments is a payment solution integrated directly into the Shopify ecommerce platform. It offers a seamless and streamlined payment experience for businesses using Shopify, eliminating the need for third-party payment gateways. With Shopify Payments, businesses can accept a wide range of payment methods, manage transactions, and access valuable sales data within their Shopify dashboard.
SumUp
SumUp is a user-friendly payment solution that focuses on simplicity and affordability. It provides businesses with mobile card readers and an intuitive point-of-sale app that works seamlessly with smartphones and tablets. SumUp supports card payments, including contactless and chip and PIN transactions, and offers transparent and competitive pricing, making it a really strong choice for small businesses and solo entrepreneurs.
Adyen
Adyen is a global payment platform that offers a comprehensive range of payment services for businesses of all sizes. It provides a unified infrastructure that supports online, in-store, and mobile payments, as well as various payment methods. Adyen’s advanced fraud prevention features and multi-currency capabilities make it an excellent choice for businesses operating internationally or dealing with high transaction volumes.
Choosing the right payment solution for your business can significantly impact your payment collection process and overall customer experience. Whether you require recurring payments, online payment processing, or mobile payment solutions, there is a wide range of options available. By considering the unique features and benefits of each system, you can select the payment solution that best suits the needs of your business and helps you efficiently collect payments from your clients.
Just like any financial decision for your business, it helps to chat with a professional. If you have any questions or need some advice when it comes to bookkeeping and accounting, don’t hesitate to get in touch with our team of accounting experts based in Oxford. We can help you discover the best financial strategy for your business and help you choose the best payment solutions to use in your business.
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Oxford
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