Accepting payments securely online

Key points in this article

  • Online payments mean cash in your account faster with minimal hassle
  • Which method you use depends on what kind of business you’re running
  • We’ve got online payment solutions that can help

As a small business owner, you know the importance of getting paid promptly with minimal hassle. Accepting online payments is beneficial in several ways, both for you and your customers. Some of the benefits include:

  • Less stress – the last thing you need is worrying about getting paid on time and chasing up outstanding invoices. Giving customers the option to pay online means they’re more likely to pay promptly.
  • Greater convenience for your customers – online payment method options are beneficial to your customers, many of whom prefer to pay immediately.
  • Open up new markets – the ability to accept online payments also opens a whole new market of customers. If you sell physical goods, you can sell beyond your local service area.
  • Improved cash flow –By offering online payments straight away, the whole payment cycle is complete.

Online payments take a lot of the hassle out of getting paid.

Online payment options

There are several great ways to collect payment online:

Accepting credit/debit card payments online

Accepting credit/debit cards is a great option, especially if you’re using auction sites like eBay. Many online marketplaces include tools that enable you to connect your existing merchant account to their shopping cart system. For example, eBay sellers can accept credit card payments via eBay’s checkout system by providing their Internet merchant payment gateway information.

If you have an existing website, you can set it up to accept credit cards, too. To do this you’ll need:

  • Shopping cart software – numerous shopping cart systems exist, and most are easy to integrate with websites.
  • A payment gateway and merchant account – your small business banker can help you establish these if you don’t already have them. They are necessary for accepting and processing credit cards on your website. 
  • An SSL certificate – This is a small data file that digitally binds a cryptographic key to an organization’s details. Your customers rely on you to keep their credit card information safe and secure, making the ability to encrypt transactional data essential.

Think about the various methods for accepting payments online and work out which suits your business best.

Using PayPal for online payments

PayPal is an easy and secure way to sell online and accept payments and is free to sign up. PayPal offers small businesses several ways to get paid online:

  • Online payments on your website – PayPal offers an all-in-one online payment system for accepting credit and debit card payments on your website – and your customers do not need to have a PayPal account.
  • Express Checkout – this option allows existing PayPal users to checkout via PayPal from your website. It’s fast, easy, and practically seamless. Once the payment is approved, they are returned to your site to complete the checkout process.
  • Invoicing – You still have the option to invoice your customers.  You’ll create an invoice by filling out an online form, which will then be emailed to your customer. From there, your customer can pay with a credit card, debit card, PayPal balance, or PayPal-linked bank account.

Using a card reader at point of sale

Occasionally you may conduct business face-to-face, for example, if you’re selling t-shirts at a street festival.  If you only accept cash or cheques, you’re missing out on potential sales to those who want to use a credit, debit, or EFTPOS card. One of the best ways to handle the transaction is right at your fingertips with ANZ FastPay® Next Generation. It allows you to securely collect customer EFTPOS, credit or debit card payments on the go with your smartphone or tablet.

Talk to us about how we can help you with online payment solutions.

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