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Digital Payment Options for Small Business 

When you are running a small business, it is very important for you to choose an online payment system that gives you a total control over your money and does not bog down in delays and unpredictability. Due to modern technology and the digital global economy, small businesses have online payment option that have open a world of new revenue streams and opportunities to compete with the Goliaths of the industries. CloudBanking gives you the greatest control of the operations of your business and mitigates undue risks by providing solutions like automated recurring billing, on-demand depositing to your bank account, and integration with your accounting software like QuickbooksXero and MYOB. ​

With CloudBanking digital payment, we provide you seamless integration and built-in fraud filters that can protect your online store from scammers, allowing you to micromanage specific and special transactions when they occur. However, you need to consider payment options that can manage your business cash flow and meet your customer’s needs. ​

Here are some digital payment options for Small and Medium-sized enterprises ​

  • EFTPOS Payments​

Used as a method of payment for goods and services, the EFTPOS terminal lets your customer pay directly into your bank account via an EFTPOS card, debit card, or credit card. It is an electronic device that assists in the transfer of funds from any customer’s bank account to a merchant bank account. ​

  • Credit card and debit card payments. ​

A credit card lets customers pay for goods and services by creating a debt with a card provider, whereas debit card deducts the sale amount from a customer’s bank account. ​

  • ACH

It is an automatic transaction that transfers money from the customer’s account to the merchant’s account. They are very handy for a small and medium-sized business that has regular receivables, such as monthly subscription or gym membership. ​

  • Online virtual payments (such as CloudBanking)​

Online virtual payments let your customers pay for your goods and services through any device having an internet connection. CloudBanking makes your payment automatic and convenient by using encryption for sending payment information to protect your customers from cybercriminals. ​

  • Mobile Payments 

Keying in a card number on a mobile device is becoming the norm for many online businesses. When the payment is confirmed, an emailed receipt is sent immediately. A mobile payment app is a value-added option where businesses can sell and buy services and products online, access cash flow reporting, manage customer accounts, and send invoices. ​

  • Email Invoicing​

Send your customers an invoice by email and get paid at the speed oparag-text-justifyf a few clicks. Email invoicing gives your customer the ability to pay their bills online and receive a receipt in seconds. With a total integration solution, from online payment to the customer database, it can manage data securely and save time and money. ​

  • Gift cards and vouchers​

Very popular on special occasions, gift cards and vouchers can increase sales and help you promote your brand. In some states, gift cards and vouchers are valid for longer periods and acceptable both in-store and online, so businesses need to honour the purchase if it is within that period. ​

  • Digital currencies​

Very similar to money, digital currencies (aka Bitcoin) are used to buy and sell goods and services in exchange markets. However, businesses do not have to accept digital currency as payment because it is not a legal tender. The value of the digital currency can change more quickly than traditional currency. ​

person handling his card

Why does Small and Medium-sized businesses need digital payment? ​

Digital payment is becoming the new normal as online shopping industry is flourishing and business owners tend to facilitate easier and more varied payment options. Analysts predict that 95% of all retails sales by 2040 will be e-commerce transactions. ​

CloudBanking is your payment gateway that functions as the bridge between your business, customers, and the card network to make online shopping experience a smooth one for all the parties involved. When a customer purchases anything using their debit or credit card, CloudBanking payment processor handles the transaction and verifies whether it is valid or not. It encrypts financial data entered via your website and provides data security. Furthermore, it offers cash flow management via accounting integration and provides real time transaction information. ​

Offering online payment options increases satisfaction by improving customer experience and saves time by accepting payments securely over their phone, website, mobile app, or through a recurring payment schedule that directly debits customer’s bank account.

couple using credit card for their online purchase

Conclusion ​

When choosing payment methods, you need to think about the preference of your customer. It will make them more likely to pay on time. CloudBanking digital payment provides security on fraud protection and identity protection. These services are provided in the form of 24/7 fraud monitoring, data encryption, or HTTPS secure payment portals to maintain security in your online payment method. ​

Moreover, depending on where your business is, your payment options have to be reliable on electricity or telecommunication. For example, EFTPOS uses electricity and needs access to a phone network. This payment method will be unavailable if these systems go down. On the other hand, Cloudbanking turns iPads, smartphones, or any other device with an internet connection into robust card readers and enables customers to accept online credit card payment anytime and anywhere. We offer innovative plugins and extensions, which enable you to add a powerful customer portal functionality to your business website and improve the capability to securely accept several modes of payment and process payment online. ​

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ACCOUNTING SERVICES

Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.