In this era, businesses are spoiled for choice when it comes to payment platforms. Ranging from the conventional banking systems and point of sale systems to the new technologies offered by many third-party companies. This is an advantage to any business owner, but it presents a unique challenge of choosing the best payment platform that will suit your side hustle or business needs.
Factors to consider when choosing a payment platform for your side hustle.
Factor 1
First and foremost, you need to determine your target market and factor in the regions your business intends to provide its services. If your business intends to serve customers irrespective of their country or continent, you need to select a payment platform available in all those regions. This will ensure a seamless experience for all your customers.
Factor 2
Secondly, you have to put into consideration your business structure. You need to select a payment platform that integrates with your current business structure for greater functionality. If your business is based on an online business model, then online payment platforms are the best fit. For more traditional brick-and-mortar businesses, solutions like mobile money payments and card payments are a great choice.
Related Article: How to Legalize Your Side Hustle
Factor 3
The payment solution needs to provide support services in case either you or your customers encounter problems. The payment platform should be able to resolve the issue at no extra cost and in a fast manner. This will go a long way in ensuring your business runs smoothly and will give you more time to focus on building your business.
Factor 4
An important factor is the number of payment methods supported by the payment platform. This can be pivotal, especially for online businesses, since it is directly tied to the ease of use of your services and the overall experience. The payment platform needs to adequately meet the different needs of your customers irrespective of their place of residence. They should support the various mobile, card, and bank transfers methods.
Factor 5
Finally, you have to check the various payment platforms’ flexibility, security, and pricing. The pricing should be pocket friendly for your business and ensure great flexibility to upgrade and downgrade the packages depending on the business needs at different economic times. Most payment platforms charge a fee for each transaction, with others charging you on a monthly basis. The platform should have excellent security features, especially the online payment platforms, since many scammers and hackers are lying in wait to profit from flawed systems.
Related Article: 4 Reasons Why You Should Secure your Website
Payment platforms that are great for small businesses, side hustles, and start-ups with great support:
1. PayPal
The top payment gateway solution for small businesses with options to support Venmo, PayPal credit, local payment methods, and major credit and debit cards. They charge 2.9% + 30 cents per online payment and 2.7% for in-person transactions. Bonus, PayPal also sends you a PayPal debit card so you can access your funds right away without a bank transfer.
2. Authorize.Net
The most trusted payment solution for small businesses. They charge a $25 monthly fee and 2.9% + 30 cents per transaction and offer support for PayPal, MasterCard, Visa, American Express, Visa SRC, Apple Pay, Chase Pay to mention a few.
3. Stripe
This is the most customizable payment gateway available in the market, offering various scalable solutions for in-person and online transactions. They don’t charge monthly fees, but instead, they charge 2.9% and 30 cents per transaction. As well as support several payment methods such as Alipay, Apple pay, Microsoft pay, Google pay, and various credit.
Related article: How to Secure Paying Clients for Your Business
Conclusion
Ultimately, the payment platform you choose should complement your business model and the customer’s needs. The solution should also be pocket friendly, integrated with your systems, reliable, and secure.
