Tag Archives for " payment "

How to Accept Bitcoin and Other Crypto Payments On Your Website

 

Should you accept Bitcoin and other crypto payments on your website?

With cryptocurrencies becoming more and more mainstream, this is a question lots of us are asking. Whether you choose to accept Bitcoin payments on your site is ultimately up to you, but if you choose to do so, it’s important you get the right setup.

Should You Accept Bitcoin on Your Site?

This is probably the biggest question you’ve first got to decide on. Once you’ve decided to accept crypto, the payment processing is fairly easy to set up, but first, you’ve got to decide if cryptocurrency is right for your business.

As big as crypto has become (Bitcoin has a market valuation of over $1 trillion), it’s still something that divides opinion. For every devout crypto fan, there’s an influential person talking it down. For all the positive talk you hear about it, the next minute you hear Jamie Dimon, chairman and CEO of JPMorgan, saying “I personally think Bitcoin is worthless.”

It’s confusing, and when you don’t fully understand the intricacies of how crypto works (which few of us do—and if your customers don’t use it, why bother?), choosing to accept crypto payments on your website can be a worrying decision.

Of course, everyone’s got their agenda, and when you’re making your decision, you should remember that. Do your own research and find out if accepting Bitcoin on your website is in your best interests.

 

The Benefits of Accepting Bitcoin on Your Site

Let’s draw this back to a subject I love: marketing. I’m always saying that marketing is about reaching the right people with the right message at the right time. When you do this, sales are likely to start flowing.

If lots of your customers are engaging with crypto, then why not make it a part of your message?

Accepting Bitcoin on your website plays into your brand identity, then in some people’s eyes, it’s going to show you’re an innovative, cutting-edge company that’s not afraid to embrace new technology.

Here’s where you need to think about your audience. The people who currently seem to embrace crypto are overwhelmingly males between 25 and 44-years-old.

If your key target demographics are over 60, then accepting Bitcoin might not be at the top of your agenda. However, if your target audience is passionate about crypto and it fits your brand identity, then you might be onto something. Especially if you are selling a high-ticket item.

Look at the big companies that are currently accepting Bitcoin: Microsoft, NameCheap, WholeFoods. You can see how crypto lends itself to their audiences, namely, young, alternative, and techy.

If you do decide to accept Bitcoin on your site, then financially it can be rewarding too. Crypto tends to have very low transaction fees compared with traditional payment methods. Most bitcoin transactions cost between zero and one percent, whereas the average credit card transaction fee is between 1.5 and 3.5 percent.

 

The Drawbacks of Accepting Bitcoin on Your Site

One of the obvious things that makes people question the value of accepting crypto on their sites is volatility. You don’t quite know what Bitcoin and other cryptocurrencies are going to do from one day to the next and this can be a worry for website owners.

In some cases, Bitcoin has been known to lose 25 percent of its value in less than a month, which on the face of it, isn’t what you need as a business owner.

The thing is, just because you accept Bitcoin payment doesn’t mean you have to hold Bitcoin. If you don’t want to be exposed to the volatility of cryptocurrencies, then you can immediately exchange Bitcoin into your chosen currency.

The next Bitcoin drawback is something you may not expect: curiosity.

Whether they love it or hate it; people love to talk about crypto. If you accept Bitcoin on your website, then you’re something of a pioneer, and this will stir lots of curiosity.

You may well find your customer service team isn’t inundated with questions about your products, but instead, fielding questions about cryptocurrencies. This is far from ideal, and it’s something you need to be prepared for if you do decide to accept crypto.

 

What You Need to Accept Bitcoin and Cryptocurrency on Your Website

Crypto is designed for the modern world, so it’s no surprise that it doesn’t take too much set up to start accepting Bitcoin on your website.

There are a few basics everyone will need and then you need to decide on the best way for your website to accept crypto payments.

 

The Basics

To hold crypto, you need a “wallet.” This is very similar to the “wallet” app you probably have on your iPhone, but it’s specific to crypto.

Your crypto wallet allows you to buy, sell, and hold many different types of cryptocurrency, for instance, Bitcoin, Ethereum, and Tether. You get a unique private key that helps to keep your currency safe and accessible, and it links with other apps to help make transactions seamless.

When someone buys something in crypto on your website, the money will eventually filter into your wallet and from there, you’re free to exchange it into the currency of your choice.

 

Good Communication

As with anything in this world, the key to introducing a new payment method is good communication.

If you’re going to take the step and accept Bitcoin on your website, then you’ve got to explain the value proposition to your audience. Make sure they’re aware of new changes and showcase how it benefits them.

This is an excellent opportunity to showcase your brand, so make sure you take it. If you communicate well, then you’ll find more people take up the option of paying in crypto, and it will also foster greater brand loyalty.

 

Platforms and Integrations

How you integrate your crypto payments will depend largely on the platform your site is hosted on. For the major platforms like Shopify, WooCommerce (WordPress), and Magenta, there will be different plugins you can use for a quick setup.

If you can’t find the plugin you want, then most Bitcoin payment tools offer alternatives such as payment buttons, custom integration, and invoices.

Different websites will require different solutions, but for the majority, the plugins do an excellent job. If you’re struggling to integrate these tools with your website, then don’t worry, though.

Crypto was created to enable financial transactions between two parties without the need for a middleman, so you can always invite customers to contact you directly for Bitcoin payment options.

 

What to Look for in a Crypto Payment Processor

When you accept Bitcoin payment on your website, you want maximum value for your customer and your business. With many different crypto payment processors to choose from, it’s important to evaluate your options and make sure you’re getting the best deal.

Here are some considerations when choosing your payment processor.

Transaction Fees

How much do you get charged for each transaction? Bitcoin transaction fees are generally very low compared to traditional payment fees, but you want to make sure you’re getting the right deal.

Payout Frequency

Is it important for your business that your money comes in quickly? If so, you will want to consider payout frequency. While some crypto payment processors payout daily, others can take three to five days before processing your payment. ACH payments are recommended for companies requiring faster business funds.

Supported Countries

Cryptocurrency is a delicate political issue. As we’ve seen with China’s crypto ban, not every country is open to the use of cryptocurrency.

With different rules throughout the world, it’s important to ensure you choose a payment processor that supports the countries you do business in.

Customer Support

Whenever we’re talking about tech, it’s always important to think about customer support. If you have problems with setup or the service goes down, then you want to be able to speak to someone immediately.

Make sure you’ve got the support you need.

Security

The security of your business and its customers is essential. Make sure the payment processor you choose takes security seriously, and stay up to date with your site maintenance. Make sure you’re installing new updates and making regular encrypted backups to your wallet.

 

5 Ways to Accept Bitcoin and Cryptocurrency on Your Website

There are many different Bitcoin payment processors, and other manual ways to accept Bitcoin on your website.

While I recommend you dig deeper into these companies and find the method that best suits your business, these are some of the easiest ways to start taking crypto payments on your site.

 

1. BitPay

BitPay is one of the best options for websites that are looking to accept crypto payments.

It offers different ways for your customers to pay, with payment buttons, hosted checkouts, and embeddable invoices, as well as a host of plugins and integrations. All of these are easy to set up, meaning you can start accepting Bitcoin payments without lots of hassle.

BitPay also helps protect you from volatility through its Zero Price Volatility feature and daily bank deposits. For a 1 percent transaction fee, this is a pretty attractive offer.

 

2. Coinbase Commerce 

Coinbase makes it quick and easy for websites to start accepting Bitcoin payments. With a great app and excellent compatibility with most e-commerce platforms, you can start accepting crypto in an instant.

With quick exchange from crypto to your currency of choice, it’s a high-security option to protect you against currency fluctuations, and with flexible pricing options, it offers something for all businesses.

 

3. NOWPayments

NowPayments is a low-fee, easy-to-implement processing option that’s extremely popular.

It allows you to accept over 100 cryptocurrencies and seamlessly exchange them into the currency of your choice. NowPayments has good compatibility with the major e-commerce platforms, offers some great plugins, and has an excellent point of sale solution.

With a maximum fee of 1 percent, it offers great value for money.

 

4. PayPal 

PayPal is one of the biggest online payment providers in the world and it’s recently stepped into the crypto sphere.

If you’re one of the 29 million merchants that accept PayPal transactions, then customers with US crypto holdings will automatically be able to purchase in their preferred cryptocurrency. At the point of sale, the crypto will be converted to your fiat currency (e.g., US Dollar) and you will be paid as normal.

While this doesn’t quite embrace crypto in the same way as the other options, it is an easy way to accept Bitcoin payments on your website.

 

5. Accept Bitcoin and Cryptocurrency Manually

Bitcoin and other cryptocurrencies were designed to make it easier for individuals to make payments to each other without the involvement of a third party. This makes it easy to simply speak with your buyer and organize your own payment.

This will happen in the customer’s wallet, where they simply facilitate a payment.

All they need is your “address” which is an alphanumerical string (you can also generate a QR code) that you’ll find in your wallet.

Once your customer has your “address,” then they can quickly send payment and complete the transaction.

 

Frequently Asked Questions About Accepting Bitcoin and Cryptocurrency on Your Website

Conclusion: Accepting Bitcoin Payments on Your Website

Bitcoin and other cryptocurrencies are gradually becoming more mainstream and your website can capitalize on it—should the market allow.

While the world debates the merits of cryptocurrency, you can accept crypto payments on your website without exposing yourself to unnecessary risk.

With the right plugins, it’s easy to accept crypto payments and immediately convert them to your preferred currency. This means you don’t have to worry so much about volatility while still giving your customers a valuable service.

One of the great things about accepting Bitcoin on your site is that it can add to your brand image. If your target audience is interested in Bitcoin and other cryptocurrencies, then you should be too. Accepting Bitcoin on your website is an excellent way to do this.

Are you planning on accepting Bitcoin or another cryptocurrency?

Source: neilpatel.com

How to Attract Customers with Buy Now, Pay Later Options

Buy Now, Pay Later (BNPL) is the grown-up, digital version of installment plans of the past. BNPL allows consumers to split large purchases into several monthly payments, interest-free. The industry is growing fast, with 37.7 percent of US consumers choosing the option as of July 2020.

Customers don’t just like BNPL; it also encourages them to manage their budget in a way that helps them pay for higher-priced items.

In fact,  44 percent of consumers say their use of BNPL is somewhat or very important to determine how much they spend.

The reason for the popularity is pretty straightforward. Buy Now, Pay Later offerings to allow consumers to split up large purchases over several months.

In times of economic uncertainty, it’s a relatively pain-free way for consumers to increase financial flexibility and access credit—–without paying interest or applying for a credit card.

BNPL helps online retailers attract customers and increase revenue, which is why business leaders are taking note. If you’re considering BNPL for your organization, here’s how to get started.

 

1. Select a Buy Now, Pay Later Provider You Trust

The first step is to select a BNPL provider. Several tools and apps offer this feature, including PayPal with their Pay in 4 option.

Each tool may offer similar features and integrations, but there are several differences to note.

PayPal’s offering integrates with the PayPal wallet, allowing users to easily manage payments.

When comparing different BNPL options, you’ll want to consider platforms consumers trust. Familiar options like PayPal may increase consumer trust, which may increase sales.

For example, a recent IPSOS study found consumers are 54 percent more likely to purchase from online retailers that offer PayPal, and a recent Morning Consult survey found PayPal is the #2 trusted brand in the world.

2. Highlight Your BNPL Payment Option

BNPL allows consumers to make larger purchases they may not otherwise have had the funds to pay for in one go.

This can help drive sales, especially for online stores. However, to effectively encourage those conversions, businesses need to highlight the option early in the purchase cycle — before consumers decide an item is too costly and exit the funnel.

For example, CMOs could have their marketing team test messaging on their product pages or add a program logo and a short description next to the add to cart button.

To determine the best placement, locate where customers drop off and add BNPL language beforehand.

For example, if a large portion of traffic drops off from the product description page, consider adding BNPL information near the search bar or on the category or product page.

 

3. Include a Brief Description of Your BNPL Option On Your Checkout Page

As consumers add items to their shopping cart, the cost can quickly add up.

They may abandon their cart when they see the final amount — but the BNPL messaging alongside other trusted payment options may encourage them to complete the purchase.

To make the BNPL option stand out, have design and UX teams test different placements, for example above and below other payment options.

Exit-intent popups mentioning the availability of BNPL may also encourage conversions.

Testing is the only way to know what format will drive your audience to convert.

 

4. Track the Success of Your BNPL Strategy and Make Adjustments as Needed

Like every other marketing and sales strategy, testing is integral to a successful BNPL strategy. Understanding what works — and what doesn’t— helps allow your marketing teams to pivot as needed.

For example, you might edit your direct marketing or change the design to test different copy alternatives, placement of BNPL mentions, and ad campaign targeting.

Note that BNPL isn’t just effective at helping drive sales. It may also drive higher average order values as users may be more willing to buy that extra shirt or try a new cologne when they can split up payments. 

Based on an analysis of PayPal internal data from October 2020 through January 2021, the Pay in 4 average order value is 39% higher than standard PayPal transactions.

Here’s a few KPIs your team should track to gauge the success of your BNPL strategy:

• Overall conversion rates
• Total sales
• Cart abandonment rates
• Average order value
• Customer lifetime value

What do you do if BNPL isn’t generating the results you’d hoped for? Start by testing each step in the process.

Where are users finding out about the BNPL option? Should it be earlier in the process? What portion of your audience are you targeting?

Remember, BNPL is incredibly popular with younger users.

 

 

Buy Now, Pay Later Conclusion

Did you know Millennials and GenZ consumers are 28 percent more likely to shop with merchants that offer a buy now pay later option?

Is your business shying away from offering this convenient new payment option?

Your competitors aren’t, and they may be reaping the benefits of increased loyalty and growing sales.

Learn more about how PayPal’s Pay in 4 can drive eCommerce growth here. 

 

Source: feedproxy.google.com

Best Merchant Services

Merchant services exist to help businesses process credit card payments. You might know them by the name “credit card processors.” Regardless of what you call them, it’s important to choose the right merchant service for your specific business.

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.

I’ve reviewed the top six merchant services available today. These are all proven, popular products with reasonable fees.

They all do things a little differently, however, and serve particular types of businesses better than others.

Keep reading to find the one that’s going to fit with your situation.

We’ll walk through the major criteria you need to consider as you evaluate your options, and finish with an in-depth look at the best products on the market.

 

The Top 6 Merchant Services:

• Payment Depot — Best for established businesses
• Square — Best for transparent pricing/fees
• Flagship Merchant Services — Best for great customer service
• Helcim — Best for small business
• Fattmerchant — Best for subscription-based Businesses
• Stripe — Best for online payment processing

 

How to Choose The Best Merchant Services For You

Before we get into the reviews, let’s talk about how to determine what makes a good merchant service.

I’ve broken this down into three major areas:

1. Processing rates/monthly fees
2. Services
3. Type of merchant services account

Let’s go through each of these criteria, one by one.

Processing Rates/Monthly Fees

It’s all about the money, and credit card processing is not as simple as you think. You have to weigh the pros and cons of each service; otherwise, you can end up paying way more than you planned.

We need to look at the processing rates first. With every merchant service, you pay a small fee each time a transaction is processed. It’s usually between 1 to 3%.

You’ll also pay monthly fees, which vary depending on the service you choose.

To get a lower processing rate, you usually have to pay a higher monthly fee.

So, if you’re processing a ton of payments, a merchant service with a high monthly fee and low processing rates can be a good option.

On the other side, if you’re not processing a lot of payments, having higher process rates won’t hurt you as much as a high monthly fee would.

There are also the rates that different credit cards like Visa and Mastercard charge. Merchant services like Toast let you choose between flat-rate and interchange processing rates.

With flat-rate, you pay a fixed amount for processing each month. With interchange, you pay whatever Visa or Mastercard charges plus a small fee to Toast.

Flat-rate processing is a predictable solution that works well for businesses that want to avoid big changes in their rates. That said, interchange pricing is generally more affordable.

Services

You want to look at what the payment processor offers in addition to credit card processing. Do they offer free POS systems, hardware, mobile payments, integrations, etc?

Some merchant services even offer consulting, customer loyalty features, and invoicing tools.

Sometimes the “extra benefits” you get from a merchant service provider can outweigh some of the negatives.

The Type of Merchant Service Account

There are two primary types of accounts, one is an aggregator (or middleman), and one is an ISO (or independent sales organization). Let’s compare the two and see why it’s important to understand the difference.

Aggregators

These are middlemen working in between the business and the bank, offering an easy payment processing solution for businesses. Square is an example of this, and while they make it easier, they usually have higher fees and transaction costs.

ISOs

Payment Depot is an example of an ISO, and while they usually have a more strict acceptance policy, they offer lower rates and user-friendly software compared to a direct processor.

Integration

One of the most important factors to consider is, “how will this integrate with my current systems”?

Your payment processor should never get in the way or cause your conversion rates to decrease; it should complement your current process or even enhance it. Make sure you choose something that will easily integrate into your business without requiring too many changes or adjustments.

 

The Examples of Different Types of Merchant Services

After much research and careful consideration, these are my top six merchant services for both in-person and online sales.

#1. Payment Depot — Best for Established Businesses

Payment Depot uses a membership pricing model, making it simpler to understand but can sometimes result in you paying higher fees.

Thankfully, Payment Depot’s rates are pretty competitive, and they include interchange-plus pricing for both online, in-person, and mobile payments.

This strategy actually makes Payment Depot one of the most affordable payment processors for established businesses that are doing a certain amount of volume.

Unlike other companies, the processing fees remain consistent and predictable no matter how much business you do.

Payment Depot accepts all major cards and contactless Apple Pay and Google Pay as well.

You get next-day funding and integration with POS systems as well as ecommerce platforms such as:

• Shopify
• Revel
• QuickBooks
• PrestaShop
• BigComemrce
• WooCommerce

I don’t think this is one of the best merchant services for small businesses because of how they structure their pricing.

The transaction fees go down as you pay a higher monthly fee, and they seemingly force you to increase your plan because of strict processing limits.

Here’s a breakdown of their pricing:

Basic Plan

• Fee: $49
• Transaction Fee: $0.15
• Monthly Limit: $25,000

Popular Plan

• Fee: $79
• Transaction Fee: $0.10
• Monthly Limit: $75,000

Premier

• Fee: $99
• Transaction Fee: $0.07
• Monthly Limit: $150,000

Unlimited

• Fee: $199
• Transaction Fee: $0.05
• Monthly Limit: Unlimited

So, as you can see – if you’re doing high volume, it would make the most sense to upgrade to the most expensive plan for the lowest transaction fees.

#2. Square — Best for Transparent Pricing/Fees

Pros:

• No monthly fee
• Transparent processing
• Free card reader
• Great added features

Cons:

• No ACH payment processing
• Higher fees than desired

Square is popular for its credit card processing and POS systems, but it offers much more.

It hosts features such as the “Card on File” feature, allowing users to store customer card information that works great for repeat customers trying to accumulate loyalty points and rewards of that nature.

The processor also doesn’t have a monthly fee, and while Square’s features might not be as advanced as some of the other payment processors we’re talking about, for a POS without a monthly fee, you can’t beat the value.

The one thing that stands out most to me is the transaction costs and how they vary whether you’re doing business in person or online.

For in-person sales, expect to pay 2.6% and $0.10 per transaction. For online transactions, it’ll cost you 2.9% and $0.30 per transaction. There are other instances, such as:

• Virtual terminal transactions
• Card-on-file transactions
• And card-not-present transactions

These will cost 3.5% and $0.15 per transaction.

Based on these numbers, Square is not the most affordable flat-rate processor, but the transparency makes it easier for you to understand what the rates are and how they’ll impact your processing based on volume and price.

#3. Flagship Merchant Services — Best for Great Customer Service

Pros:

• Dedicated account manager
• Free account setup
• Free card terminal (with fees)

Cons:

• Confusing ownership
• Little information regarding price

Flagship Merchant Services cut the tape in 2001 and was acquired by iPayment in 2012. Now, they primarily resell iPayment, so keep that in mind.

This company was one of the first to offer free account setup without any application or fees and real month-to-month contracts. They operate tens of thousands of merchants, and they have a strong reputation.

Since they’re not a direct processor, most of their merchant accounts are set up through iPayment. iPayment uses First Data as their processor, and it can get confusing trying to figure out who is processing what through what service.

For retailers, Flagship does offer a free credit card terminal, but you’re responsible for paying account fees and insurance on that terminal to keep it up and running.

For ecommerce, they offer either Authorize.net for processing and integration of an online cart onto your site.

One thing that was a little frustrating about Flagship is trying to find information on their rates. If you go to their website, you’ll see that you need to fill out a form to get any info about what they charge.

I’d like to see more transparency, but you may end up with a more catered package deal with this strategy.

My favorite feature is that you get a single line of contact with the company when you purchase a gateway; they act as account managers.

If you ever have a problem, you contact that specific person, and this isn’t a feature I’ve ever seen with any other merchant service.

#4. Helcim — Best for Small Business

Pros:

• Limited fees
• Fees based on volume
• Free online store software

Cons:

• Limited integrations
• $199 for the card reader

If you’re a small business owner, Helcim might appeal to you. With this service, you’re able to process credit and debit cards online and in person. You can also do some of the following:

• Set up recurring payments
• Send invoices
• Collect payments

Pros:

• No contract processing
• Competitive rates
• Easy to integrate online

Cons:

• Best for high-volume business
• Application process

With a Helcim card reader, you can accept all major cards, including Amex plus Google Pay, Apple Pay, and JCB.

Helcim charges $20 per month with transaction fees based on volume. They don’t have any contracts or cancellation fees, and they’ll wave your monthly fee if you don’t process any payments.

Overall, Helcim is affordable but much more for in-person payments than they are online. Here’s a quick breakdown of their pricing structure, which is based on how much business you do each month:

Monthly Volume: $0 – $25,000

• In-Person: 0.3% + 8 cents (+ interchange)
• Online: 0.5% + 25 cents (+ interchange)

Monthly Volume: $25,001 – $50,000

• In-Person: 0.25% + 7 cents (+ interchange)
• Online: 0.45% + 20 cents (+ interchange)

Monthly Volume: $50,001 – $100,000

• In-Person: 0.2% + 7 cents (+ interchange)
• Online: 0.4% + 20 cents (+ interchange)

Monthly Volume: $100,001 – $250,000

• In-Person: 0.18% + 6 cents (+ interchange)
• Online: 0.35% + 15 cents (+ interchange)

Helcim offers nice features for those of you looking to integrate this payment gateway into your online store. You can add a checkout to your site for invoicing and customer registration while also accepting recurring subscriptions.

#5. Fattmerchant — Best for Subscription-Based Businesses

Pros:

• Simple pricingOmni software
• A solid choice for subscription businesses

Cons:

• Higher monthly fees
• Transaction fees are relatively standard

Fattmerchant is set up a lot like many of the payment processors. As you increase your monthly fee, your transaction fees go down. They offer Omni, which is where you’ll do your invoicing, payments, and reporting.

The service is incredibly user-friendly, great for beginners, and it comes included with your monthly fee.

While Fattmerchant is a great choice for budget-conscious business owners, it’s also a great option for subscription-based businesses.

If you’re selling monthly coaching packages, agency services, or counseling, you’ll benefit from Fattmerchant’s structure.

The processor accepts all major cards, including ACH, invoicing, Text2Pay, and more. Same day funding is available, and you get a free iOS and Android POS app and Bluetooth card readers that you can use on the go.

They have two pricing plans, which are based on how much business you do each year.

For businesses processing up to $500,000 annually:

• Starting at $99/month
• Card-Present Fee: $0.08 + Interchange
• Card-Not-Present: $0.15 + Interchange
• ACH Transaction Fee: $0.25

For businesses processing more than $500,000 annually:

• Starting at $199/month
• Card-Present Fee: $0.06 + Interchange
• Card-Not-Present: $0.12 + Interchange
• ACH Transaction Fee: $0.25

Fattmerchant has a higher monthly fee than some others, but the company says that is how they keep their transaction fees down.

#6. Stripe — Best for Online Payment Processing

Pros:

• Allows you to grow
• Reasonable pricing
• A great solution for online businesses

Cons:

• Complicated setup
• May require developers

If your business runs entirely online, Stripe is your best choice. It’s made specifically for ecommerce and internet business, and tons of startups and Fortune 500 companies trust Stripe.

The company offers sophisticated software and APIs that allow online store owners to customize their checkout experience. You can use the pre-built integrations to connect a Stripe checkout right away and then customize it as you go along.

That’s one of the main reasons why I love Stripe; it’s a payment processor that grows with you and allows you to change it as your business needs change.

With all of these features and moving parts comes complications. It’s not the easiest to set up, and if you plan on utilizing the many benefits of Stripe, you’ll likely need a developer to handle it for you.

Stripe offers a “pay as you go” strategy without monthly fees and transparent transaction fees across the board.

• Online: 2.9% and $0.30
• In-Person: 2.7% and $0.05
• International: Add 1% per transaction
• ACH Direct: 0.8% maxed at $5.00 per transaction
• ACH Credit: $1.00 per transaction

You can use all major credit and debit cards plus ACH, WeChat Pay, Apple Pay, Google Pay, and much more. Expect to wait two business days for deposits or pay a one percent fee to get instant deposits.

Stripe integrates with WordPress, Magento, Squarespace, 3DCart, Zoho, Big Cartel, and more.

 

Summary

By this point, you should know which of these merchant services is right for you. They all have their pros and cons, and you should choose according to the type of business you own.

Established businesses should explore Payment Depot.

Square is an overall solid solution for all businesses, but the transaction fees are a bit high, and scalability is lacking.

I’m also a big fan of Helcim because they allow you to grow with your processor by increasing the monthly payment as your volume needs to increase.

Regardless of which choice you make, keep the important factors in mind and choose carefully, so you don’t regret your decision down the road.

The post, Best Merchant Services appeared first on Neil Patel.

Source: neilpatel.com

Best Membership Plugins for WordPress

I’m sure that you have come across a myriad of membership plugins specifically for WordPress, right? Well, I’m here to make it easy for you by narrowing down the top five best options to help you choose the right one for your company’s needs.

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.

A powerful membership plugin will help you control your WordPress website’s content with maximum flexibility and ease.

Although many businesses utilize membership plugins for restricted content placed behind a paywall, these plugins can do a whole lot more if you find the right one.

Membership plugins will assist you with restricted content and membership payments, but it will also come in handy for automated tasks, course or lecture builders, manage discount codes, and much more.

I’m sure that you have come across a myriad of membership plugins specifically for WordPress, right? Well, I’m here to make it easy for you by narrowing down the top five best options to help you choose the right one for your company’s needs.

All the tools in this list offer unique features suitable for a range of the most common company needs.

 

WordPress Membership Plugins

#1 – MemberPress – The Best All-In-One Membership Plugin for WordPress

MemberPress is the best all-in-one membership plugin because of its powerful and easy-to-use features. Not only does the plugin do what it says it will by creating membership portals for content, but it also offers helpful tools for all experience levels.

Firstly, MemberPress works seamlessly with any WordPress theme, including custom themes you’ve built. Easy-to-use is not an understatement, as the plugin only takes three easy steps to install and get everything set up, which is incredibly inclusive for beginners.

Regarding membership tools, MemberPress has you covered. With this plugin, you receive 100% control over all of your content and who can view it based on what membership level they’ve purchased.

You can restrict access to pages, posts, tags, files, and everything else you can think of that’s on your WordPress website.

With MemberPress, the growth of your company is endless when you utilize tools, such as:

• An add-on that allows you to build and sell courses
• Generate as many coupons as you want
• Premium community forums
• The timed release of content (i.e., content dripping)
• Subscription and membership management Payment integration

As the most powerful plugin on the internet, MemberPress has three pricing plans that cater to different preferences, including:

• Basic: $249 per year for use on one site
• Plus: $399 per year for use on up to two sites—this is the most popular plan
• Pro: $549 per year for use on up to five sites

Unfortunately, MemberPress doesn’t offer free trials, but there is a 14-day money-back guarantee on all plans for a full refund. Try it today.

#2 – LearnDash – The Best Course Builder Membership Plugin for WordPress

If your primary business focus is selling courses, LearnDash is an excellent option to build and sell them with no hassle. With its extensive features like ‘focus mode,’ the plugin allows you to create comprehensive online courses with no restrictions.

Focus Mode is a customizable learning portal that LearnDash allows you to implement into your courses to create a distraction-free environment for learners after purchasing.

Course creation has never been so easy with its drag-and-drop feature that saves you time while creating an organized layout for your customers.

Your content and layout won’t just be organized, it will also be impressively dynamic with drip-feed lessons, adjustable video options, and linear or open progression activities.

Not only can you create high-quality courses for your customer base, but you can also freely manage them alongside your learners.

LearnDash offers a group management function that lets you place users into online groups, then allow said users to manage their own group.

With LearnDash, you can benefit from key features, including:

• Automated notifications to keep you up-to-date
• Badges and certificates for customers completing a course
• Place one-time purchases for courses More than 20+ integrations for functionality

With a focus on course building, LearnDash is quite affordable for an annual price—and I think the benefits outweigh the overall cost. LearnDash offers three pricing plans, which include:

• Basic: $199 per year for one site license with unlimited courses and users
• Plus package: $229 per year for 10 site licenses
• Pro package: $369 per year for 25 site licenses

All the above pricing plans include a bonus demo site template and a 30-day money-back guarantee.

#3 – Restrict Content Pro – The Best For Membership Management

If you own a larger company that creates more content for a bigger audience, it may be difficult to manage and monitor these memberships. This is where Restrict Content Pro comes into play and is a great option for managing all of your memberships in one place.

Restrict Content Pro lets you keep track of your memberships with an intuitive interface, including active, expired, canceled, pending, and recurring membership levels.

Each membership can be added manually and modified in bulk, and you can even request team members to join the board to increase moderation.

Does a customer decide to cancel their membership? No problem! Restrict Content Pro allows you to manually change each membership status to keep things professional and confusion-free.

Along with membership management, this plugin has a great range of additional features, like:

• Member emails where you can welcome new members
• Unlimited subscription packages
• Performance reports
• Data exports
• Payment integrations with Stripe,
• PayPal, Braintree, and Authorize.net Extensive support

Restricted Content Pro has four pricing plans that are of great value for the money. These include:

• Personal: $99 per year for one site and 13 free add-ons
• Plus: $149 per year for five sites and 13 free add-ons
• Professional: $249 per year for unlimited sites and 18 pro-add-ons—this is the most popular plan
• Ultimate: $499 one-time payment for unlimited sites and 18 pro-add-ons

All pricing plans include core features and a 30-day money-back guarantee.

#4 – S2Member – The Best Free Membership Plugin for WordPress

Looking for a membership plugin but don’t know where to start or how much you want to invest? S2Member is an excellent option. With its extensive free version, this plugin is great for protecting and managing your content for paying members.

WordPress shortcodes almost entirely power S2Member, so once complicated integrations are now easy to install and use.

Even if the installation process gets confusing, the plugin offers you an open community forum, comprehensive documentation, and video tutorials for you to read and follow during setup.

Not only does S2Member allow you to offer users premium content, but it also includes a secure checkout solution that flows seamlessly with WordPress capabilities.

Even though the free version doesn’t provide one-step registration and checkout for ease, it’s still a great tool that just has extra steps for verification purposes.

Although the plugin is free, S2Member still offers an abundance of basic features that can help improve your business, including:

• Standard Paypal button integration
• Content restriction options
• Security encryption key
• Manual account creation
• Member profile modifications
• Affiliate program integrations
• Customizable email templates

There are more than 20 unique features that come with the free version of S2Member. This makes it easier for you to learn the ropes of plugins while improving your business at no cost to you.

Speaking of cost, S2Member offers two pro pricing plans at an incredibly affordable price. These include:

• Pro version 2: $89 one-time payment for a single-site license
• Pro version 3: $189 one-time payment for an unlimited site license

Both pricing plans include lifetime access to newer versions of the S2Member plugin and a 14-day money-back guarantee.

#5 – Paid Memberships Pro – The Best For Customization

Paid Memberships Pro is an excellent option for anyone looking at finding a plugin that offers more flexibility and customization.

This plugin prides itself on being able to give its users an extensive range of tools and features that can help you grow your membership WordPress site while maintaining it, too.

Customization options begin with restricted default content pages. Paid Memberships Pro allows you to create a custom message for non-members when they attempt to access restricted content on your website.

Another great customizable feature is the personalized content add-on. This tool lets you offer each paying member a unique page for direct communication with you, which is a great way to create more intimate content for your users.

Personalized content also includes a custom homepage for different member levels and adjustable menus to highlight important links.

On top of all this, Paid Memberships Pro gives you the option to customize your email account with a wide range of email templates to alter the appearance and content of your system-generated emails to members.

If that wasn’t enough, Paid Memberships Pro has quite a comprehensive list of features that will benefit your every need, including:

• Content dripping
• Multi-tiered membership levels
• Offline communities
• Customize renewal dates
• Membership manager role Integrate with several top plugins like MailChimp, WooCommerce, and Zapier

Paid Memberships Pro is the most expensive plugin on this list—however, they offer a free version if you want to try it out and aren’t ready to commit to the full price.

There are three pricing plans for businesses of all types:

• Free: This plan offers five features and includes the plugin download, 19 free add-ons, and six payment gateways
• Plus: $297 per year with support and updates for up to five sites
• Unlimited: $597 per year with support and updates for unlimited sites

Both the plus and unlimited pricing plan include a 30-day money-back guarantee.

 

What I Looked At To Find The Best Membership Plugin for WordPress

Now that I’ve narrowed down the top five picks, several key elements contribute to finding the right membership plugin for your WordPress website.

These elements are crucial to finding the right membership plugin, and you need to weigh up the below criteria against your personal needs to make the right decision for your business.

Business Goals

Your overall business goals matter when trying to find the right membership plugin for you. Simply put, each membership plugin caters to different goals, so it’s important to know what yours are.

If you want to transform your business by creating and selling courses to your customer base, then a plugin like LearnDash would be an excellent option.

This is because it’s the best online course builder, and it offers a range of comprehensive tools to utilize.

Whereas if your ultimate focus is to create restricted content for members, it would be best to install Restrict Content Pro—where you will have access to suitable tools and features to make this goal a reality.

Figuring out what your business goals are will help determine what membership plugin would be best for you.

Flexible Payment Integration

A key feature to look for in a membership plugin is a flexible payment integration option, which allows your customers to have a range of options for payment. Not everyone enjoys putting their credit card information into a website without added security.

For example, the S2Member plugin has a standard Paypal button that’s integrated into your download. This means that your customers can pay for your content through PayPal.

Proper payment security is paramount to make sure you maintain a recurring customer base.

Some other common payment integrations include Stripe and Authorize.net. Having multiple payment options will give customers another reason to continue their membership.

Membership Management

This is an especially important feature for larger businesses that have a lot of memberships to maintain. Having a specific membership management system integrated into your plugin will save you a vast amount of time on manual managing.

MemberPress and Restrict Content Pro are great plugin options if you need a little extra help to manage your memberships.

Without a dedicated management system, it will become increasingly challenging to manage your memberships while maintaining a certain level of professionalism in your business.

Don’t be afraid to ask for help every so often. Running a membership site can be difficult, but the right plugin will make it easier and more straightforward.

 

Summary

Finding the best membership plugin for your WordPress website depends on several key elements like business goals, payment integration, and membership management.

What makes the top five options great is that they either hit all the criteria or have a mix that can fully support your business.

I recommend MemberPress and LearnDash for almost anyone if you want to transform your business with a membership site. MemberPress is an all-in-one plugin, which may seem broad.

However, it offers every tool a business owner would need all under one platform. LearnDash is also great for anyone building and selling courses—which seems to be a common goal among membership sites.

Both are affordable options for a business that knows its goals and needs a plugin to make those goals a reality.

With that being said, the other three plugins are also excellent options for everyday tasks.

 

The Top 5 Options for Membership Plugins for WordPress:

1. MemberPress – Best all-in-one membership plugin
2. LearnDash – Best course builder
3. Restrict Content Pro – Best for membership management
4. S2Member – Best free membership plugin
5. Paid Memberships Pro – Best for customization

The post Best Membership Plugins for WordPress appeared first on Neil Patel.

Source: neilpatel.com

The Best Credit Card Processing Companies (In-Depth Review)

There are many touchpoints along the customer journey. The transaction is of course one of the most important, if not the most important.

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.

 

So, the way in which you accept payments matters for both you and the customer. You need to have the right software and/or hardware in place to make sure transactions are simple and secure for both parties.

Not only that, as a business owner you need to know that you’re not shelling out cash on inferior services or unnecessary additional fees.

Therefore, this post will cover everything you need to know about choosing the right credit card processing company. Plus, I’ll introduce my top picks for a wide range of businesses of different sizes and with different needs.

 

The Top 10 Credit Card Processing Companies

1. Square
2. PayPal
3. FIS
4. Stripe
5. Payline Data
6. Fiserv
7. BitPay
8. Adyen
9. Dharma Merchant Services
10. Fattmerchant

 

How to Choose the Best Credit Card Processing Company for You

Here are some key elements to consider when choosing the right credit card processing company for you:

1. Fees

Look at the payment terms and fees carefully.

Different companies offer different pricing models and things can start to get a little complex.

Firstly, there are interchange fees, which is the percentage taken by the company on every transaction made.

Full-service credit card processing companies also take a monthly fee.

There may also be additional costs, such as setup or monthly minimum fees.

2. Accepted Payment Methods

Nowadays, you need a payment processing company that accepts more than just debit and credit cards.

Digital wallets like PayPal, Google Pay, or Apple Pay have become extremely popular.

3. Customer Experience

When shopping, customers want the entire experience to be quick and easy.

This is particularly important in e-commerce where the checkout process needs to be streamlined.

In fact, a long and complicated checkout process is the number three reason why consumers abandon their carts in 2020.

It’s also vital that the payment gateway is secure because obviously, we’re dealing with sensitive data here.

So, look for elements such as PCI compliance and encryption.

4. User Experience

Of course, you or your staff are going to be the ones actually using these systems.

Thus, the software, apps, and/or hardware need to be user-friendly.

Furthermore, with tech, there’s likely to be a glitch or an issue at some point.

This means that you need a credit card processing company that offers superior customer support.

The reason being, the longer your payment processor is down, the more sales you lose.

Now you know what you need to consider when researching credit card processing companies, let’s take a look at how they work.

 

The Different Types of Credit Card Processing Company

There are two main types of credit card processing companies:

1. Credit Card Processor

A credit card processor is a go-between that takes care of transactions.

The processor takes the funds from the customer’s account and deposits them into your merchant account.

It also ensures that the transaction information is correct, the customer has sufficient funds, and notifies the payment gateway that the transaction was successful.

2. Full-Service Credit Card Processor & Merchant Account

Full-service providers do the same as credit card processors but also provide a merchant account, meaning you don’t need an additional merchant account with a bank.

These providers tend to offer lower interchange fees but also charge a monthly fee and additional fees, such as the above-mentioned setup fees and so on.

Depending on the size of your operation and the volume of payments you receive, you’ll have to calculate which type of credit card processing company is going to keep costs low overall.

Look for companies that are transparent and straightforward about the way in which they operate and take fees.

 

Examples of Best Credit Card Processing Companies

#1 – Square — The Best for Ease of Use

Square is a hugely popular, low-fee credit card processing company for online and brick-and-mortar stores.

Its POS app is rich in features and easy-to-use.

Square is also known for providing an exceptional, frictionless range of POS systems:

Bonus: you can get the software and Square Reader for free.

The beauty of Square truly lies in its simplicity.

The company offers a transparent, straightforward pricing model:

• 2.6% + 10¢ for every tap (mobile payment),
• dip (chip card), or swipe (magstripe card) on the POS,
• And 2.9% + 30¢ for e-commerce transactions.

Other benefits include active fraud prevention, end-to-end encryption, a quick sign-up process, and live phone support.

Essentially, Square is an easy-to-use all-rounder that would be an excellent choice for a wide range of businesses.

 

#2 – PayPal Commerce Platform Review — The Best for Individuals & Low-Volume Sellers

You’re no doubt familiar with PayPal (unless you’ve been living under a rock), but you may not be as familiar with its commerce platform.

With the PayPal Commerce Platform you can take payments online, in-store, on-the-go with an iZettle card reader, by QR code, over the phone, and via social shopping links:

If you’re a solopreneur or small business just starting out then the platform is a fantastic choice for you.

PayPal offers a flat-rate system where you only pay for the processing services you use.

The other great thing about PayPal is that it’s a highly recognizable and trusted brand.

Therefore, advertising the fact that you accept PayPal payments could lead to more conversions.

Overall, the PayPal Commerce Platform is a secure, user-friendly, and low-cost solution for beginners, individuals, and low-volume sellers.

 

#3 – FIS — The Best for Small Businesses

FIS (formerly Worldpay) is a global banking software provider that offers payment processing solutions for large enterprises, small businesses, and e-commerce stores.

However, this company puts most of its focus on small businesses, serving a range of industries including grocery, retail, restaurants, personal and professional services:

And this is where FIS really shines as they work directly with small businesses to give them competitive terms and rates.

You must contact FIS for a quote.

FIS also stands out as a great provider because of its superior 24/7/365 customer support.

Furthermore, their software integrates with 1000+ POS systems which is great if you don’t wish to purchase one of their smart terminals.

FIS is the choice for you if you own a small business and want a customizable solution.

 

#4 – Stripe — The Best for Internet Businesses

Stripe was designed with a range of online businesses in mind, including e-commerce, mobile commerce, subscription services, marketplaces, and other platforms.

So, if you’re primarily a web-based business then Stripe is the choice for you.

What also makes it the best choice for online businesses is that the company provides tons of pre-built integrations and ready-made checkout forms for major e-commerce platforms, subscription services, and the like:

There’s a simple pay-as-you-go pricing model of 2.9% + 30¢ with no additional monthly or setup fees.

Stripe is also one of the most technologically-advanced solutions out there with its dedication to improving the platform and machine learning models for intelligent optimizations.

If you’re looking for a competitively-priced credit card processor that will integrate easily with your online business, choose Stripe.

 

#5 – Payline Data — The Best for High-Risk Merchants

Payline Data offers in-person, online, and mobile payment solutions for companies of varying sizes.

It’s the best option for high-risk merchants that struggle to get approved for accounts elsewhere.

Thanks to its partnerships with major banks and the premiere support team, Payline Data is able to simplify high-risk account management.

Payline Data’s pricing model is a little more complex than other options with setup, monthly, and other additional fees involved.

Take a look:

However, you can work out exactly what your monthly costs will be using their payment calculator tool.

Another advantage of using Payline Data is its integrations with major POS, shopping cart, and accounting software providers, along with developer APIs for a customizable solution.

As long as you consider the costs carefully, this could be the simplest and cheapest option for those looking for a high-risk merchant account.

 

#6 – Fiserv — The Best for High-Volume Retailers

This company provides a convenient, secure, and reliable payment processing service as well as end-to-end accounting services if you require them.

What makes Fiserv the best choice for high-volume retailers is the fact that you can negotiate favorable interchange-plus pricing and terms.

Or you can opt for flat-rate pricing via its Clover platform.

Having recently merged with international payment processing leader First Data, Fiserv is also a great option for those who operate globally.

Seven out of the ten largest digital merchants trust Fiserv. Plus, retailers can accept a range of payment methods that are popular around the world, such as Alipay.

Fiserv is the right choice for more experienced, high-volume, and global retailers.

 

#7 – BitPay — The Best for Accepting Crypto

Though technically not a credit card processing company, BitPay is a forward-thinking payment processing company for those who want to add crypto into the mix.

Owned by Shark Tank powerhouse, Mark Cuban, BitPay allows you to accept a range of cryptocurrencies online, via email, and in-store.

The way it works is simple – the customer gets an invoice, they pay in crypto at a locked-in exchange rate, BitPay converts the payment into your local currency and you receive the payment in your account the next day:

Due to the nature of crypto, you can accept payments from around the globe without having to worry about fraudulent purchases.

What’s more, BitPay promises a flat rate fee of 1% and no hidden fees.

So, if you’d like to expand your reach and gain access to the crypto market, BitPay is for you.

 

#8 – Adyen — The Best for Growing Enterprises

Adyen isn’t for newbies. It counts the likes of Uber, Virgin Hotels, Hunter, and Spotify among its customers.

So, it’s perfect for growing enterprises that are ready to take their business to the next level.

You can benefit from transaction optimization to help you get the most revenue from your sales, as well as in-depth reporting on the platform, to better understand your customers and aid growth:

Fees vary depending on the payment method used. Yet, Adyen provides a transparent list of all fees for each payment method on their site.

Other benefits include data-driven security, fraud prevention, and access to a dedicated team of payment specialists who will provide you with expert advice.

Overall, if you’re focused on growth, Adyen is the perfect partner.

 

#9 – Dharma Merchant Services — The Best for Quick Service Payments

Dharma is a low-fee credit card processor that specializes in retail and quick service transactions.

In other words, if you own a restaurant, bar, fast food joint, or other quick-service business then this is a great choice for you.

The company offers a low fee of 0.15% and $0.07 per transaction above interchange for storefronts and restaurants:

Plus, the virtual terminal and app are free.

The e-commerce rate is slightly higher at 0.20% + $0.10.

With Dharma, you also benefit from exceptional customer service.

If you’re new to credit card processing you can get a free consultation and ask all of the questions you need to. Plus, they offer 24/7 tech support.

Choose Dharma if you own a quick service business and need support along the way.

 

#10 – Fattmerchant — The Best for Professional Services

Fattmerchant provides a range of smart payment processing solutions, but really nails it when it comes to professional service providers.

The reason being, the platform offers the ability to send invoices and retrieve recurring payments quickly and easily.

There’s also the option to create payment links and even buttons to take payments for subscription services.

The platform has features that will speed up your business processes through automation, e.g. automated payment reminders:

Fattmerchant offers a different pricing model to many other credit card processing companies.

There’s a flat-rate subscription fee starting at $99 but 0% markup on interchange and no pesky additional fees.

Essentially, Fattmerchant’s software is a fantastic choice for a range of businesses, but especially for those in professional services or that take recurring payments.

 

Summing Up

Naturally, there are several criteria to consider when choosing a credit card processing company.

Often it will depend on the type of business you run and the volume of payments you take.

Furthermore, some options are better suited to smaller businesses or beginners while others provide more advanced solutions for experienced, higher-volume companies.

Above all, you want a company that offers transparency, security, strong customer support, great software and hardware, and the right pricing model to suit your needs.

Now it’s over to you to explore these top providers further and make the right choice.

The post The Best Credit Card Processing Companies (In-Depth Review) appeared first on Neil Patel.

Source: neilpatel.com