What to Consider When Choosing your Website
Payment Methods
With the popularity of online shopping at an all-time high, many businesses are asking themselves what online payment methods they should use for their website.
In recent years, online shopping has become a necessity for retail businesses. It enables them to reach customers far beyond the range of their storefront.
With how in-demand this service has become, an incredible number of online payment methods have popped up, all with their own advantages.
Some of the most popular website payment methods are Paypal, Square, and Afterpay.
PayPal is a service many online shoppers are familiar with. It has the reputation of being a very safe system to use, and that has led it to become a platform trusted by more shoppers than other website payment methods.
This trust comes at a price. For every PayPal transaction, you are charged a fee of 2.29% + $0.09 to 3.94% + $0.49 from the total
transaction.
In the past, Australian customers were able to make purchases in person using a service called PayPal Here. Unfortunately, this was discontinued in 2021 meaning that only online purchases are supported.
Square is another option that has had a recent rise in popularity in Australia.
They support both online transactions and the use of cards in local storefronts which is a feature most other website payment methods couldn’t boast. All you have to do to set it up is purchase a Square Card Reader from your local electronics retailer and connect it to your account.
Square charges 1.6% to 2.2% on local transactions and 2.2% for all online sales.
Afterpay is slightly different from the other services on this list. Unlike most website payment methods, Afterpay lets customers pay for orders through instalments.
This has been shown to increase the average order size of customers as they are much more likely to make larger purchases because it is much more affordable. While they have no card readers, Afterpay integrates easily with a range of existing Eftpos systems, meaning that it can be accepted locally.
Even though the customer pays for the purchase in parts, your business will receive the total value on every successful purchase, excluding the 4.17% charge per transaction. It can be very challenging to determine which website payment methods are best for your
business. Fortunately, you can choose to accept multiple at once.
As long as you are aware of the fees associated with each service, using PayPal, Square, and Afterpay together can help your business meet a completely new range of customers.
