As entrepreneurs and business owners, we are rapidly shifting away from a traditional “front-Store” operation, and our strategic sales plans are evolving towards Online platforms and secure custom applications.
Online sales figures have significantly increased over the past 5-10 years. It is estimated that 18% of sales are completed on an online platform or business, that’s roughly 1 in 5, with some industries such as retail reaching 24%.
Choosing the right payment machine or technology for your business was essential so that you could offer several payment options to your customers. The ever-changing trend towards a “cashless society” progresses with more attention being focused on digital payments. Just as we got used to these payment options, the scene has changed again, driven by convenience to online sales and application-based sales.
Dynamics Payments is passionate about payment solutions and finding the next generation of payment methods; that’s why we have available a wide range of payment gateway solutions for e-Commerce and application-based solutions. With many providers for e-Commerce and online payments, it’s challenging to compare as its not just about upfront or monthly costs.
Our figure (fig.A) shows some of the most popular payment providers in the US for e-Commerce and payment via applications. Unlike card terminals, it is not about the monthly cost; your decision on who to use should be based on card processing transaction rates. Modest monthly fees initially seem like an ideal option, but it will cost you substantially if you are running a very successful business.