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Utilizing online payments as a means to survive the global pandemic COVID-19


Chooli
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The COVID-19 pandemic has definitely accelerated the transition  to online payment systems from the traditional physical cash-based payment. Partly for the convenience and ease, and partly to observe social distancing. Regardless of the reason, online payments are a growing trend in the business world and are only going to continue to rise in the next years to come.

Online payment systems are third party payment providers that help businesses receive payments from their customers on the e-commerce website or online service platform. This is done via a user-made account, email address or credit card. 

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How does it work?

Your business will have to pay a fee to the third-party payment company, usually something like a few cents per the transaction in addition to some percentage of the total invoice, depending on the provider of your choice. There are also annual or monthly subscriptions.

To find out about the best online payment providers for your business, you can read my blog:

 

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