etailinsights eCommerce Data and Sales Blog
Sales Hack: Accept Online Payments
posted by Darren Pierce
Amazon Dash
If you haven’t heard, one of the latest products released by Amazon is their “Amazon Dash Buttons.” These adhesive buttons stick anywhere and connect wirelessly to your Amazon account. For example, the Tide laundry detergent Amazon Dash Button can stick to your washing machine, and when you are running low on Tide, you merely click the button. Bada bing, Tide will show up on your doorstep.
Why?
Because Amazon is in the business of making it easy to buy and easy to pay for products that their customers want and need. We should do the same in our own SaaS Sales process.
Ok, guilty. I know this is less of a SaaS Sales Hack and more of an organizational improvement, but you need to sit with your team and make sure the solution you are selling is easy to buy. Especially when it comes to collecting payment. Since we are all in the eCommerce industry, the eCommerce portion of your own product should be seamless and easy to “Check out” online.
Here at etailinsights we recently improved our own online payment procedure, making it easier for our own clients to pay and purchase more download points. These points are used to download contact information for the Head of eCommerce, Head of Fulfillment, etc. Before making these changes, one of our engineers (Erik Minges) performed extensive research to identify the best and most flexible payment solution to meet our needs. I’m going to share his research, and I hope you find it helpful as you improve your own B2B eCommerce functionality:
Sales Hack: Research of the Top 5 B2B eCommerce Payment Platforms
by Erik Minges, Software Engineer, etailinsights
For all types of businesses, choosing the right payment platform is an essential decision that has to be made. Whether you are operating a retail storefront, online business, mobile app, or subscription service, you need to make it quick and easy for your customers, clients, and partners to pay you.
To help ensure that you choose the most efficient payment processing option for your needs, we have put together a list of the top merchant account providers. Each company has its pros and cons, so it is imperative that you carefully consider all of the unique details of your business. No two operations are the same, so different businesses may benefit from different payment platforms.
To help you make the best decision, we have broken down some of the major details about some of the best B2B payment platforms. This is what you really need to know.
Braintree (this is what we chose for our own needs)
Founded in 2007 and acquired by PayPal in 2013, Braintree is a leading contender in the payment processing industry. Its strict PCI-compliant development API allows for simple integration into existing business applications. Braintree also has clear policies and a simple, flat-rate processing fee of 2.9% + $0.30 per transaction. They provide fraud detection, international coverage, and have a two-day payout period. They are also the direct processor of payments, so you can rest assured that no third parties will mishandle your transfers. However, the most notable feature is that Braintree has very little negative feedback online, including only four complaints with the BBB in the last three years. As they have been taken over by PayPal, their processing volumes have soared to more than $20 billion per year, so having such few complaints is quite a feat! Finally, Braintree is praised for having consistent phone support and thorough online developer forums.
Who should consider using Braintree? If you need a simple solution that can offer better rates and integrate easier with an existing eCommerce software, Braintree may not be the best fit for you. However, if you have a customized application and desire an easily integrated, PCI-compliant UI run by an honest business, then Braintree Payment Solutions should be one of your top choices.
A relatively new company with big ambitions, Stripe changed the game when it officially launched. Created in 2010 by the co-founders of PayPal, Stripe was the first payment processing company to provide an extensive and easy-to-integrate PCI-compliant development API. In fact, their robust API caused many companies to revamp their core to provide the extensive features that Stripe began offering. They were also one of the first to offer a low, flat transaction rate of 2.9% + $0.30 per transaction. Geared towards offering clear policies and tough security standards, Stripe lies at the forefront of the industry. Like Braintree, they also provide fraud detection, international coverage, and have a two-day payout period. However, clients must be aware that there is currently no PayPal integration with the software. Also, there are over 300 complaints with the BBB; half of which occurred within the last 12 months. Many of these complaints deal with the fact that Stripe uses third-party processors, leading to a greater probability of error. Finally, clients must understand that Stripe does not provide phone support, leading to an obvious delay in customer support.
Who should consider using Stripe? Stripe is a top contender for businesses with custom applications. Like Braintree, this route requires extensive development for clients with eCommerce software. If you are using eCommerce software, it makes more sense for you to use an option that is easily integrated into your existing infrastructure. And remember, if being able to accept PayPal payments is a deal-breaker, you need to look into other options.
The Goliath of payment processing, Authorize.Net has become a staple in the merchant account industry. A recent revamp of the company’s pricing and development APIs make Authorize.Net a top contender to consider. They recently jumped on the bandwagon and now offer a flat 2.9% + $0.30 per transaction, but they do require a $25 per month and $49 setup fee. While a little more expensive than some of the other candidates, the additional free services and a plethora of integration strategies make Authorize.Net a serious contender. The backing of its name alone will put ease in customers’ minds knowing that their transactions are being handled carefully with the expertise of a 20-year-old, trusted company. Like the others, Authorize.Net provides fraud detection, international coverage, and they have a two-day payout period. Authorize.Net continues to push the bar to meet the technology and policy standards set by some of the younger players in the game, and they have been doing it effectively for over 20 years.
Who should consider using Authorize.net? With cutting-edge technology and streamlined integration, Authorize.Net is an ideal choice for eCommerce businesses. This platform will allow you to accept eChecks, PayPal, all major credit cards, plus mobile and a virtual POS/terminal (for brick and mortar companies). On top of that, they partner with almost every major eCommerce software company, so it easily integrates into existing eCommerce architecture.
Specializing in eCommerce accounts, goEmerchant has been a top contender in the market for over 20 years. Glorifying themselves as made for developers, by developers, goEmerchant offers many payment solutions for today’s in-store and online retailers. Their exclusive line of eCommerce solutions makes integrating their technology into existing shopping cart architecture a breeze. While they pride themselves on having some of the best customer support on the market, some of their advertising practices have garnered negative feedback. Their publicized rates fail to bring attention to some of the fees that will be assessed. The public fees that goEmerchant does disclose are $15 per month with a $49 setup fee and $0.10 per transaction. Lesson learned – make sure to read all of the fine print!
Who should consider using goEmerchant? If you want a direct payment processor, this is not the option for you, since goEmerchant sends that off to First American Payment Systems. However, if a flexible pricing model seems appealing to you, this could be a viable option. You also have the choice between customizable adaptation and streamlined integration, so goEmerchant can work with nearly any system.
Over the last decade, this Canadian-based company has prided itself on having secure transactions and excellent customer support. Helcim also offers an interchange-plus pricing model, so better rates are hard to come by; the perfect companion for a growing business. They do charge monthly fees according to which plan is chosen, but they also offer discounts by volume and discounts for non-profits! Their development API offers customizable solutions to fit any need, while their streamlined shopping cart integration makes their software easy to install for the non-developer. As an added bonus, their trusted practices and helpful resources make Helcim a great partner for any business.
Who should consider using Helcim? If you are a growing business, Helcim should be on your list of considerations for payment processing. With competitive rates, customizable solutions, and streamlined integration, this payment platform has the ability to work for all types of companies.
Sources:
https://www.merchantmaverick.com/review-category/merchant-accounts/
https://memberful.com/blog/stripe-vs-paypal/
https://www.braintreepayments.com/products-and-features/braintree-auth
http://www.codeinwp.com/blog/paypal-vs-stripe-vs-authorize-net-vs-amazon-payments-for-wordpress/
https://www.goemerchant.com/developers
http://www.woorockets.com/5-best-payment-gateways-e-commerce-websites/
http://ecommerce-platforms.com/ecommerce-selling-advice/choose-payment-gateway-ecommerce-store
