Accepting payments is a crucial aspect of running any business, whether it is an online or brick-and-mortar store. It is essential to have a payment system that is convenient for your customers and secure for your business. That’s where Zil Money comes into play, Zil provides different payment services to accept payment without any hassle. Keep reading to know more about different terms about accept payment online and how Zil Money can help you.
Online payment refers to making a financial transaction over the internet using a digital payment method. It allows customers to purchase goods and services online using their computer or mobile device without having to visit a store or use cash physically.
Online payment has become increasingly popular in recent years as more and more businesses move their operations online and consumers seek out convenient ways to make purchases from the comfort of their own homes. Online payment is also convenient for businesses, as it eliminates the need for physical cash handling and reduces the risk of fraud associated with traditional payment methods.
What are Accounts Receivable and Accounts Payable?
AR stands for “accounts receivable,” and AP stands for “accounts payable.” Accounts payable is the money a company owes to its suppliers and accounts receivable is the money it owes to its customers. When two companies do business together, one will write “accounts payable,” and the other will do the same for “accounts receivable.”
What Is Electronic Fund Transfer (EFT)
Electronic fund transfers permit the online transfer of funds between banks. There are no paper documents required, so the process is significantly quicker. This makes e-banking more accessible than other payment methods.
Electronic fund transfers, or EFTs as they are more commonly known, involve sending money from one bank account to another using a computer. They are completed with assistance from bank personnel. There is no need for paper records since all transactions are conducted digitally.
A payment link is a secure URL that is sent to a customer to allow them to make a payment online. It can be used for various purposes, such as collecting payments for products or services, accepting donations, or paying invoices.
Payment links typically include a description of the product or service being purchased, the price, and a payment button that directs the customer to a secure payment gateway to complete the transaction. They can be sent via email, text message, or other messaging platforms.
Different Ways to Accept Payments Online
Physical and Virtual Credit and Debit Cards
Credit and debit cards are among the most popular ways to accept payments. Customers can easily make a payment by swiping their card at the point of sale (POS) or entering their card information online. A virtual debit card or credit card is similar to a traditional physical debit and credit card. Use a pay-by-credit card using Zil Money to send and accept payment.
Mobile payments are becoming increasingly popular, with options like Apple Pay, Google Wallet, and Samsung Pay. Mobile payments allow customers to make payments through their mobile devices, eliminating the need for physical credit or debit cards. To accept mobile payments, you will need to have a payment processor that supports these methods.
E-wallets, like PayPal, Venmo, and other wallets, allow customers to store their payment information in a digital wallet and make payments without needing a physical card. The payment link provided in Zil Money provides to accept payment online via E-wallets.
Bank transfers allow customers to transfer funds directly from their bank account to yours. This payment method is typically used for larger purchases, such as furniture or appliances. To accept bank transfers, you will need to provide your customers with your bank account information, and they will need to initiate the transfer through their bank. Use ACH payment, wire, and other methods to send money online using Zil Money.
eChecks is a type of electronic funds transfer that uses the ACH network to process customer payments to the payee’s account. The technology for eCheck transactions was developed to cover traditional paper check processing and transaction, including bill payments, direct deposit, and other person-to-person transactions.
Accepting payments is an essential part of running a business. Offering multiple payment options so your customers can select their desired payment system makes it simpler for them. Use Zil Money’s platform to accept payment online using different methods and payment links. So, why wait? Start using our platform and feel the magic.