Social networks are online platforms that enable you to communicate with your customers, receive commissions and orders, and share real-time information. Social media are a handy way to reach your customers, create online networks, sell and promote your products and services. You should be aware of all of the pros and cons of social media products promotion and do not get too carried away.
There are certain risks, but with knowing how to utilize social networks and money services that will help you get paid for your products and services, you are granted success and your business growth will have more potential. But firstly, let us collect money for the growth, thus, here are some online money services that social media users should utilize.
Merchant Account, Payment Gateway, and Payment Processor
Before we start talking about the best business paying platforms, it is necessary to distinguish between these terms, so here is a short summary of them:
- Merchant account is a kind of account that allows customers to receive funds by using a credit or debit card. In its essence, a merchant account is an agreement you make with your bank that allows your business to accept any kind of electronic payment. This account requires the business to partner with a bank facilitating all services in the system of electronic payment transactions.
- Payment gateway allows the credit card information to securely be passed between customer/seller or between seller/payment processor. It is the mediator between the seller and the bank.
- Payment processor is the company used by a merchant to handle the credit card transactions. These companies use anti-fraud systems that prevent any malversations that can affect merchants and customers.
In sum, if you want to accept any kind of payments by your customers, via phone or at the very place of sale, then you will have to partner with the payment processors. There are numerous payment processors that are used for products and services sold online and most of them are used on social networks as the place where most of the sales are made. The type of provider will highly depend on your needs, so we draw out the three most trusted online money services today.
Cash App, a mobile paying platform provided by Square, is an American financial platform operating online. Just as any regular financial platform, a cash app allows you to send and receive funds. One of the best things about the Cash App is that it will not charge you fees to send money to others. It is a perfect app for your online business because it is a registered online payment method. It is a safe and fast peer-to-peer money app that functions effectively as bank transfers.
Cash App can be used on your mobile phone and is supported by both Android and iOS. On the other hand, you can use your computer to access your account. By bearing in mind that the cash app is solely online, there is no need to visit your bank. This platform will allow you to operate with your money directly and to receive all the transactions directly. This is amazing for your online business or linking with social networks since this will generate your money without a mediator.
PayPal was founded in 1998, and it is the payment platform that helps you make and receive payments online and worldwide. PayPal is the paying platform of the greatest use today. PayPal solely has over 350 million active accounts today. This payment platform provides services for e-commerce, auction sites, Google Ads, social network ads, paid promotions, commercial entities, and other operators. PayPal became an equal payment platform with regular credit and debit cards.
This platform is immensely flexible allowing you to use any payment method including Visa, Mastercard, and Amex. Additionally, PayPal has numerous customization options such as online billing, online payments, money transfers, and has an easy card integration. However, there are some charges you need to pay.
For every transaction, you will be charged 2.9% without any monthly fees, which makes it a perfect payment system for businesses with lower sales volume and perfect wallet for the companies dealing with social network sales. To put it simply, funds of the sales are put into a virtual wallet before being transferred to the bank account.
Payoneer is an online paying platform founded in 2005 and functions in more than 200 countries and supports over 150 local currencies. Payoneer merchant payment service provider that has the perk of allowing you to send and receive payments from all over the world. Payoneer functions perfectly for small businesses, however, it will not work as a point-of-sale system. It is the payment platform service provider connecting businesses with their customers. It functions according to the channeling principle, and it is that businesses send requests to the customers for payments directly, which can be paid online by using a credit card or bank account.
One of the greatest benefits of Payoneer is that it functions worldwide. Once you receive your payment, your money is being moved to the business Payoneer account, and this is a pending spot for your money before it is moved to the bank. It slightly differs from PayPal, since you cannot send money from a bank account to PayPal, just between two PayPal accounts. This is not the case with Payoneer since you can send funds from your bank account to the Payoneer account, however, if there is a difference in currencies, you will need to pay conversion fees. This is an ideal payment platform for e-commerce since Payoneer will not charge you for most of the bank transfers if both parties have Payoneer accounts. Taking into consideration fees that are demanded by point-of-sale credit card payments, this is a huge benefit of Payoneer.
Online money services can have multiple functions and they themselves differ based on the type of service they are made for. When it comes to social network operations, it is best to use the ones that are secure and have positive reviews so that possible scams are avoided.
About the Author
Martin Brown is a digital marketing and digital asset management specialist. He has been in the industry for over a decade, helping people understand digital technology and apply them to their businesses. Martin is married with three children. He enjoys playing basketball and scuba diving during his leisure time.