MARKETING
Overview of the Best Payment Solutions for SMBs
Small business owners are always looking for the best payment solutions they can find. This is because payment solutions are one of the most important aspects of any commercial business.
In this article, we will take a look at the most popular payment methods and tools, including merchant accounts, e-commerce payments, and more.
10 Best Payment Solutions for SMBs
There are many payment solutions for small business owners looking to build profitable brands; whatever the goal may be, merchants need to make sure they can get it done quickly and cheaply.
Here are some of the best options that you can choose from to optimize your financial operations:
1. Merchant accounts
Businesses of all sizes use merchant accounts for e-commerce payments, phone orders, internet charges, donations, retail purchases, and more. The convenience lets you provide your customer with places on your website to enter information about what they want to buy or donate.
In addition, you must have a merchant account to accept credit cards on your website, which provides additional security and privacy benefits thanks to SSL encryption. A merchant account can also process payments through a mobile phone for even more convenience.
2. E-commerce payments
Another service many people turn to is e-commerce payments. They allow business owners to have a professional website that integrates secure transactions and automated checkout safely within the existing platform you use every day.
Stripe, for instance, provides a solution you can quickly integrate into websites and mobile apps. It’s easy to get started on the site by setting up your company profile and then creating forms that collect user data or accept orders while processing card information or invoices from users who are ready to buy something without going through separate shopping carts or payment pages.
3. PayPal
For 12 years, PayPal has been one of the go-to online payment systems for merchants and consumers. It has grown into a multi-billion dollar company and is now in 190 markets worldwide.
PayPal can be used to make purchases on e-commerce platforms and send and receive money from friends and family (person-to-person payments).
PayPal has free tools to use when selling with social media, mobile ads, email marketing, and more. It has been widely used by businesses that have outsourced their work to personal virtual assistants and other freelancers, which is currently booming. You can also withdraw funds or deposit them into your bank account when needed.
4. Dwolla
Providing an alternative to PayPal, Dwolla is a payment system that allows you to send and receive electronic funds without having any additional information about the user. It’s easy to set up and free for 30 days. They also have affordable rates after the trial period expires.
There are no chargebacks, monthly fees, or hidden costs with this service which saves users money every time they use it. To sign up, all you need to do is provide your full name and email address, plus a password and phone number to get started!
5. Spell
Spell is an excellent platform for small and medium-sized businesses. It’s a cloud-based solution that makes it easy to take payments and manage your finances. Spell is perfect for companies that want to streamline their operations and make it easier to accept payments.
The tool offers a variety of features, including online payments and invoicing, that make it easy for businesses to manage their finances all in one platform. Spell also has low processing fees, making it a cost-effective solution for small and medium enterprises.
6. Stripe
Stripe works directly with businesses worldwide, from small shops in California to huge companies like Tesla, Lyft, Target, Microsoft, Instacart, Farfetch, Petco, and more. It’s a simple interface that makes it easy for both users and business owners to get started with the benefit of having a low monthly fee.
Stripe doesn’t take a percentage of what you earn, so you keep more money right from the start. This platform even covers cross-border payments, which have always been a headache to manage in the past.
7. Amazon Pay
Merchants who sell on Amazon can use Amazon Pay to receive payments using their merchant account quickly. You can set up your account without worrying about additional fees or complex interfaces. Of course, you’ll need approval from Amazon before you’re able to accept payments, but everything else is streamlined for simplicity.
8. Apple Pay
Apple Pay is an exclusive solution for mobile payments that works with both iOS and Mac devices. All you need is an iPhone 6 or newer phone, Apple Watch, iPad Air 2, iPad mini 3, or iPad Pro. You can also accept credit cards on the web without installing any additional software on your computer. It’s simple to set up and offers quick payment processing and secure transactions.
9. Square
Square is an all-in-one business solution that takes no commission fees. Square handles all of your transactions (including cash back at physical stores), invoices, inventory management, reports & graphs, customer information management, point of sale ordering, employee management, and more.
10. Square Cash
Square has simplified payments even more by offering a standalone service, Cash App. It’s a peer-to-peer payment service where you can send money from your debit card to anyone who uses the app. The best part is there are no fees unless you want to expedite the transfer with a unique code.
Choosing The Most Suitable Solution For Your Business
The best payment solutions for small and medium-sized businesses can offer a range of pricing plans to suit their customers’ needs. For example, if you offer monthly or annual billing options and pay-as-you-go, you have more flexibility to meet the budget constraints of your customer base. The key is relying on one model and understanding how each type benefits different types of buyers.
There are a lot of payment solutions available depending on each individual’s needs and preferences. Some options, like merchant accounts, will require technical knowledge and may incur higher fees than others, such as prepaid credit cards or e-commerce payments.
However, before adopting any of the methods above, you must do your research and find out which solution works best for your small business!
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MARKETING
Trends in Content Localization – Moz
Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.
Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.
Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.
MARKETING
How AI Is Redefining Startup GTM Strategy
MARKETING
More promotions and more layoffs
For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.
The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.
Dig deeper: How to overcome marketing budget cuts and hiring freezes
Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643.
Here are the median salaries by role:
- Senior management $199,653
- Director $157,776
- Manager $99,510
- Staff $89,126
Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.
One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%).
Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.
Dig deeper: Skills-based hiring for modern marketing teams
Employee turnover
In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”
Men and Women
This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.
In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.
Methodology
The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents.
Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.
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