You’ve started your online business, but have you considered how your customers will be able to pay? If you’ve contemplated letting your customers pay online but aren’t sure how to get started or what processes and options are available, we’ve got you covered.
Bank Transfer
The great majority of payments to or from a business are made electronically, hence most businesses use bank transfer to collect payments. When money is transferred from one bank account to another, it is referred to as a bank transfer. Customers can usually transfer money from their bank account quickly and for free. This option is available to your customers if they:
- Log into their online banking account and choose the option to make a payment, then enter your banking information;
- Make a payment using mobile banking by calling their bank’s telephone banking service.
- If they have cash on hand, they can deposit it into your account at any of your bank’s locations.
Endcash
Endcash is an app that helps you keep track of your finances while staying connected. It enables you to collect payments from your clients’ phones, in-store, online, or via the App. Because transactions are kept on the system for 18 months, you can easily keep track of your sales via the app. Receiving payments from both Endcash and non-Endcash users is simple and quick with the Endcash.Me link, which is customizable.
Here’s how it works:
- Download the app or register on their website.
- Create a profile for your business
- Share your business sales and promotions.
To get paid right away, share the link on your website and social media profile sites, or send it to yourself through text, email, or WhatsApp.
Buzz Pay
For any size and type of business, Buzz Pay is the simplest way to accept, process, and disburse digital payments instantly. It allows you to track sales, engage with consumers, and more with a comprehensive control centre, and it allows you to provide a fast and flexible experience for your customers. There are no setup fees on any of their plans, and you can sign up for a free 14-day trial of Buzz Pay without providing your credit card information.
Customers who want to pay online will find a “Pay Now” option on any Buzz Pay service, including invoices you send. Your customer will be asked to enter their credit card information when they click the “Pay Now” button. They can then proceed to make their payments in a secure manner. An email will automatically be sent to you whenever a customer makes a payment. Your customers will also receive emails verifying whether or not their payments were successful. You can easily automate your payment process from beginning to end and leave the platform to do the work.
easyBiz
With a product backed by First Citizens Bank, you can improve your sales via social media and WhatsApp by providing clients with a full checkout experience without having a website. Embed payment buttons on your Facebook and Instagram pages with ease, and generate payment codes and invoices to send by email, SMS, and WhatsApp. In 2 business days, payments are processed and reconciled to your First Citizens account. However, at this time, only credit card transactions are possible. Business owners may also use easyBiz to automate invoicing and accounting, create digital stores, manage products and inventories, and much more.
To register you’ll require:
- All directors, partners, and sole traders to have two valid forms of identification.
- A completed application form that has been signed and stamped.
- Copies of the documents related to the business registration.
WiPay
WiPay is a recognized Payment Service Provider that allows you to receive credit, debit, and cash payments all in one place, swiftly and securely. You may submit invoices by email or your preferred social media platform and get paid promptly with a credit card, Visa debit card, or cash vouchers directly from the invoice. WiPay Me is a simple and convenient way for anyone to transfer money to your WiPay account using your business’s unique payment link. Simply create a payment link and send it to anyone who needs to send you money. However, there is a standard transaction cost of 3% +0.25 USD for credit and debit card processing fees.
Here’s how to join:
- Use the Sign-Up button on their website to create a FREE WiPay account.
- Enter your bank account information and upload any supporting documents, via the account portal.
- Once the requirements are met, WiPay’s team will check the bank account information and documentation and upgrade your WiPay account to verify.
- Once a WiPay account has been successfully confirmed, WiPay will provide you with a unique Developer ID.
- When you log in to your account, you’ll be directed to create your own unique Business key on the Developer page, and then you’ll be taken through the process of installing the required plugin.
Social Pay
For Trinidad and Tobago, Social Pay provides better digital services. You may use it as a standalone service or develop your own paylinks, invoices, and integrations on platforms like Wix, Squarespace, Shopify, and others. Social Pay offers a website builder that was created specifically for ease of use, however, it can be used with or without a website. You must link your bank account to Social Pay in order to get a payout or make a withdrawal. Start selling your goods and services for free by registering on their website. Signing up is simple, safe, and free.
Paywise
Paywise enables you to receive payments from your customers more easily and deposit the funds into your bank account. There are no setup fees and it is simple to set up. To begin receiving payments, simply complete the registration process and you will receive SMS and email notifications when payments are made. However, there is a standard transaction fee of TTD 8.00.
It’s really simple to sign up for Paywise. Contact, application, and activation are the three stages of the process. You can start the process by contacting Paywise via phone, email, or the website’s pre-registration form. Paywise’s application process is similar to that of opening a bank account: you must first register your business with the appropriate authority and then submit the necessary application requirements. They send you the application via email once you agree to sign up. Once the documents have been received and the online account has been created, your Paywise account will be enabled. The speed with which you complete the registration procedure is determined by how quickly you submit the necessary paperwork.
PayPal
PayPal is a secure and free way to send, receive, and retrieve your money. The method is nearly identical to that in the United States, with one exception: you CANNOT link your T&T bank account to your Paypal account, as Paypal does not authenticate our local bank accounts. While Trinidad and Tobago is a Paypal-supported country, the process is not the same as the United States as mentioned.
Here’s how to join:
- Create a Paypal account using your Trinidad and Tobago contact information.
- Choose Business as your Paypal Account Type.
- Use Paypal’s verification method to add a verified Trinidad and Tobago Visa debit/credit card. Visa debit cards from JMMB, Venture Credit Union, PSCU Credit Union, are all accepted. (Paypal will not accept Linx Visa Debit Cards.)
Because you can’t transfer funds from your T&T bank account, you’ll have to move your Paypal funds to your linked credit/visa debit card. However, RBC has disabled Paypal’s ability to deposit funds to their cards. When you go to ‘Withdraw,’ you’ll see this choice. You can also consult with a Paypal account representative about enabling “Automatic Transfers” on your account.
We at TriniBiz hope that this information has been useful to you. Please leave any alternative online payment providers in the comments section below.
