reads Zoho's tagline. As a corollary to this, the Zoho Invoice team is fanatical that small businesses invoice.online and get paid.online. When your invoicing software was released, it was integrated with PayPal and we quickly added Authorize.net and Google Checkout to our repertoire. With that, we completed the troika of payment gateways to provide our customers a complete online invoicing experience. It is over two years since our customers have been accepting electronic payments and it is time to introspect and to gain interesting insights into to which payment gateway most of our customers turn to. So let's talk some real numbers.
Payment gateways - How they stack up against each other?
Unsurprisingly, PayPal leads the pack as it is well entrenched in the market and in the last one year we saw a lot of small businesses outside the United States where it is the only option available using Zoho Invoice. Furthermore, PayPal standard (their only offering we support currently) is pretty easy to setup. Arguably, PayPal has played the role of an anchor tenant here. However, viewing this infographic in binary (one gateway wins, everyone else loses) would smack of short sightedness. We have observed a similar pattern of growth for payments via all three gateways and customers have shared similar experiences across the spectrum.
Let me add a caveat. The above statistics should not influence your decision to choose a payment gateway. There are factors beyond mere popularity like the location of your business, your average and median invoice amount, the number of invoices, etc. that should be considered before zeroing on a payment gateway. We will throw light on all these and more in forthcoming posts.
That is pretty much what we have for now. This is just a teaser and watch this space for more posts where we demystify online payments, share some interesting trends accompanied by evidential reports and of course help you choose the best way to get paid.
Until then, Happy Invoicing :)