If you are planning to build an online business, you then need to think of integrating payment system for orders.
You can simply do that by requesting that a check payment be sent to you in the mail. Most shopping basket software allows you to select this option when you are setting it up.
If you already have an offline business, you may simply wish to accept credit card payments over the phone.
However, there are some basic difficulties with these solutions and it all comes down to the way people shop on the internet.
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Customers expect to be able to add items to their basket and proceed to the checkout to pay. If they then find they must telephone you or print out and send their order, they may simply abandon their order and hop over to another website.
Shopping online is all about suitability and if you are unable to provide this, you may be losing customers without even being aware of it.
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If that’s the case, what are your ideal options and what is it all going to cost?
It actually is not that complicated. You can do it all very simply and cheaply. If you are completely new to this, Paypal is the best option for you. Paypal does not have a set-up charge and is a large and trusted online payment processor serving millions of accounts worldwide in more than 200 countries.
Your only cost is a small percentage on each sale; a transaction charge.
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Payments from your website go straight into your Paypal account from where you can transfer amounts to your bank account with the click of a button.
Once you sign up with a payment processor, you can either link to their secure server from your shopping basket facility or build ‘add to basket’ buttons via a simple web query form.
The html generated is then pasted next to items on your web page and your customers will be transferred to a secure server when they go to checkout.
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Traditional merchant accounts are normally set up through your own bank and will become integral to your business account.
Having your own merchant account gives you the choice of many different online payment gateways. In many cases, they do charge a set-up fee, monthly fee and transaction charge.
In order to make a decision, you better to do some research on a company you sign up with on the internet. Don’t forget to take print out and read their terms and conditions. Take particular notice of where they are operating from, their fees, when and how you will receive your money into your account.
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Another point to consider is the question of chargebacks. This happens when a buyer requests a refund of an amount already paid to you.
Explanations include not receiving goods ordered or items arriving defective, damaged or not as labeled. Sometimes requests are made if the buyers card was used fraudulently.
If the chargeback request is successful, your merchant payment processor will charge you a processing fee.
However, some firms will now provide you with insurance against chargebacks inclusive in your monthly fee. It’s certainly worth shopping around for the right solution for you but knowing you have done your research will give you great deal of understanding and knowledge.
Disclaimer
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.
Please do your own research.
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