When a customer is ready to purchase your product or service what will be the best method of payment?
Maybe you will do the traditional payment method or maybe you will use the internet to your advantage by using more updated payment methods.
People want what they want when they want it. NOW!!! So try your best to give them what they want from every angle.
There are a few different ways you can go about this. Merchant Accounts, Credit Card Processing Services and Send and Receive Payment.
Here is the quick description of the these payment forms:
Merchant Accounts is a means for accepting online shopping cart payments. There are monthly fee’s that come with using a merchant account and also transaction fee’s.
Just about anybody can be approved for a merchant account. If you have a relationship with your bank start there.
Credit Card Processing Services allow you to take online credit card orders without a merchant account. They also accept checks on your behalf.
They take a small percentage of the sale. There are no monthly charges with credit card processing companies. If you make no money they make no money.
I believe that this is the best way to go, especially starting out.
Send and Receive Payments
Request Money allows you to receive or request money from anyone with an email address in 45 countries that accept PayPal.
To request money for an auction, invoice a customer or send a personal bill-just enter the recipient’s email address and the amount you are requesting. The recipient gets an email and instructions on how to pay you using PayPal.
Examples of uses for Request Money:
1- Receive secure, instant payments for auctions
2- Send an invoice to a customer
3- Collect money for a group gift
Use PayPal to send payments in U.S. Dollars, Canadian Dollars, Australian Dollars, Euros, Pounds Sterling, or Yen.
Option #1: Merchant Accounts
Cardservice International - http://www.cardservice.com/
VeriSign - http://www.verisign.com/
Option #2: Credit Card Processing Services
Credit card processing services allow you to take online credit card orders without a merchant account.
1 - ClickBank is the online billing solution used by thousands of web businesses that deliver unique digital products and services over the Internet itself (via web pages, files, or email).
Orders By: Credit cards
Setup Fee: $49.95
Monthly Fee: none
Processing Fees: $1 +7.5% of each sale
Payments: Charge $2.50 to process and send check. Withhold 10% of checks over
$25, which is released after approx 90 days. Checks issued twice per month. Affiliate Program: To sell you’re products, all details handled by Clickbank.
Earn commissions: referring customers and clients
2 - PayPal enables any business or consumer with an email address to securely, conveniently, and cost-effectively sends and receives payments online. Their network builds on the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution. They deliver a product ideally suited for small businesses, online merchants, individuals and others currently underserved by traditional payment mechanisms.
PayPal credit card processing services is an online billing solution for all types of products and services from single-item to multi-item purchases.
Orders By: Credit cards or direct transfer
Enable your website with PayPal’s free Shopping Cart!
Setup Fee: none
Monthly Fee: none
Processing Fees: Standard Rate 2.9% + 30¢, Merchant Rate 2.2% + 30¢
PayPal Preferred fees calculated by subtracting 1.5% debit card cashback from the Standard and Merchant Rate fees.
Payments: are made to your business bank account, or onto your Visa credit card.
Affiliate Program: No
Earn commissions: referring customers and clients
This is the form of payment that I use, and what many other’s use.
Look out for my next post because I will show you step by step how to set up your Paypal account. There is also going to be a paypal video tutorial as well.
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