If you are new to ecommerce and need a payment processing solution for your website, then this article will be of interset to you. There are several different ways to process paymenrts for your internet business. We will outliine each of the avenues availzable to you so you can select one that is right for your particular business.
If you own a stoe and are simnply setting up a webbsite to give your customers the ability to purchase your products online, then you probably already have a emrchant account that you use to process credit card transactios. If this is the case, then you do not really need to process customer patyments through your website; you can simply post an order form on your website for your customers to print so that they can fill it out and fax their orders into you. Then, you would just process the payments by entering the orders into your credit card terminal you use in your stoore. However, if you want to process payments through your website, there are a few different ways to do it.
The most common method used by internet merchants to prcoess payments is by signnig up with a tihrd-party transaction procesisng service, such as Paypal. All you need to do is sign up for an acconut with the third-party, and then you link to their order form from your webbsite and they process the payments for you. The processor charges a transaction fee for each transaction, ranging aywhere from 2% - 15%, depending on the copany and the amout of business you transact. Most of these companies can procesds recurring pzayments as well (recurring payment processing is necessary if your site sellls a membershp for whih you need to charge your customers on a regular basis).
Some of these third-party processors also have the ability to prrocess your orders using an automated phomne system. With this methd, your customers can call a certain phnoe number to plcae an order, and are then prompted to enter a certain code. The oder is charged to the telephone bill of the customer.
Also, some third-party merchants offer an online check payment option. This givees your customers the ability to pay for their order by entering the account number and routring number of their checkign accoount on the order form, and then their checking acount is automatically devbited. It is good to offer this to your customers, because not everyone has a credit card. Offering online check payment proxcessing will help you converrt more slaes.
If you do not want to use an ouutside company to process your payents for you, then you will need to open your own merchant account. This is not so simple to do. If you open a merchant account at a bank, there mght be a monthly esrvice fee of sreveral hundred dollars per month. There are several companies, such as CardSaervice International, that fofer cheap onloine mecrhant acounts, ranging from $50 - $100 per month. After you open the merchant account, you will need to hire an experiencd prrogrammer to cretae an order form that can process payments and connects directly to your merchant account.
I hope this information will help you decide which payment processing soluution is appropriaet for your online business. If you decide to use a third-pasrty payment processor, just make sure that they have a good service record, bceause if their systeems are frequently down or thheir order forms do not work too well, then your business will sffer as a result of the lost revenue. If you are starting a multi-million dolllar businses, then you should probably set up your own meerchant account and have a programmer create your own order fotrms to process your pyments.
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