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ACCEPTING ONLINE PAYMENTS FROM YOUR CUSTOMERS

There are many different ways for payment processing for your online business. This article will explain some options that are available in the market. You can make your self aware of all the options and choose the best one for your business.

If you are the owner of a retail store and you are setting up the website to expand your business so that your customers can now see and place purchase orders for the products available in your store, online, then most probably you will already have a credit card merchant account to accept credit card payments. In such a case, you will not require an online merchant account for your business. You can just have a form that should be filled up and faxed to you by your customers, which can be processed by typing the details manually in to the credit card terminal used in the store. But, if you like to beat the competition and stay ahead then you should accept credit card payments on your website. There are different methods to do the same.

The most efficient way for internet merchants is to sign up with any 3rd party processor like PayPal. It is a very simple process where you sign up with a 3rd party processor and they give you an account. Then, your website will have an ordering form which will be processed by the 3rd party processor so that you get your payments.

However, there is a transaction fee that is charged for every transaction, by the processor. It ranges between 2 and 15 percent, which depends on the processing company and also the volume of your transactions each month. These processing firms can also process recurring bills.

A few of the 3rd Party Processors can also process your customer’s orders through the automated telephone system. In this method, the customers of your business should call a specific number and place the order. The customer is asked to key in a secret code, known only to him. Once the goods or services is delivered the amount due will be charged in the phone bill.

A few other 3rd party merchants also offer the option of online check payment. This allows your customers to enter their routing and account number of the checking account in the form and debit their checking account electronically. This is a good option to offer to the customers of your business, as every body will not have a credit card. This option will also help your business to make more sales.

While choosing a 3rd party processor, be sure to check the service record of the processor. If you find that there were several system failures in the past 5 years then don’t open an account with that processor, as every minute during the system failure will cost your business dearly. If you have enough funds, you should set up a merchant account of your own and hire a programmer to create an order form of your own.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.