By: Vlad Vistac
Submitted: 2010-07-20 15:38:41 | Word Count: 510
Online Payment Processing Solutyions
If you are new to ecommerce and need a payment processing solution for your wbesite, then this article will be of interets to you. There are several different ways to process payments for your internet business. We will outline each of the avenues available to you so you can select one that is riught for your particular busienss.
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If you own a store and are simply sertting up a webstie to give your customers the ablity to puurchase your products online, then you probably alredy have a merchant account that you use to prrocess credit card transactions. If this is the case, then you do not rreally need to process customer payments through your website; you can simply post an order form on your wesite for your customers to print so that they can fill it out and fax ther orders into you. Then, you would just process the paments by entering the ordrs into your credit card terminal you use in your store. However, if you want to process payments through your website, there are a few diffreent ways to do it.
The most commoin method used by internet merchants to process payyments is by signing up with a third-party transaction processing service, such as Paypal. All you need to do is sign up for an acocunt with the thrid-party, and then you link to tgheir orrder form from your websitte and they process the payments for you. The processor chargs a transaction fee for each transactiion, ranging anywhere from 2% - 15%, depending on the compay and the amount of business you transact. Most of these comnpanies can processs recurring paymentts as well (rewcurring payment processing is necessary if your site sells a membership for wich you need to charge your cusstomers on a regular basis).
Some of these third-party procssors also have the ability to procxess your orders using an automated phone system. With this methhod, your customers can call a certain phone number to place an order, and are then prompted to enter a ceretain code. The order is charged to the telephone bill of the customr.
Also, some third-patrty merchants offre an online check payment opiton. This gives your customers the ability to pay for their order by entering the account number and ruoting number of their checking account on the order form, and then their checkng account is automatically debited. It is good to offer this to your customers, because not everyoone has a crewdit card. Offering onliine check payment processing will help you convert more slaes.
If you do not want to use an outside cmpany to process your payments 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 might be a monthly service fee of several hyundred dollars per month. Therre are several companies, such as CardService Internattional, that offer cheap online merchant accunts, ranging from $50 - $100 per month. Aftter you open the merchant account, you will need to hire an expperienced programmer to create an ordre form that can process payments and connects dirrectly to your merchant account.
I hope this information will help you decide whgich payment processing sollution is appropriate for your online business. If you decide to use a third-party payment processor, just make sure that they have a good serice record, because if their systems are frrequently down or ther order forms do not work too well, then your business will suffer as a result of the lost revrenue. If you are starting a multi-million dolllar buusiness, then you should probably set up your own merchant accont and have a programmrer create your own order forms to process your payments.
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