Any business that has an online presence via a website needs to know how they can accept payment online. If you are planning on starting a business online, or you already have a business online and are simply looking for options, then you should know that there are several ways in which you can accept payments online.
Before you can successfully accept payments online, you first have to be sure that you have checkout process in place. Many of the more popular online payment services come with their own platform, but if they don’t, you will either have to find an e-commerce resource to do it for you or be really computer savvy in order to create your own. Here are some of the ways in which you can accept payment online and how to do so:
• Credit Cards: Accepting credit cards as a form of online payment for your website is a great way to increase sales. To do so you need to set up what is known as a merchant account. A merchant account needs to be set up with a bank or other financial institution and once set up there is generally code that gets plugged into your website. The code will show a credit card logo and once clicked will start the checkout process. This method of online payments is one that is harder to do as the requirements needed to open merchant accounts can be quite strict.
• PayPal: PayPal allows you to be able to accept credit cards and bank payments as well and is one of the most popular forms of online payments today. A nice feature with PayPal is that they aren’t as strict about getting an account, where some credit card companies can be. To get started with PayPal, you simply need to register for a free account, enter all your pertinent information, and then install the PayPal logo on your website, via code.
• Mobile Devices: Many companies now make it possible for you to accept online payments using mobile devices, such as the iPhone or the BlackBerry. This is done using a downloadable app or by using a card reader that can be installed right on a mobile device. All of this is tied right into your website making payment a breeze. While this form of online payment is relatively new, it is catching on in a tech-happy world.
A major consideration you need to take into account is how much your preferred method of online payment will cost you. As a general rule, any time you accept an online payment there will be a percentage fee taken per transaction. Additionally, there may be setup fees to pay as well as well as monthly fees.
If you are going to be selling online, you have to be able to accept payment online. Choosing the method that works best for you and your customers will require some work on your part, but the end result can be a nice increase to your bottom line.