Determining Factors For Online Payment Processing For The Online Business
There are different aspects and characteristics, pros and cons, of using the various services available for conducting online business banking and payment processing. Whatever services you are thinking about, you will need to consider these different factors. Primarily, you will need to look at things like:
-Affordability: these services all have a way to make money for themselves, and you'll need one that is affordable to you and your customers so that you don't lose business or cut too deeply into profits.
-Accessibility: your clients could be located anywhere in the world; so the services that you use to process payments must be equally accessible.
-Currency and conversions: again, it's about worldwide accessibility. If you engage customers across country lines, you'll need to be sure that the currencies will convert and allow equally for payment and for withdrawal to your business account where you can access the money.
-Security: nothing is more important on the web than the security of your accounts and the accounts of your customers. Security must be a primary focus at all times to protect every one of you.
Services And Options
There are many options for online banking, some well-known and others less so. A few methods worth exploring for small business payment processing online include:
-Credit cards: to process credit cards directly on your site, you will need to establish a merchant's account with the credit card company and with your bank. Also, you will need a secure third-party gateway to enable you to accept payments online. All of this can be quite costly and time-consuming, and you will bear a significant responsibility for the safety of online orders processed this way.
-PayPal: this is one of the most favored ways to process payments online for small businesses. It is a good alternative to opening a merchant account which sets up quickly, eliminates many safety concerns, and can still be applied directly to your site. One of the greatest advantages of PayPal is that currencies are easily passed and converted. PayPal accounts are free to set up and cheap to maintain; basically, you only incur a cost when you are making money, and that percentage can be accommodated for in pricing structures.
There are many other similar services such as StrataPay, PayMate, and eWay, but it is important to check the fine print and know what you agree to - some charge a fee to the customer, which could be a significant business deterrent (would you want to pay to give away your money?) Others are quite similar to PayPal and strive to enhance their services in order to compete.
-Direct transfer or deposit to bank account: normally this process is fast and cheap, using existing accounts and processing transfers between them. But you have to consider whether you want to give out your account information for the processing, and problems often crop up when cross-border transactions and different currencies are involved.
Regardless of the service, you decide on, do take care to protect yourself and your clientele, and choose a service that does not make it unprofitable to accept payment. Do your research and choose wisely to maximize the most important factors - convenience, profitability, and always, safety.