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Ecommerce Information |
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How to Receive Payments for Your Online Sales
Once you decide which products you are planning to sell on the Internet, and what type of web store you are going to use in order to display your products, next vital decision that you haveto take is to figure out how your customers are going to pay you.Whatever you plan to sell online, accepting credit card transaction is a must! A full 90 percent of all online sales occur through credit card payments. There are two ways you can add e-commerce capabilities to your website: 1. Having your own merchant account 2. Using third party processors What is a merchant account? A merchant account is a special kind of bank account where funds received from credit card transactions are first routed to the special account and held there before being remitted to your business account. You as an online merchant will need an account called "Card Not Present Merchant Account". Having the merchant account is, actually, the first step in processing credit cards online. You will also need a payment gateway. A payment gateway is a service provided by billing processor which allows real time authorization of online transactions. The payment gateway you choose to work with has to be compatible with your shopping cart. Three top payment Gateway providers are AuthorizeNet (http://www.authorizenet.com/), Verisign (http://www.verisign.com/) and USAePay (http://www.usaepay.com/). All payment gateway providers have their own merchant solutions. Most banks, today, work with partner payment gateway providers and are fully capable of furnishing with a merchant solution. If you are just starting an online business and you don't think that your sales will generate more than a thousand dollars a month, you will be better of with a third party processor. However, once your sales become a few thousand you will save a bundle by switching to a merchant account. PayPal With 72 million accounts worldwide and payment volume which is growing at a rate of 44 percent each year, PayPal by far is the most popular third party processor on the Internet. PayPal is a simple and affordable payment solution for those online merchants who are unable to or don't want to go through the complex process of setting up a bank merchant account. At present, PayPal has four unique solutions for merchants. PayPal Website Payments Standard: This solution allows you to accept credit cards on your website. However, the transaction is processed on the PayPal secure server. The customer can choose topay either by credit card or PayPal. If you don't have shopping cart as yet, you may get one from PayPal; or you can integrate PayPal solution to your existing shopping cart. Cost: No monthly fee. No setup fees. No cancellation fees. Transaction Fees are 1.9% to 2.9% + $0.30 US$. PayPal Website Payments Pro: This solution is virtually same as having your own merchant account. If a customer pays by a credit card, PayPal works as a payment gateway for you. The customer does not leave your website at anytime if she pays you by a credit card. Cost: $20.00 US$ monthly fee. No setup fees. No cancellation fees. Transaction Fees are 2.2% to 2.9% + $0.30 US$. PayPal Email Payments: This is the payment system PayPal started with. You send invoice to your customers by email and get paid onPayPal. Cost: No monthly fee. No setup fees. No cancellation fees. Transaction Fees are 1.9% to 2.9% + $0.30 US$. PayPal as an Additional Payment Option: If you already have a merchant account and you would like to add PayPal to your existing payment solutions, you can use this option. If you are planning to sell products through eBay, you definitelyshould have PayPal option. According to eBay, three out of four eBay customers choose to pay by PayPal. When you use PayPal as your primary processor, make sure that youhave at least one more alternative payment solution handy. The reason is many disgruntled former users of PayPal claim that PayPal might freeze your account anytime without any apparent reason. Read http://www.PayPalsucks.com for more information. However, According to a new report, Merchant losses from fraud onPayPal are now only 0.17% of revenues, vs. 1.8% for online merchants that accept credit cards through merchant accounts. This gives one more reason to use PayPal. WorldPay If you are facing problems to get a merchant account due to the factor that you are not located in the US, WorldPay could be the solution for you. WorldPay is a one-stop solution for your merchant account, payment gateway and store front. The payment option comes with fraud protection and risk management applications to safeguard your business. Based in England, WorldPay is a division of Royal Bank of Scotland. Cost: If you compare with PayPal, WorldPay's fees are pretty stiff. 50 US$ monthly fee. 400 US$ setup fee. Transaction Fees are 3.25% + $0.40 US$. The charge for multicurrency processing is5.25% per transaction. 2Checkout 2checkout.com works as an online distribution center. When customer buys a product from your website through 2checkout, you actually make your sale to 2checkout for immediate resale to yourcustomer. Customers are billed by 2checkout not you. 2checkout accepts vendors from virtually all over the world. You can also set up recurring billing through 2checkout. Cost: No monthly fee. 49 US$ setup fee. Transaction Fee: 5.5% + $0.30 US$. ClickBank For selling e-books, reports and other similar digital products, ClickBank.com is probably your best option. The great thing aboutClickBank is it has over 100 thousand affiliates promoting products available on the ClickBank marketplace. By listing your product with ClickBank, you automatically tap into a huge potential market. ClickBank accepts all major credit cards and PayPal. Cost: 50 US$ set up fee. Depending on the percentage of the commission you pay to your affiliates, transaction fee varies from 2.5% plus 0.33 US$ to 7.5% plus 1 US$. There are many other third party processing companies available on the Internet. Two of them worth mentioning are http://moneybookers.com and http://www.ikobo.com. Since fees fluctuate considerably from one solution to another depending on your location, products and other needs, make sure to do a thorough research before signing up with any of the mentioned providers. Nowshade Kabir, is the founder, primary developer and present CEO of Rusbiz.com - a Global B2B Exchange with solutions to create e-catalog, Web store, business process management and other features to run a business online. You can read various articles written by Nowshade Kabir at http://ezine.rusbiz.com.
MORE RESOURCES: Shenzhen wants to become a global live-streaming e-commerce hub South China Morning Post Singapore police warn of jade e-commerce scams on TikTok, at least $95,000 lost Yahoo Singapore News Great Expectations: Consumers Demand Most From Ecommerce, Plus Smartphone, Auto Brands 03/27/2023 MediaPost Communications Deep Dive on Payment Channels and Types of Transactions Business Insider Survey: Apparel shoppers seek leading-edge tech Chain Store Age The future of e-commerce will be about ‘rediscovering the joy of shopping’: Pinterest CEO Yahoo Finance Speaker Spotlight: Tom Funk on growing B2B and B2C ecommerce Digital Commerce 360 12 New Ecommerce Books for Spring 2023 Practical Ecommerce The Future of Ecommerce: How a Product Becomes a Purchase Andreessen Horowitz Ecommerce, food-delivery firms face new trouble as government eyes related party services ban Economic Times SKUPREME Launches Platform for Fully-Automated Ecommerce and Supply Chain Management - Yahoo Finance Current Partners With URLgenius to Accelerate Ecommerce Marketplace Traffic for Brands The Herald Journal A tire maker rolls out a new ecommerce platform Digital Commerce 360 Bright Cellars Adopts DRINKS on Shopify to Streamline Compliance and Scale Ecommerce Operations wineindustryadvisor.com Is Your eCommerce Business Missing Out on the Power of AI and Data to Reduce Returns? Marketscreener.com Snap Partners With Kargo To Develop Offerings For Ecommerce ... MediaPost Communications Actually, Ecommerce Excelled in 2022 Practical Ecommerce Ecommerce upstarts navigate pandemic shopping reset Financial Times Ecommerce Product Releases: March 15, 2023 Practical Ecommerce EnvisionB2B Speaker Spotlight: ChemDirect’s Dave Haase on overcoming ecommerce barriers Digital Commerce 360 5 charts showing what resale ecommerce growth means for your ... Insider Intelligence Google Suspends Chinese E-Commerce App Pinduoduo Over ... Krebs on Security Vehicle Subscriptions Gaining Traction Practical Ecommerce Ecommerce Product Releases: March 1, 2023 Practical Ecommerce What are the Financing Solutions for Ecommerce? London Post Facebook's Advantage+ shopping campaigns: Are they worth the ... Search Engine Land Mentorship Matters: Paving the Way for Future Leaders in ... Little Black Book - LBBonline Southeast Asia Retail Ecommerce Forecast 2023 Insider Intelligence Finding today’s best B2B ecommerce teams Digital Commerce 360 Behind Paramount’s Ecommerce Push: A Chat With Consumer Products Chief Pam Kaufman Hollywood Reporter Livestream ecommerce takes off in Latin America Insider Intelligence Ecommerce return rates rose in retail's longest holiday season yet Insider Intelligence 4 steps to a better ecommerce strategy Insider Intelligence Temu is seeing unprecedented ecommerce growth—how seriously ... Insider Intelligence Ecommerce platform launched by ex-Amazon exec raises £75m UKTN (UK Technology News Costco ecommerce sales drop despite total sales increase Digital Commerce 360 The rise of ecommerce in the coffee industry Perfect Daily Grind 7 Steps to B2B Ecommerce Excellence Digital Commerce 360 Vietnam's eCommerce moves towards sustainable development The Star Online Retail and eCommerce news from the week beginning 20 March - Enterprise Times Ecommerce SEO Trends and Insights for 2023 Entrepreneur Keep it simple if you want to win at eCommerce BusinessCloud Role of IoT in Ecommerce in 2023 Customer Think Retail eCommerce Platform Market By 2031 Digital Journal 2023 Consumer Trends Impacting eCommerce Profitability Supermarket News 5 TikTok Ways To Drive Traffic To Your eCommerce Site | Social Telemedia Online Latin America poised for standout digital ad spending and ... Insider Intelligence E-commerce continues to grow in the EU European Commission Global B2B Ecommerce Market 2022-2028: Adoption of Social Commerce Presents Opportunities Yahoo Finance 2023 B2B & B2C Ecommerce Platform Trends and Strategies Digital Commerce 360 What is most important when designed UI for eCommerce? Rebellion Research Top Ecommerce Web Hosts Global Village space DC 360’s EnvisionB2B 2023 conference expands speaker lineup Digital Commerce 360 What ChatGPT can Teach Ecommerce Companies About the Future ... Retail TouchPoints 3 Ways E-Commerce Businesses Can Continue to Thrive Total Retail |
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