So you already have your e-commerce websites and products for sale. After doing marketing here and there, your visitor is getting crowded. The transaction is getting high. Now one of the most important things to handle is getting rid of problems on your payment process.
Ok, let’s rewind the process all over again. After you have decided what to sell, staffing and business plan. It is the right time to think about how the customers would pay when they make transactions on your sites.
We’ll take a short trip on how payment on internet could be done, other than credit card or debit card. And, see what best options for your online store regarding on complexity and expense.
This is probably the most conventional payment for your online store. Common practice using cash for ecommerce websites known as cash on delivery or COD. As merchant, you will receive your payments as you handed your products to customers. This is a very risky payment, though.
There are chances your customers didn’t fill their data correctly or they pay less and many more reason as disadvantages of this payment methods. Specially, if you have digital products, it will be very hard using this kind of payments.
Direct Account Transfer
Even if it sounds more reliable, still there are limitations for online stores using this kind of payments. First, your transactions will not be completed on one visit from customers. For your customers abroad, they will have to pay extra fee to make the payments and usually bank imposed limitations of how much money to transfer for each account per day.
Merchants also need confirmation from customers for their payments via facsimiles, emails or phone. So you will require more staff to handle the payments. The advantage is your payments will be directly placed on your account safe and sound. It is work best for local online store.
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This is one of the most popular ways to pay on internet these days. PayPal is one of a straightforward way to take your payments online. Creating a PayPal account is so easy and doesn’t need credit check. As an online merchants, your advantages using Paypal is simple integration as simple as hardcoding a button or other way, involved as full integration.
If you enjoy the concept of Paypal but looking for alternatives accounts to set up on your online store, don’t’ worry. There are some similar services as PayPal you can use such as ProPay.com, BidPay.com, FirePay.com an many more. Usually they will charge you annually or one-time fee to set up you account, it’s all depends on your site. Please, double check your options, before you decide on your online payment services.
The used of debit cards is increasingly popular payment for both online or retailer purchases. It may look like credit cards, but it has different manner on their functions. When customers using debit card as their payment options, usually they also acquired to enter name as appeared on the card, expiration date, and number on the front of the card and also three digit numbers on the back of the card. Then it will takes money directly to your checking account. Again, even though a debit card is not a credit card, customers enter those kind of data on websites account for security matters.
When you decided to accept transactions using debit or credit cards, than you required Internet Merchant Account. It allows you to take those payments and process the money to your own account. Remember; never use your traditional store merchant account which already existed for online transactions. Online transactions are much riskier than traditional ones. The best way is to contact your bank. For most circumstances, the bank will ask you to take payment securely via payment service provider (PSP) or sometimes called as payment gateway.
Actually beside these payment types I have write, there are few others known as acceptable and recommend for ecommerce website. Got something to share with us? Please fill out the box below and share with us.