When you want to accept payments online you have to consider what kind of payments you’ll be receiving, who they will be from, and how often you are going to be paid. These are a few ways that you can take in money online.
PayPal – This is a very easy way to exchange money online and can be use for anything from settling a lunch tab to lending money to a friend or relative. Almost everyone has a PayPal account these days and if they don’t you can transfer money into an account through a credit card.
People running a business can use PayPal for that too. PayPal has a merchant center that allows you to set up Buy Now buttons and even set up a PayPal shopping cart on you site.
Small business can get away with using PayPal for their financial transactions. Using PayPal on eBay is especially easy because it’s built right into it due to the fact that eBay owns PayPal.
If you are going to be processing quite a few payments however, your fees are going to start to add up fast. If this is becoming the case you are better off setting up a merchant account. This involves some back end work and you are going to have to alter your site a bit to accommodate this.
If you aren’t sure about the technical issues involved in setting up your payment funnel on your website you need to hire a professional to do it. You could also read up on the process and try to do it yourself. Keep in mind however that the payment portion of a website is where the customers want to feel secure and have everything run smoothly.
If this doesn’t happen the way the customer expects it to you will most likely lose the sale. Going the cheap route in setting up your merchant account can end up costing you a ton of money in the long run.
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