Online Payment Options for Your Online Business
In other words, the more online payment options you offer, the more online payment processing you'll do on your site and the more money you'll make.
Here are the online payment options you could offer on your site:
1) Credit card
Credit cards are still the most popular way to pay for goods and services online.
To set up credit card processing on your website, (MasterCard, Visa, American Express, Discover), you need to get an Internet merchant account through your local banks.
Wherever you get your Internet merchant account, you will have to also purchase an Internet gateway service. The gateway verifies information, transfers requests and authorizes credit cards in real time.
2) PayPal
PayPal is now also an all-in-one online payment solution. Their Website Payments Standard program lets you accept Visa, MasterCard, Discover, and American Express credit card payments as well as bank transfers and offer PayPal as well – with no monthly fees, setup or cancellation fees. PayPal charges you a fee of 1.9 to 2.9 percent of transaction plus 30 cents per order, depending on your company's sales volume.
PayPal also offers an upgraded version of Website Payments Standard called Website Payments Pro, where customers check out right on your site rather than on PayPal's (currently available only in the U.S.).
They also offer a PayFlow Gateway and PayPal Express Checkout for businesses that already have Internet merchant accounts.
3) Debit Cards
The debit card is one option that allows your customers to pay for goods and services online directly from their bank accounts. It’s convenient and secure for customers because they don’t have to share any of their card numbers or financial details when making a purchase; payment is completed through their own financial institutions.
4) Give Them Offline Payment Options Too
Some of your potential customers are people who just aren't comfortable with any of the online options outlined above or people who want to talk to a live person. If you want to fully monetize your website and make all the sales that you can, it's important that you give these people ways to pay too. Include a toll-free number and an order form that customers can fill out and email or snail mail if they prefer.
The More Online Payment Options the Better
The success of your online business depends on sales. So why deliberately decrease your sales potential by limiting the ways potential customers can pay for your products or services online? Make as many sales as you possibly can by offering as many online payment options as possible on your site.