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Accepting Payment Online
In recent years, there has been a shift in the total acceptance by the public of credit cards as a mode of payment for their online purchases. It has been shown that more than 80% of online transactions are conducted using credit cards.
This means that your small business should accept credit cards so you will not lose a big chunk of your supposed income. No ifs and buts to this. Otherwise you limit your profits.
Below are the methods you will be able to get a merchant account:
Merchant account: Opening a merchant account so you can accept a major credit card
(either Visa, Mastercard, American Express, Discover)
on your site is no longer as difficult as before.
You have to go to your local bank which will process
your application for a merchant credit card account. Inquire if your bank processes all four major credit cards.
Otherwise, you may be dealing with more than one bank.
When opening a merchant credit card account through your local bank, you will grimace at the higher fee. It amounts from several hundreds to the thousands.
For a struggling business owner, this is formidable. Instead of using your local bank, you can get your credit card account through a broker. But you will be spending much higher fee for the broker.
This reveals that opening a major credit card merchant account is for the established business and for those with large start-up capital to dispense with.
For the beginner online entrepreneur, this may possibly drain out his funds. This brings us to the second option, the third party merchant credit card account,
discussed below.
2. Fulfillment houses. These establishments will take orders in your behalf, process credit cards, provide customer service, and ship orders. They will allow you to use their merchant credit card accounts for a fee, of course. However, their rates are much higher than that charged by your local
bank when you yourself apply for your own acconut.
Third party credit card processors. This is allows you to accept credit cards even if you have no merchant accountethe growing choice of a a large number of online business owners. Of the third party merchant accounts,
the following are the more popular:
Clickbank (http://www.clickbank.com)
Clickbank is one of the best known third party card processors. Their service is safe and secure as proven by millions of
Internet buyers and sellers worldwide.
- Set-up fee of $49.95
- transaction fee of $1.00+7.5% of sale price
- monthly fee: $0
- favored by those who sell intangible products
- with affiliate management system
- very little system maintenance required
Digibuy
- set-up fee:
--essential member: $29.99 for 1st product+$9.99 each additional product
--advanced member: $199 for 1st product+$9.99 each additional product
- monthly fee:$0
- favored by those who sell intangible products
- with affiliate management system
- very little system maintenance required
iBill
- most preferred for businesses with digital products
- set up fee=0
- monthly fee=0
- other fees=11.5-15% of sales price
- affiliate system=yes
CCBill
- accepts digital products
- set up fee=0 other fees=14.5% of sales price for non-hosting customers
- monthly fee=0
- shopping cart available a
- affiliate system=yes
- set-up fee of $49.95 and transaction fee of $1.00+7.5% of sale price
- with affiliate management program paypal, e-gold,moneybookers, stormpay
Instabill
- Service Fee (U.S.): 2.35%
- (Int'l): 4.5%
- Transaction Fee: $0.50
- Monthly Fee:$49
- Accepts tangible and intangible products
One important word of caution: Make sure your merchant account offers a secure server to accept credit card payments. Your merchant acount should be able to provide a secure transaction as part of their service. Check this!
A secure server means that the data transmitted by your customers online are not intercepted and stolen somewhere on the Internet.
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