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Accepting Payment Through Your Website
By: Shelley Lowery, Sat Sep 23rd, 2006
If you're doing business on the Internet, accepting payment
through your website is an absolute must. If you're not
processing orders online, you're losing a great deal of money in
lost sales. Studies have shown, you can increase your online
sales up to 400% simply by accepting credit cards. With today's
advanced technology, processing orders online can be as simple
as pasting a code within your web page HTML.
Preparing your website to process orders online isn't as
difficult as you may think. There are basically two options. The
first option is to set up a merchant account. This entails
either making arrangements with your bank or using an online
company. The second option is to use a third party credit card
processor. This option requires no merchant account and usually
entails setting up a form or placing a link on your order page.
Don't let this process intimidate you, as it is much easier than
you may think. There are many professional companies on the
Internet that will assist you.
If you decide to get your own merchant account, you will also
need access to a secure server and a shopping cart system. A
secure server will protect your customers' information. A
shopping cart system will provide your customer with a running
total of what they've ordered and the total cost.
The following website can provide you with a merchant account:
Total Merchant Services (TMS)
This outstanding company comes highly recommended by Corey Rudl
-- author of the #1 selling online marketing course, "Insider
Secrets to Marketing Your Business on the Internet."
The TMS Merchant account, for Internet transactions, will enable
you to accept Visa, Mastercard, American Express and Discover.
They offer two merchant processing software packages to choose
from. The first package is the TotalPay powered by
Authorize.Net™ Virtual Terminal. This package will enable you to
authorize, process, and manage credit card transactions from any
computer with a Internet connection and a Web browser. This
package ordinarily runs $995, but for a limited time is being
offered for only $397. The second package is the TotalPay
powered by Authorize.Net™ Virtual Terminal that includes the
Total Merchant Manager Shopping Cart. This package includes
everything the first package includes, and more:
- Customizable Shopping Cart System - UPS Shipping Module -
Links to Virtual Terminal - Free Initial Installation
Their discount rate is 2.4% and $0.35 per transaction fee.
Monthly fees include a $10 monthly statement fee and a $10
gateway fee that includes secure, online, real-time credit card
and e-cheque processing and only applies to merchants processing
transactions through their Internet payment gateway.
Third Party Credit Card Processors
If you'd rather not have your own merchant account, third party
credit card processors will process your credit card orders for
you. There are usually no monthly fees. They charge a "per
transaction" fee and send you payment for all your orders
processed, minus their fee and a reserve fee.
A reserve fee is withheld to cover and charge backs you may
have. If you have no charge backs within a period of time, your
reserve will be refunded to you. Each company has their own
guidelines in regard to reserves.
The following websites will process credit cards for you:
iBill (Highly Recommended) http://www.ibill.com
This outstanding company is a complete ecommerce solution that
will enable you to process transactions through your website via
credit card (Visa, MasterCard, American Express, Discover, and
JCB), online checks, or through their telephone billing service
(900 toll phone number). There are no setup fees. They charge
12% -- 15% per transaction fee for credit card and check
purchases and 20% -- 30% per transaction fee for phone
purchases. Non-US merchants are welcome.
PayPal (Highly Recommended) https://www.paypal.com
Another outstanding company that enables any business or
consumer with an email address to securely, conveniently, and
cost-effectively send and receive payments online. You can sell
with PayPal through an online auction, on your own website, or
as part of an online marketplace. There are no setup fees. They
charge 2.9% + 30¢ per transaction.
ClickBank (Highly Recommended) http://www.clickbank.com
ClickBank is another outstanding company that will enable you to
accept Visa, MasterCard, American Express, Discover, Eurocard,
Visa-Debit, MasterCard-Debit and Novus cards. No merchant
account is required.
They charge a one-time $49.95 activation fee, and a $1 + 7.5%
fee per sale. There are no monthly fees. The great thing about
this company is that over 60,000 affiliates can choose to sell
your products for you. ClickBank enables any web seller to
automatically pay sales commissions to affiliates. They will
bill your customers, pay you, and pay your affiliates a
commission. In other words, they'll run your entire affiliate
program for you. In addition, their services are available for
ClickBank is intended to be used for electronic merchandise
only. If you ship a physical product, you may want to consider
using iBill to process your orders.
If you're just starting out, you may want to use one of the
third party credit card processors, as this is the easiest
route. Each company provides you with step by step instructions
to assist you in getting your website set up to accept credit
cards. The great thing about third party credit card processors
is that they handle everything for you. You don't have to hassle
with processing your credit card payments or charge backs, as
everything is taken care of for you.
In order to be successful on the Internet, you must accept
credit cards. In addition, you must make the ordering process as
simple as possible. With today's technology, even the smallest
homebased business can now accept credit credits almost
instantly. Visit one of the websites mentioned above and get
your website set up today. Your success depends on it.
About the author:
Shelley Lowery is the author of Ebook Starter - A complete ebook
design kit. Subscribe to Etips, for a wealth of quality
information to assist you in Web Design, Internet Marketing &
Ecommerce. All new subscribers receive a free copy of the highly
acclaimed ebook, "Killer Internet Marketing Strategies."