Merchant Services
If you have a start-up small online store, it maybe more cost-effective for you to use payment processing solutions such as PayPal, 2checkout.com or ClickBank. otherwise, for larger stores, merchant accounts are vital. Merchant services accounts allow you to accept credit cards. If you have an established business, you probably already have a merchant account that lets you accept credit cards and deposit the money into your bank account instantly. However, you will be required to apply separately for an online merchant account. Typically, there are higher fees and interests for online merchant account considering transactions more risky without having credit cards present. Contact your banking Institution to apply for a merchant account.
How It Works
A popular misconception is that your website or shopping cart takes credit card information from your customers and simply deposits in your bank account! That's not the case at all. Your shopping cart only displays your products, entices people to put them in the cart then bring the cart to check-out line just as they would at "Wal-mart" for example. However, at Wal-mart customers would swipe their credit cards into a machine, whereas on your shopping cart they will enter the credit card information into a gateway system, gateway system will check the validity of the credit card and process so the money goes from a customer to a merchant's bank account.
Gateway Compatibility
A payment gateway may offer great pricing, but if the range of shopping carts or storefront software it supports is limited, the whole process of setting up for taking online payments may cost a lot more than you think. It would be a great idea if you ask us for a list of gateways our shopping carts that we install for you will support so you do not have to worry that integrating your exotic gateway pick will cost you additional amounts for custom coding it in the shopping cart which is already integrated with alarge number of popular gateway systems.
Third Party Processing
Another option may be to use a third party processing service such as Paypal, 2Checkout or ClickBank. These three services are basically a payment gateway and merchant account rolled into one and operated by the same company. In the case of ClickBank they also offer affiliate program features at no extra cost and all three also provide recurring billing services for subscription and premium membership services.
Although covinient for smaller accounts, these services usually charge more for transaction processing than direct merchant account, so if you are expecting large volume of sales, please review those charges carefully before making a decision.
PayPal As Processor
Today, Paypal has become the largest online company for 3rd party transactions. It's almost a "must" to offer paypal as a payment option on your website. Even huge companies like GoDaddy and Yahoo offer payment using paypal.
There are no monthly fees unless you sign up for Paypal Pro where you can accept payments right on your website. Paypal does not limit purchases and gives you flexibility for growth and sales. You do not need to qualify or have a high credit rating to use paypal. Most merchant services will not even issue you an account until you are checked out and qualify.
We highly recommend Paypal atleast as a secondary processor.
2checkout As Processor
2checkout processes a wide variety of transactions. You can also accept Visa and Mastercard credit cards through 2checkout in twelve different currencies. Additionally, online credit card customers paying with US dollar have the option of paying with AMEX or Discover.
2checkout has a fraud screening system that throws up a “red flag” when an online credit card order has certain characteristics. The fraud team investigates each of these transactions individually, then notifies you of their findings.
As with all third party providers, using 2checkout (as opposed to having your own merchant account) means less administrative work; no long term agreements; and lower overall cost to accept credit cards online for most low-volume credit card accounts.
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Clickbank As Processor
You can sell your digital, downloadable products online as well as take credit card payments, debit cards, and online checks through Clickbank and its marketplace. As with all third party processing, the sale is technically made by Clickbank, to which you “sell” access to your digital product. In return, they pay you a percent of all sales and list your product in its online marketplace directory. Looking at it another way, Clickbank charges you a fee to process your sales and for access to their marketplace customers.
With the Clickbank account comes payment screening, billing inquiry customer support, refund request processing, and the necessary secure payment systems. You generate sales / traffic activity, provide online sales page(s), fulfill orders, and provide customer service support (other than refunds).
Even if you have never been to the Clickbank website, you have surely come across the name once or twice. Clickbank is the mother of all ebook and software selling websites and millions of ebook writers market their products and make money on their homepage. If you have digital products that your visitors can pay for and download, you may be able to post it for sale at the Clickbank marketplace.
If you don't have an ebook written or software created, you can still make money as an affiliate. Besides a great place to sell your own products, Clickbank has enabled others to work from home, marketing the products that others have created. You can sell your own creations and you can still make money as an affiliate for your own products and others. No one said that you had to choose.
