Accepting payment at your ecommerce website
Ecommerce websites usually accept payment in one of three ways: credit cards, PayPal, or wire transfer. I'll be covering the basics of each and how you can choose a payment method that suits your business best. Many ecommerce entrepreneurs forget that accepting payments is just one part of being a successful ecommerce company. You need to create solid marketing and sales strategies to ensure you are getting the most amount of business. Having a great product and website is essential, but if no one knows about it, you won't make any money.
Credit Cards
The credit card payment method is the most popular way for ecommerce sites to process transactions. It's also the easiest for customers because they don't need to enter in their personal information or account numbers every time they make a purchase. The most common credit cards that ecommerce entrepreneurs accept are Visa, MasterCard, Discover and American Express. However, there are others like Diners Club that are not as commonly used but still have a huge user base.
The advantage of credit card processing is that they offer a high level of security and the customer doesn't need to manually enter in their credit card data. Also, credit cards are usually cheaper for ecommerce stores because they are generally accepted in more places than other payment methods. However, for large orders or those that involve international transactions, there are some disadvantages to using credit cards. It's important to note that ecommerce companies are able to accept debit and prepaid cards as well as store-branded credit cards.
PayPal
eCommerce entrepreneurs can also choose to accept payments through PayPal. This is a popular way for small businesses because it's easy to use, but has some major advantages over using a credit card. PayPal has been around for over 10 years in its current format and has more than 100 million users.
One of the main advantages of accepting PayPal payments is that you don't have to pay any transaction fees. This is because the platform is a digital payment method, so you can accept and process your payment at no extra charge. You also don't need to deal with fraudulent users like you do with credit card payments. The customer will either pay directly with their PayPal account or link their credit card or bank account directly to their account, both of which are free of charge.
The main disadvantage with accepting PayPal is that it isn't accepted as widely as other payment methods because it was designed for smaller transactions than credit cards. Also, PayPal is not recommended for ecommerce shops that have large online orders because you need to have a high-volume of sales to make it viable.
Wires
Although it's not accepted as widely, the method of accepting wire payments is often used by larger businesses because they can afford to do so. This method is also great for companies with international operations because most banks only allow wires from the country where the business is based.
Wire transfers are another way for ecommerce entrepreneurs to accept payments and you don't have to deal with handling cash in a store. The payments are transferred directly into your bank account and you can usually find out how much it's going to take within a few hours from when the payment was made.
This method does come with some disadvantages, though. You have to pay a small fee for each transaction and it can take up to a week for the money to transfer into your account. It's also more difficult and expensive to implement than other methods because banks require you to set up accounts with them directly before you can accept wire transfers. But if you have the resources available, it's definitely worth considering as a method of getting paid. All things considered, you should choose a payment method that fits your business model best. For businesses that need fast access to their funds, credit cards are probably going to be the best option. However, if you plan on international business, you're probably better off making sure that your bank is able to process wire transfers. Whichever method you choose, it's important to remember that security should always be the number one priority. Customers don't like the idea of their credit card information being sold or leaked online. No matter what method you use, always make sure that your customers' security is protected as much as possible.
The best way to ensure safety is to use a secure payment gateway that will help you fulfill PCI compliance. This process can often be time consuming and expensive, but it's required for almost all ecommerce businesses. In addition, using a secure payment gateway means that your customers are protected as well since they won't have to enter any of their personal information into your site.
As an ecommerce entrepreneur, you need to make sure that your website is up-to-date with the latest technology and security standards in order for customers to shop with confidence. But don't let this stop you from accepting payments online – these methods are just ways for people to pay you for your goods or services.
The main thing that you need to remember is that it's never your customers' responsibility to pay for fraud or theft. As a business owner, your job is to make sure that whatever method you use for online payments is 100% secure. If you do this, your customers will trust you and continue shopping with you.
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Original Post on Digital Trends: http://www.digitaltrends.com/business/4-online-payment-methods-for-ecommerce/ Posted By : Sebastian Stirling Digital Marketing Specialist at ECyberLounge Digital Marketing Agency | Blogger | SEO Analyst | Social Media Marketer at http://www.ecyberlounge.com
Posted By : ECyberLounge Digital Marketing Agency Digital Marketing Agency | Blogger | SEO Analyst | Social Media Marketer at http://www.ecyberlounge.com
Posted By : ECyberLounge Digital Marketing Agency Digital Marketing Agency | Blogger | SEO Analyst | Social Media Marketer at http://www.ecyberlounge.com
Posted By : ECyberLounge Digital Marketing Agency Digital Marketing Agency | Blogger | SEO Analyst | Social Media Marketer at http://www.ecyberlounge.
Conclusion: Understanding How to Get Paid Is Essential For Selling Online 28 February 2017 Posted By ECyberLounge Digital Marketing Agency SINGAPORE – When you're planning to get into ecommerce, one of the main questions is how to get paid. There are several ways you can receive payments for your products or services. You have your choice between accepting credit card payments, PayPal, wire transfers, or direct bank deposits. No matter which method you choose, it's important that you pick one that will make your customers feel safe and secure.