The online community has grown into such a huge proportion, it is mind boggling. There are approximately more than 1 billion people connected online and according to the reliable sources, China is fast becoming one of the largest online communities. Having such huge business potential, people are starting to cash in through their online business. For those who are interested in trading online, you might want to know how to collect payments online. The answer is simple – through the usage of payment processors.
Doing business online or rather e-commerce is made simple with all the available technology and software out there. A person that wants to do business online is not required to know any programming but rather which tool to use to assist him and what products to sell. One of the biggest challenges in trading online is the question of how to collect your payments.
In general, there are many merchant services or payment processors out there that you can utilize to collect payments for your goods or services. PayPal is one of the most successful payment processors available on the Internet. Many considered PayPal as one of the most secure payment processor and according to the technology savvy, PayPal has the technological know-how.
Setting up an online trading portal is made easy via PayPal. Everything is automated and you will only need to select options that you want to appear on your payment forms. It is even easier if you are planning to sell single item products such as an eBooks or a service as you can easily customize your payment template through PayPal’s ‘Button Factory’. Furthermore, PayPal accepts a wide range of credit cards such as Visa, MasterCard, Amex, Discover and eCheck.
On the other hand, there are organizations that do not accept PayPal because they do not comply with certain policies. Listed below are other choices of payment processors that are available online:
PayPal – http://www.paypal.com
2CheckOut – http://www.2checkout.com
moneybookers.com – http://www.moneybookers.com
WorldPay – http://www.worldpay.com
StormPay – http://www.stormpay.com
e-gold – http://www.e-gold.com
e-bullion – http://www.e-bullion.com
iKobo – http://www.ikobo.com
Choose carefully on which payment system that you want to subscribe to. Usually most websites recommends PayPal. If you want to diversify your payment collection system, you can combine a few of these available systems. Most of these service providers offer free signup but charges certain percentage of the amount transacted as service charges. Some require you to pay a start up fees and it might not be in the affordable range.
For PayPal, iKobo and e-bullion, they also offer debit card services where you can make withdrawals on any ATM machines worldwide – just remember to transfer those funds to the card when you want to make the withdrawal. However, you will need to set up a bank account in order to do so. For PayPal, they will only accept banks from the US, UK, Canada, Australia, Singapore, European Union, and China. Check out PayPal’s website to get the complete list.
Also, if you are a US resident, you can use online banking services to enhance your payment methods. Some of the online banks that you can use are:
Etrade – http://www.etradebank.com
TD AmeriTrade – http://www.tdameritrade.com
Having an online banking account while doing business online is much more convenient, as you can always check your bank balance or transaction details online. You would not need to go to the bank each time just to check whether your customer has paid you.
As a conclusion, for those who are interested in doing business online, get a free PayPal account today!
