As a small business owner or freelancer you are always looking for more and better ways to get paid. This is especially true when you sell your products and services online. You may have setup shop online, but finding a payment gateway that suits your billing and company culture may be a bit challenging.
Online orders can be settled through several other payment methods. Join me as I take a look at what payment gateways are available to the business owner and recommend easy to follow methods of identifying which payment method would suit your companies style best.
Location, location, location
First on the agenda is identifying what type of clients your business has. Are most of your customers based in your own region or country or do the majority of your sales come from customers that are outside of your country or immediate geographic region.
It is also important to ask yourself what currency your clients will be paying you in. Most payment gateways have support for certain currencies only. So always pick one that supports the currencies your customers will want to pay in.
Once-off versus recurring payment
Now you need to decide on the types of payments you will be collecting. Ask yourself if your customers will be making once off or subscription payments?
If your customers need to make once off payments you can look at services that provide the customer with the ability to make an immediate, secure credit card payment. You can also look at an online wallet, like PayPal, that allows instant payment via an account that can be topped up via credit card, bank account or wire transfer.
If the majority of your customers will need to pay on a subscription basis for the products or services you offer you will need to look at a payment gateway that facilitates the submission of recurring direct debits to credit cards and bank accounts e.g. a monthly payment for rental of self storage units. Remember to make sure you use a recurring payment collection service that allows collection in the currency your customers use.
General service and fees
The last determining factor should be the overall level of service and costs involved in such an undertaking. Use the criteria below to help you make a final decision:
- Transaction fees: Investigate the fees every gateway charges and compare them. Some gateways also have security deposits that need to be put in place and strict withdrawal policies, so check it out before committing.
- Reporting: Does the gateway provide suitable information for accurate account reconciliation? Do they inform you of bounced payments and securely store client payment details.
- When using some payment gateways you do not need a company or merchant account at a bank to use the collection service. This is great if you don't qualify for a business account at a bank. Do your research and find out what you qualify for and what merchant account your gateway offers.
- Check with local and global governing bodies to confirm the payment gateway you want to use complies with their laws. Regulations in the payment gateway industry are there to defend you, so make sure you make use of the protection they provide.
Online orders can be settled through several other payment methods. Join me as I take a look at what payment gateways are available to the business owner and recommend easy to follow methods of identifying which payment method would suit your companies style best.
Location, location, location
First on the agenda is identifying what type of clients your business has. Are most of your customers based in your own region or country or do the majority of your sales come from customers that are outside of your country or immediate geographic region.
It is also important to ask yourself what currency your clients will be paying you in. Most payment gateways have support for certain currencies only. So always pick one that supports the currencies your customers will want to pay in.
Once-off versus recurring payment
Now you need to decide on the types of payments you will be collecting. Ask yourself if your customers will be making once off or subscription payments?
If your customers need to make once off payments you can look at services that provide the customer with the ability to make an immediate, secure credit card payment. You can also look at an online wallet, like PayPal, that allows instant payment via an account that can be topped up via credit card, bank account or wire transfer.
If the majority of your customers will need to pay on a subscription basis for the products or services you offer you will need to look at a payment gateway that facilitates the submission of recurring direct debits to credit cards and bank accounts e.g. a monthly payment for rental of self storage units. Remember to make sure you use a recurring payment collection service that allows collection in the currency your customers use.
General service and fees
The last determining factor should be the overall level of service and costs involved in such an undertaking. Use the criteria below to help you make a final decision:
- Transaction fees: Investigate the fees every gateway charges and compare them. Some gateways also have security deposits that need to be put in place and strict withdrawal policies, so check it out before committing.
- Reporting: Does the gateway provide suitable information for accurate account reconciliation? Do they inform you of bounced payments and securely store client payment details.
- When using some payment gateways you do not need a company or merchant account at a bank to use the collection service. This is great if you don't qualify for a business account at a bank. Do your research and find out what you qualify for and what merchant account your gateway offers.
- Check with local and global governing bodies to confirm the payment gateway you want to use complies with their laws. Regulations in the payment gateway industry are there to defend you, so make sure you make use of the protection they provide.
About the Author:
Bill Bapsnill has been in the online billing industry for many decades. He recommends that you do your recurring invoicing via a billing system.
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