You must provide a payment method if you plan to sell items online. Accepting payments online is easy, and there are many payment processors to choose from. You should aim to find a company that is easy to set up an account for, charges reasonable fees, and has no problems with the products they sell.
There are many payment providers that charge different fees, so it is worth shopping around and getting opinions from others. Here are my top five recommendations for Internet Marketers.
* PayPal – The average fee is between 2.9% and 3.9%
This company is one of the most trusted online payment providers. You will need an account if you plan to conduct business online. It’s completely free to open an account. You don’t have to submit any verification documents or undergo credit checks. If you wish to accept payment for products and services, you will need to upgrade to a Premier account or Business account. It is easy to do this. You simply need to register a bank account and credit card. PayPal then verifies your account by charging or crediting the version with two random payments. Then you tell PayPal how much. PayPal fees are not the lowest, at 2.9% to 3.9% for most people. However, they offer convenience and simplicity that is hard to beat. PayPal will accept all credit and debit cards as well as bank transfers and eChecks. PayPal offers many tools for creating subscription buttons and payment buttons. Most membership scripts and shopping carts include PayPal payments. Although there are some horror stories, you should not have any problems with PayPal if your business is legitimate and honest.
* Authorize – Fees can vary, so contact them to get a quote
This company offers what we call a merchant account. You have complete control over your credit/debit card transactions, eChecks you accept, and much better rates than PayPal. A credit check and financial information will be required to open a merchant account. If you don’t have good credit, you might not be eligible to open one. A Merchant Account is more suitable for professionals who are experienced. To set up the payment forms, you will need to hire a developer. However, the advantage of the Merchant Account is that credit cards can be processed directly from your website without having to send them to a third-party provider. Authorize could be an option if you make several thousand dollars per month in sales.
* SWReg – Average fee 2.9% plus $1
SWR is the company to go to if you don’t want PayPal. You can accept credit cards or PayPal through them without needing to submit a lot of paperwork. Because they allow you to upload your product and have them distribute it, they are ideal for Internet marketers. However, if you run an e-commerce store or membership site, you may need additional coding to integrate with SWReg.
* MoneyBookers – Average 1.9%
MoneyBookers, the British equivalent of PayPal, has been around for many decades. You can easily create an account and accept payments in minutes. You confirm the amount and receive micro-charges to verify your account. MoneyBookers is much more accessible than PayPal when it comes to which countries can open accounts. This makes them very popular among Eastern European and Asian countries. MoneyBookers does not integrate with many eCommerce or membership scripts. This may mean that some customization is required. However, MoneyBookers can be a great option if you want to increase your sales. Accepting credit and debit cards, bank wires, and eChecks will all be possible. MoneyBookers is growing in Asia and Europe, so it might be worthwhile to open an account.
* 2Checkout – Average fee 5.5% plus $0.45
Although they charge a $50 setup fee and require several forms of identification, this company is often used to replace PayPal. Although 2Checkout is not the most affordable option, they are an excellent alternative to PayPal if you cannot open a PayPal account. You can also allow your customers to pay via PayPal. Sign up for 2CO to get a debit card that you can load funds onto and withdraw from an ATM. This is an excellent option for those who don’t have bank accounts or prefer cash.