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How To Accept Credit On Your Website

How To Accept Credit On Your WebsiteIf you’re opening an import/export business, you’re probably going to be selling products on the internet.  This means you will also need some way in which you can accept credit cards on your site.  Accepting credit allows you to take advantage of impulse buyers and international customers.  It is extremely convenient for your customer, which will mean more sales for you.
There are two methods of accepting credit card payments on your site.  They are:

  • Merchant Accounts— This must be opened from a bank.  Requirements vary from country to country.  You can get information from your local banks about setting one up.
  • Third Party Merchants— If you check, you will find There are numerous companies around that are willing to accept credit cards payments on your behalf in exchange for various fees and percentages. These are also known as "payment gateways".

You should determine which account works best for you.  The initial costs of opening a merchant account is normally higher than using a third party merchant.  Some third party merchants actually have no setup fee. The transaction fee, however, is much higher.  This means you pay more per sale. Merchant accounts lower your transaction costs, but you have to be careful to minimize your credit card risks.  You’ll be processing the credit card payments yourself.

When starting your business, when you’re unsure of the success of your product and you just want to test the market, a third party merchant is convenient to use.  The merchant takes care of things for you, leaving you time to focus on the business.  You get a check at the end of the month for your sales.

There are several reputable third party merchants to choose from.  Below is an alphabetical list and brief description of a few of these services:

  • CCBill— With this merchant there is no setup fee. Transaction fees are different depending on the volume of sales in each accounting period.  The website states fees are not more than 13.5% for CWIE hosting clients and 14.5% for non-hosting clients. 
  • Google Checkout Google has its own payment system which is available for US and UK sellers. You can use it if you are selling tangible and digital goods mainly, however, you can also use it to charge for services and subscriptions.  Charges range from 1.9% + $0.30 USD to 2.9% + $0.30 USD per transaction.  It depends on the volume of sales in the prior month.  If you make a sale to a buyer that is not from your country, there is also another 1% processing fee.
  • Kagi Their fees seem to vary. To determine your fee, they look at order size, type of item sold and the type of payment used by your customer.
  • PayPal This is a popular, well-known service.  It allows you to set up a Premier or Business account. The charges range between 1.9% + $0.30 USD to 2.9% + $0.30 USD for each transaction if you are in the US. If you are a user from another country, are charged different amounts according to the country.
  • ProPay This is a new service and a competitor for PayPal.  Currently, it is only available to US residents.  They charge you an annual fee, starting at $34.95, which depends on the type of account you sign up for.  You also have to pay transaction fees of 3.5% + $0.35 USD. 

It is easy to set up your website to accept payment.  Once you have signed up the vendor you want, you will be able to put an order form or shopping cart on your site.  Each vendor is different, but the instructions are rather simple.  Once you complete it, your business can accept orders from anywhere in the global market.

 

 
 
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