How to Accept Payment Online

If you are new to the e-commerce industry, then you are likely learning a great deal of new information each and every day. One of the most important questions that perspective eCommerce business owners run into is how exactly to accept payments over the internet.

This is clearly one of the most fundamental aspects of running an online store, yet it can also be an intimidating one. After all, failing to do this correctly could result in you not getting paid for the work that you do. In a worst-case scenario, it’s could even result in you being held liable for theft or fraud suffered by one of your potential customers. This can be a crippling setback, as it often entails large financial payouts along with significant reputation damage.

Fortunately, handling online payments can be both safe and easy, as the millions of online merchants are on the world can attest. So, with all that being said, let’s take a quick look at a few of the most common forms of online payment out there.

1. Third party platforms. Some online merchants get their start selling goods and services through a third party websites such as Amazon or Ebay. This option is so easy that it can seem tempting; however, it is not recommendable — especially for serious, long-term operations. The reason for this is that third party platforms charge a relatively large percentage of each and every sale, reducing your profitability and your competitiveness.
2. Online Wallets. Services such as PayPal are one important way that many consumers make payments over the web. Allowing customers to pay through online wallets is definitely a good idea, as many people find these options convenient and secure. However, used alone, this is not an adequate solution, because many customers still do not have any type of online wallet, and you don’t want to risk losing potential customers over this matter.
3. Credit and debit card payments. Accepting credit and debit card payments takes a bit of hard work. You will need to set up a merchant bank account, and find a payment service provider. You will also have to equip your own website with SSL certification.  once you have made this investment. Once you have completed these steps, however, you will be poised to accept payments from the widest range of customers the the easiest and most direct means possible.

Learn more about e-commerce and the steps you need to take to run an effective online store by visiting People’s Host online today.