What do I need to do to set up a system to except Visa or Mastercard on my website? Where do I go for it? What is the cheapest method of payment for a small online business? I know Paypal can take out a sizable amount of money in fees, is there anything cheaper than this? Please help!
2007-01-12 09:17:29 · 8 answers · asked by ummeamanah 2 in Business & Finance ➔ Small Business
Get a merchant account to allow you to accept credit cards. On the Web, if you want automatic processing of the payment, you need to get a payment gateway as well.
Banks often provide the cheapest merchant account rates. Check with your bank the process for applying for a merchant account (some banks are pretty strict with their merchant accounts and do not accept home-based internet businesses as they are considered too risky).
Or check with Costco, as they have one of the lowest rates as well. Their retail rate is 1.64% plus 20¢ for Retail Classified Transactions -- expect a higher rate for online businesses.
Other providers of merchant account include
Landmark Merchant Solutions http://www.landmarkmerchant.net/?cid=122806POWERBIZ
Cardservice International http://www.cardservice.com/
You can check various merchant account providers in this comparison chart http://www.infomerchant.net/merchantaccounts/comparison.html
You will also need:
1. shopping cart system
2. payment processing gateway such as Authorize.net http://www.authorize.net/ (note that they will charge you fees as well on top of your merchant account fees) or the former Verisign (now bought by Paypal and called Payflow Pro) https://www.paypal.com/cgi-bin/webscr?cmd=_payflow-pro-overview-outside
It is good to offer as many payment alternatives to customers. But check also the costs and whether it is all worth it AT THIS POINT when you are just starting. For many small merchants, Paypal is still the cheapest way to go. Or consider Google Checkout https://checkout.google.com/sell?promo=sbhp
2007-01-12 09:30:28 · answer #1 · answered by imisidro 7 · 0⤊ 0⤋
It really depends upon how much business you are doing when deciding whether to get a merchant account or use Paypal. I was in the same boat. Once business had a steady stream coming through and customers started asking for options other than Paypal I made the switch. I did not want to "purchase" a shopping cart so I looked around for webhosts with shopping carts built in. There are many to choose from, I went with 3dcart. My website was integrated with their shopping cart and they partner with many companies that offer merchant accounts that integrate with their shopping carts ie: colors and font type, making it appear to the customer as all one site. The shopping cart site is about $65 which includes hosting, some SEO built in, and the shopping cart. My payment gateway is $10. If you are not looking to pay out a lot of money to start accepting credit cards this is a good way to go. The fees through a direct merchant account are nearly half. I waited until the difference was worth the cost of switching over.
2007-01-12 10:49:07 · answer #2 · answered by Jacy 4 · 0⤊ 0⤋
Unfortunately, for a small operator, paypal or the google payment systems are probably the best and most convenient. If there's something cheaper, I want to know about it as well!
2007-01-12 09:23:45 · answer #3 · answered by morlock825 4 · 0⤊ 0⤋
Just set up a PayPal account. Put their logo on your site and all payments are handled through them.
2007-01-13 07:52:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Start out with paypal, Then you can go to like B OF A and start up a merchant account. Merchant accounts with B of A charge a fee but its well worth it because theres lots of benefits. Like all the stuff that we think about but dont really talk about.. Theft.
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2014-08-28 13:26:33 · answer #6 · answered by Anonymous · 0⤊ 3⤋
Interesting! Never really gave this much thought
2016-07-28 07:33:17 · answer #7 · answered by ? 3 · 0⤊ 0⤋
thanks to each and every one of you for the replies!
2016-08-23 15:03:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋