As a company 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 business style can 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
Location, location, location. Whether you use a geographically general or specific payment gateway is up to where your clientele resides. If most of your clients are from your one country you can use a local payment gateway. If most of your business is done with international clients you need to get a gateway that facilitates this.
The majority of payment gateways have certain currencies they support. What currency will your customers be paying you in? Determine which currencies these are and always pick a payment gateway that supports the currencies your clients would want to pay in.
Payment scheduling type
Another vital factor to establish is what types of payment you will be collecting and on what term. Will your clients be making once-off or recurring payments?
If your clients need to make once off payments you can look at services that provide the client with the ability to make an instant, secure credit card payment. You can also look at an online payment facilitator, like PayPal, that allows immediate payment via an account that can be topped up via credit card, bank account or wire transfer.
If your clients need to be billed on a recurring basis for the products or services you sell - e.g. a monthly subscription to a magazine - you can look into a payment gateway that facilitates the collection,debiting of recurring debit orders to credit cards or bank accounts. Most of these services only allow for certain currencies, so make sure you pick one that supports collections in the currencies your clients need to be charged in.
Costing & level of service
The final deciding factor should be the overall level of service and costs involved in such an undertaking. Use the criteria below to help you make an informed decision:
- Online transactions cost money, to save as much as you can shop around for the gateway that charges you the least in transaction fees. Saving few cents on each transaction can save you thousands over time.
- Remember that you will need to reconcile payment made through your payment gateway. It is therefore cirtical to ensure that the gateway you select provides adequate and accurate reporting.
- When utilizing some payment gateways you do not need a business or merchant account at a bank to use the collection service. This is perfect 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.
- Safety and security regulations in the payment gateway sector are there to keep you safe. Always follow up with you local regulatory authority to make sure the payment gateway you want to use is a member and complies with their rules.
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
Location, location, location. Whether you use a geographically general or specific payment gateway is up to where your clientele resides. If most of your clients are from your one country you can use a local payment gateway. If most of your business is done with international clients you need to get a gateway that facilitates this.
The majority of payment gateways have certain currencies they support. What currency will your customers be paying you in? Determine which currencies these are and always pick a payment gateway that supports the currencies your clients would want to pay in.
Payment scheduling type
Another vital factor to establish is what types of payment you will be collecting and on what term. Will your clients be making once-off or recurring payments?
If your clients need to make once off payments you can look at services that provide the client with the ability to make an instant, secure credit card payment. You can also look at an online payment facilitator, like PayPal, that allows immediate payment via an account that can be topped up via credit card, bank account or wire transfer.
If your clients need to be billed on a recurring basis for the products or services you sell - e.g. a monthly subscription to a magazine - you can look into a payment gateway that facilitates the collection,debiting of recurring debit orders to credit cards or bank accounts. Most of these services only allow for certain currencies, so make sure you pick one that supports collections in the currencies your clients need to be charged in.
Costing & level of service
The final deciding factor should be the overall level of service and costs involved in such an undertaking. Use the criteria below to help you make an informed decision:
- Online transactions cost money, to save as much as you can shop around for the gateway that charges you the least in transaction fees. Saving few cents on each transaction can save you thousands over time.
- Remember that you will need to reconcile payment made through your payment gateway. It is therefore cirtical to ensure that the gateway you select provides adequate and accurate reporting.
- When utilizing some payment gateways you do not need a business or merchant account at a bank to use the collection service. This is perfect 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.
- Safety and security regulations in the payment gateway sector are there to keep you safe. Always follow up with you local regulatory authority to make sure the payment gateway you want to use is a member and complies with their rules.
About the Author:
Bill Bapsnill has been in the online payment industry for many decades. He suggests that you do your subscription invoicing via an saas invoicing system.
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