One of the biggest challenges that come with running an online business is figuring out the best method for accepting payments online. Being able to accept online payments from your customers can significantly increase the number of sales that you make, and it can make a big difference in your business’s overall success. While there are only a few different types of payment methods that you could use, there are many different companies to choose from. Here are some of the options that you could pick from for your online payment processing.
Authorize.net
Authorize.net is the largest company used for credit card processing online. With Authorize.net, you get a simple interface and competitive rates for the services that you need. The nice thing about this service is that you pay $20 per month and then a $.10 transaction fee. This is easily integrated into some of the most popular e-commerce platforms such as Magento. This is why it has over 300,000 active users in the market today. One of the drawbacks of getting started with Authorize.net is that it does charge you a $99 setup fee.
PayPal
One of the most widely used online payment processing solutions is PayPal. PayPal is a third-party payment processor that makes it easy for you to get set up and running with your online business. When you set up PayPal, customers will be able to transfer money directly from their PayPal accounts to yours to pay for goods or services. With PayPal, you can also accept payments from credit or debit cards. You can also take payments over the phone and enter the credit card information manually into an online portal if you wish. With PayPal, you should expect to pay approximately 2.9% and a $.30 transaction fee.
Google Checkout
Google Checkout is one of the other big names in the area of credit card processing online. With Google Checkout, you get to work with one of the biggest companies in the world. One of the big benefits of working with Google Checkout is that many people already have Google accounts for other things. For example, if you have a Gmail account or a Google+ account, you can easily pay with Google Checkout. You’ll use the same login information and you’ll just have to enter a payment method. Some people do not like the level of customer service that they get with Google, but they typically do not have a lot of issues that need resolution.
Amazon Payments
Amazon Payments is another big payment processor commonly used in the online marketplace. Amazon is one of the most trusted online brands. Many consumers are already accustomed to using their services. If you use this service, the cost varies, depending on the amount of the transaction. Anything above $10 has a 2.9% fee along with a $.30 per transaction fee. If you sell anything that is less than $10, the fee jumps up to 5% and a $.05 transaction fee. This means that it is more heavily geared toward merchants that sell products above the $10 threshold.
WePay
WePay is a company that makes it possible for you to accept both credit card and bank account payments from your customers online. This is a nice wrinkle that isn’t available with some of the other major payment processors out there. If a customer doesn’t have a credit or debit card, you can still have a chance of closing a sale with the bank account transfer. The fees associated with WePay are a 3.5% transaction fee as well as a $.50 fee for bank account payments. This makes it reasonably priced, especially considering the extra level of flexibility that you are able to get with this program.
Regardless of which options you choose to offer, think about what would be most convenient for your customers. You want to save money, but not at the expense of your customers. Most find that the traditional Authorize.net supported credit card processing online is the best fit for both their business and their customers.
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