How to Receive Payments for Your Online Sales
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Once you decide which products you are planning to sell on the Internet, and what type of web store you are going to use in order to display your products, next vital decision that you have to take is to figure out how your customers are going to pay you.Whatever you plan to sell online, accepting credit card
transaction is a must! A full 90 percent of all online sales
occur through credit card payments.
There are two ways you can add e-commerce capabilities to your
1. Having your own merchant account
2. Using third party processors
What is a merchant account?
A merchant account is a special kind of bank account where funds
received from credit card transactions are first routed to the
special account and held there before being remitted to your
business account. You as an online merchant will need an account
called “Card Not Present Merchant Account”.
Having the merchant account is, actually, the first step in
processing credit cards online. You will also need a payment
gateway. A payment gateway is a service provided by billing
processor which allows real time authorization of online
transactions. The payment gateway you choose to work with has to
be compatible with your shopping cart. Three top payment Gateway
providers are AuthorizeNet (http://www.authorizenet.com/),
and USAePay (http://www.usaepay.com/).
All payment gateway providers have
their own merchant solutions. Most banks, today, work with
partner payment gateway providers and are fully capable of
furnishing with a merchant solution.
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