There are several payment options for internet transactions. With the development of e-commerce, more people are doing business online. With the increasing market, there should be solutions for making transactions via internet easier and convenient.
Standard merchant accounts.
These accounts have to be negotiated via filing bank forms, running credit checks and paying bank and other fees as relevant. Instead of having to manually run these changes, these can be automated securely with Internet Payment Services. Sometimes merchant accounts can be limited in various ways. Ex: You might be able to take credit cards only, rather than credit and debit cards.
Managed online merchant accounts
These are for those who are looking for a broader solution. There are range of merchant accounts with flexibility, security, and international payment options available. You can accept credit cards, debit cards, cheques and range of facilities. Some of these services, you have to buy and implement. Others are customized and managed according to your needs by your ISP.
You have to pay for merchant account services. Rates and fees will depend on the kind of goods ad services you are offering, the volume of sales and many other facts depending on your condition. Security deposits, Initial set up fees, Necessary software purchase and installation are most common initial fees.
When you get your IPPS (Internet Payment Processing System) Your ISP or your Processing System Service will provide you with a link. You will have to manually add the code to your site. Once activated, customers will follow the link, which will take them to a secure order information form. After submitting the required payment information, it is verified in seconds. An e-mail will be sent to you and your customer. Payment will then process and funds will be transferred to your merchant account.
Some merchant accounts require customers to purchase up to certain amount for the order to be processed. You have to select a flexible and easy payment process for your customers.
Alternative online payment options
To make things easy, some companies offer alternatives to standard online merchant accounts. Purchasers can use cash, cheque, credit cards or debit cards to start an account with these companies. The easiest and most popular method is PayPal. You do not need lot of fuss to open a PayPal account. You can open a PayPal account without any initial deposit. PayPal plays a very important role in alternative transactions methods used in e-bay. Today most people prefer PayPal more than any method, because it is simple and easy. PayPal has its own disadvantages too but we will discuss it later.