How do I accept payment through my website?

Accepting Payments

There are a number of ways to accept payments and some may come at a price.  Most companies offering payment gateways will want their cut of the transaction in terms of a percentage.  They need to charge for this service as it is costing them money to provide it.  I will stay away from most of the specific gateways offered by the banks as they tend to be the most expensive, unless your volume is particularly high.  With new websites however, it is better to grow your technology at the same pace as your website grows.

Bank Transfer Of Funds

For same country payments, bank transfer usually doesn’t cost the merchant or the customer any money.  It is easy to set up and on most week days the transfer will occur on the same day.  If the payer is with the same bank as you, most often the payment will be instant and your can send their purchase straight away.

Paypal Credit Cards and Debit Cards

If you have a Paypal account then this can be the most cost effective way of accepting credit and debit card payments online.  If you don’t have a Paypal account, it is free to setup and their payment gateways are very user friendly for both merchant and customer.  To find out more click on the Paypal icon and you will get an idea of how it all works.

Custom Payment Modules

Most eCommerce will have additional modules or plugins that you can add to your site if you wish to accepts either other forms of payment, or you wish to process payments a different way.  Offline Credit and Debit card payment modules allow you to collect data in an encrypted form and process these payments thru you terminal manually.  You may prefer this method especially if you have negotiated a great commission rate with your bank for “Card Not Present” transactions.  There are even modules that allow you to create payment forms such as posting to an account.  This is particularly useful for wholesale websites where all customers will probably be running either a 7 day, or 20th of the month following account.

The important thing is to discuss these options with your web designer and they will advise you on the best solution for your business.  Most software will also still allow you to collect payment by cheque.

Buy Now, Pay Later Schemes

Services like Afterpay, Laybuy, Oxipay, Genoapay and others are starting to blossom and many of our clients have requested these.  Certainly this would encourage customers to buy from your website.  Right now we are conducting research into these and will publish the results in a separate post.  You can then decide for yourself which is best suited to your business.

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