Accepting online payment is an absolute must for people who transact business online. As an online marketer, if you cannot process orders online, you lose a lot of money in lost sales. But if you can accept online payment, you increase your sales in your online business to over 300%. Luckily, it’s easy to process orders online with technology. You have to paste a code within your web page.
How Do You Set up an Online Payment System?
You can accept online payment by either setting up a business account or using a third-party credit card processor. You make arrangements with your bank or any other online company of your choice to set up a business account. Many professional companies on the internet like marketingtips.com/creditcards can help you. Using a third-party credit card processor does not require a merchant account. In most cases, it involves setting up a form and putting a link on your order page.
Accepting Payments Through a Merchant Account
To accept online payment through a merchant account, you need to use a secure server. A secure server is a web server that supports any major security protocols, like SSL that encrypts and decrypts messages to protect against third-party tampering. You also need a shopping cart system. While a secure server protects your customers’ information, a shopping cart enables your customers to do online shopping. It also helps you run the totals of what they have bought together with the total cost. Let me focus more on accepting online payments through third-party credit card processors.
Third-party credit card processors can process your credit card orders quickly if you do not have a merchant account. They can do it even if you do not have a credit card account. It’s easy and doesn’t entail any monthly charges. You only pay a “per-transaction” fee and a reserve fee. When you make a sale, you receive payments through them less the transaction and reserve fees.
A reserve fee is some little amount withheld to cover any charges you may have. If you do not incur any charges within a specified period, you receive back the reservation fee. There are several prominent third-party credit card processors but for illustrative purposes, let me focus further on Paypal.com.
Paypal.com is a big company that allows any business or customer with an email address to securely, cost-effectively and conveniently send and receive payments online. It enables you to sell your products and services on your website. There is no setup fee involved apart from a small transaction fee chargeable upon making a sale.
How Do You Set Up a Paypal Online Payment Account?
Log in if you already have a Personal Account. Then click on the “Account” button at the bottom navigational links to upgrade either to Premier Account or Business Account, based on your preference and nature of your business. After filling in the details in the form, you will receive a link through your Paypal email address. Click on the link to go to a page where you will select the preferred mode of payment and create a Paypal payment button.
You receive a code, which you will paste into your webpage. You can also integrate a shopping basket, obtainable from other service providers in partnership with Paypal (Paypal provides a list of them) at a monthly subscription charged depending on the package you select.
Lastly, your online ordering process should include a sales page, an order page and a thank you page.
Your sales page should have a well-written deals copy with a link to your order page. And your order page should include a form and a link that you get from your third-party credit card processor (Paypal). The link directs your customers to a form on the payment processor’s website. The purpose of the thank-you page is to thank your customers for the purchase with detailed payment information of their transactions.
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