Collecting Money: Payment Processing Gateways

Online businesses, and online components to brick and mortar stores, are a great way to earn money. However, collecting this money is often difficult. Since you do not physically have the customer in front of you accepting cash or personal checks is out of the question. Therefore, you must consider credit cards. However, processing credit cards gets complicated as well. There are several ways to collect payments online, each with its own set of perks and drawbacks.

If you already have a store then you probably have a merchant account that allows you to swipe credit cards with your cash register. If not, then you need to apply for a merchant account with a local bank. Regardless if you have a merchant account or not, you must also apply for an Internet component to this account. This will allow you to begin collecting online. Once you complete this process your bank will provide you with additional information and processing capabilities.

Auhorize.net- Authorize.net has a reputation as the leader in online payment gateways, especially for small businesses. The provide a more direct solution than many others. They are also a resonably priced option, which is beneficial for small business owners. Generally, Authorize.net has received positive feedback from customers.

WorldPay- Worldpay is ideal for businesses based in the U.K. It is a part of the Royal bank of Scotland, whcih makes it perfect for European based companies. It has fees associated with startup, but they can be recovered. WorldPay has a repuatable name that encourages customers during the payment process. It is fully customizable, but this factor is reflected in its slightly higher cost.

LinkPoint- LinkPoint will let you take credit cards in real time on your website. This option is cheap and simple, especially if you are offering phone or mail orders. The set up is also easy because many types of software come with it loaded in.

Paypal- Paypal is likely one of the most well-known 3rd party processors, and it is continually gaining steam. It is also probably the simplest and fastest payment processor out there. Paypal is the ideal choice for e-commerce users and most of all their rates are comparably cheaper. Most online shopping carts are compatible with Paypal, making it easy to use.

2checkout- Also called 2Co, 2Checkout is ideal if you already have a merchant account, but need a way to process the payment onlien. You don't have to sign a contract or buy any software. They also provide technical support, a shopping cart, and website codes. There are fees associated with 2Checkout, however. The costs are relatively low, just a sign up fee and a small fee per transaction.

Google Checkout- Google Checkout a service that allows users to store credit card and shipping information in a Google Account. This provides fraud protection and a tracking system. You can also keep your email address confidential, and block unwanted emails from stores where you previously used Google Checkout.