SELECTING AN ONLINE PAYMENT PROCESSOR

Many forms of online payment prove to be a pain in the neck to customers as well as to business owners. The technicalities involved could scare away a first-timer. That is why, in selecting an online payment processor, it is imperative to select one that is cost-friendly, secure and easy to use for you and your clients.

PROCEDURE 1:
PICK A FAMILIAR AND TRUSTWORTHY PROCESSOR
One thing you should be aware of is the fact that your prospective customers will shy away and get suspicious of a phony-looking or unprofessional processor. Therefore, it would be to your advantage to use a professional processor to gain customer trust and ease of transaction. Examples of these professional processors include: PayPal, BidPay and ProPay

PROCEDURE 2:
DECIDE ON THE FEES:
The fees you pay for using these Payment processors are usually the ways these companies make their money. Depending on how you do business, it will affect how much you make. For example, if you make little sales yearly, it would make sense for you to allow the payment processors take a percentage off every sale instead of paying a monthly fee.

PROCEDURE 3:
DECIDE ON PAYMENT PROCESSES:
Merchant accounts transfer your payment straight to your bank, giving it FDIC insurance, but in the case of PayPal, payment is made via PayPal to you.

PROCEDURE 4:
DISPUTE RESOLUTION:
In the advent of a conflict, PayPal will represent both the buyer as well as the seller, while in the case of Merchant accounts the business owner is represented by the bank.

PROCEDURE 5:
GET SECURED:
It would be a rational and wise decision to scout for an online payment Processor that is Fraud-proof and offers security to you and your customers. For example, PayPal automatically rejects mismatches in AVS or CCV. Merchant accounts on the other hand give you the option of using gateways to trace and detect suspicious activity.

PROCEDURE 6:
ANALYSE, DEDUCE AND DECIDE:
After getting a list of prospective online Payment Processors, narrow your choices, suing such criteria as their fees and features, reviews and feedback. You may even consider getting opinion from a current or previous user of the processor.

***It is a good idea to have a backup online payment Processor in the event that technical difficulties with the default one. The use of Merchant accounts instead of Private payment processors will tend to give your business a professional look. It is common knowledge that people complain that PayPal froze their accounts, or prevented them from accessing their money. You should be informed that PayPal does not have to play by bank rules, so be careful.