As a company owner or freelancer you are always looking for more and better ways to get paid. This is especially true when you sell your products and services online. You may have setup shop online, but finding a payment gateway that suits your billing and business style can be a bit challenging.
There are a wide variety of options available to the business owner when it comes to receiving payments online. Usual methods like wire transfer, cheque, cash and direct bank deposit are great core payment methods for any company, but because there are so many great online payment gateways out there it is probably a good idea to offer at least one for you clients to utilize.
International versus local clientele
Location, location, location. Whether you use a geographically general or specific payment gateway is up to where your clientele resides. If most of your customers are from your one country you can use a local payment gateway. If most of your business is done with global customers you need to get a gateway that facilitates this.
It is also important to ask yourself what currency your clients will be paying you in. Most payment gateways have support for certain currencies only. So always pick one that supports the currencies your customers will want to pay in.
Once-off vs recurring payment
Do you sell a product or service that the client is required to make one payment for or is the product or service paid for in installments? i.e. comes as part of a recurring subscription that requires a few successive payments.
If your customers need to make once-off payments you can look at services that provide your clients with the ability to make immediate, secure credit card payments. You can also look at a payment gateway like PayPal that provides immediate secure payments between businesses who have an account with them.
Let's say that the majority of your clients will need to pay on a recurring term for the products or services you provide. For example; a fortnightly payment for the gardening maintenance services your company supplies. This means you will need to look at a payment gateway that allows the collection of recurring direct debits to credit cards and bank accounts. Make sure you use a service that supports collection in the currency your clients use.
Overall service & fees
So you have decided on a few gateways that meet your currency, target market and payment type requirements. To assist you make your final decision you can use the suggestions below:
- Transaction fees: Investigate the fees each gateway charges and compare them. Some gateways also have security deposits that need to be paid and strict withdrawal policies, so make sure before committing.
- Reporting: Does the gateway provide suitable information for accurate account reconciliation? Do they inform you of bounced payments and securely store client payment information.
- Some payment gateways supply you with an integrated merchant account while others require you to have one with a bank. Find out what the requirements are and if you qualify for an account before joining.
- Safety and security regulations in the payment gateway sector are there to protect you. Always follow up with you local regulatory authority to make sure the payment gateway you want to use is a member and complies with their laws.
There are a wide variety of options available to the business owner when it comes to receiving payments online. Usual methods like wire transfer, cheque, cash and direct bank deposit are great core payment methods for any company, but because there are so many great online payment gateways out there it is probably a good idea to offer at least one for you clients to utilize.
International versus local clientele
Location, location, location. Whether you use a geographically general or specific payment gateway is up to where your clientele resides. If most of your customers are from your one country you can use a local payment gateway. If most of your business is done with global customers you need to get a gateway that facilitates this.
It is also important to ask yourself what currency your clients will be paying you in. Most payment gateways have support for certain currencies only. So always pick one that supports the currencies your customers will want to pay in.
Once-off vs recurring payment
Do you sell a product or service that the client is required to make one payment for or is the product or service paid for in installments? i.e. comes as part of a recurring subscription that requires a few successive payments.
If your customers need to make once-off payments you can look at services that provide your clients with the ability to make immediate, secure credit card payments. You can also look at a payment gateway like PayPal that provides immediate secure payments between businesses who have an account with them.
Let's say that the majority of your clients will need to pay on a recurring term for the products or services you provide. For example; a fortnightly payment for the gardening maintenance services your company supplies. This means you will need to look at a payment gateway that allows the collection of recurring direct debits to credit cards and bank accounts. Make sure you use a service that supports collection in the currency your clients use.
Overall service & fees
So you have decided on a few gateways that meet your currency, target market and payment type requirements. To assist you make your final decision you can use the suggestions below:
- Transaction fees: Investigate the fees each gateway charges and compare them. Some gateways also have security deposits that need to be paid and strict withdrawal policies, so make sure before committing.
- Reporting: Does the gateway provide suitable information for accurate account reconciliation? Do they inform you of bounced payments and securely store client payment information.
- Some payment gateways supply you with an integrated merchant account while others require you to have one with a bank. Find out what the requirements are and if you qualify for an account before joining.
- Safety and security regulations in the payment gateway sector are there to protect you. Always follow up with you local regulatory authority to make sure the payment gateway you want to use is a member and complies with their laws.
About the Author:
Bill Bapsnill has been in the online billing industry for many decades. He recommends that you do your recurring billing via an online billing system.
