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One option of taking payment on your website
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Moneybookers or Skrill for your website ecommerce
Another payment option for your website
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Top Tips For Best E-commerce Payment Gateways For Your New Website
Beware when starting your new business of bad advice when deciding which payment option for your E-Commerce Website - some quick tips below:
Great. You have an idea to start a new business. Have you taken the work you love to do and turned it into a job? Or taken that really scary plunge into self employment? Are you going to sell online? One of the most exciting things about the start up of your new business is getting your first sale!
Before this happens, the most important thing is to make sure you have the best payment options that are quick, easy and secure. Most start-up businesses are targeted straight away by the banks. Be warned, this option can be quite costly in the long run and quite often they will ensure that they sell you every product they can. They know you are in a vulnerable situation and keen and YES, of course the banks know this.
So what about opening that first bank account? With any business account, you are normally sold insurance and then an accounts package which of course includes a FREE stationery package (that’s normally the selling point!) This could cost you around £360 per annum and on top of that is the cost of streamline services around £30 per month if you have a payment terminal. In addition, the fees per transaction for each payment that you via your webstore are generally quite high as you do not realise you can negotiate. Then there is the cost of the set up administration costs at £250 + tax (UK).
Of course they tell you that it is such a bargain. But I hasten to add, what is the best option FOR YOU? Is it to pay up-front and be tied into a contract of £30 per month before you process any transactions, or start with other options that will keep your cashflow in your pocket?
Google Checkout – look out for their new mobile app – Mobile Wallet - NO SET UP FEE. There is currently no option for recurring payments and from what I can see, the charges are 5%. Although there was a security glitch recently that was in the news, I am sure these will be refined soon. They also have a very easy to operate Google Checkout system that can be linked to you opening a gmail account.
PayPal – growing acceptance of PayPal - more trusted option and easy to set up and integrate into any site. The transaction rate works out roughly at 4%. My sales rocketed when I added the quick PayPal button to my checkout. This is my favourite option for small businesses as it is so quick to setup and gets you selling and retailing fast.
Skrill/Moneybookers - This is a good rate if you keep your balance and withdraw in larger sums. They withhold a sum of money for refunds so you cannot always access the full balance. The customer services can also be a nightmare to contact if you have any queries. My advice on this option just google this option before progressing this as a payment gateway for your website.
Banking options such as streamline. The set-up costs can be quite a struggle at first if you are setting up on a shoestring. So tell your bank manager that you want to defer on this option until you have investigated all of the above options first. (REMEMBER, banks are businesses too!) I can vouch that your sales will not suffer if you decide to start with the PayPal and Google checkout options, especially if you make sure you have an SSL certificate to keep your site secure. Also a word of caution on activating the banks option – you have to make sure your website is compliant before they will authorise payments and this can take up to 14 days. When you agree to take this payment gateway you may also need an activation plug in, on your E-Commerce platform. This again can be costly. I was quoted between £100 and £400. Then, add however much your web person will charge you to activate your website with this payment gateway. With a bit of a walk-through with the help desk I managed to do this free of charge and it was relatively easy once I knew how.
So with all of the options available, I’d advise you to be cautious, ensuring that you shop around and question every payment gateway available to you. Make sure you ask at networking meetings and get recommendations. Remember every penny you take in your business can be a bigger profit for you, but not if you fix your overhead costs at the start of your business and you are paying out too much in monthly charges. So make sure you are selling reasonably well before you invest in signed yearly contracts that put a strain on your new business.