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Receiving Online Payments

Money in hands
We have already discussed the importance of having SSL encryption and valid certificates if you are accepting online payments of any kind, but that is only part of the equation. Simply being willing to accept payments does not make it possible. In order for electronic checks or credit card transactions to translate into money in your pocket, you need a payment processor. Many common names like PayPal and Google Checkout are certainly options, but they are not the only options. Here are a few things to consider when selecting a payment gateway:

1. What are the conditions for payment? Do you have to reach a threshold (i.e. $100) before they will cut you a check?

2. How much does it cost? What percentage do they get? Are there hidden fees?

3. Do they offer the necessary tools to integrate their payment system into your website?

4. What do others say about them? Are they considered secure?

5. Do they accept all major credit cards? What other payment options do they offer?

There is not necessarily a right answer for any of the above questions, but you can look at your business plan and determine which answers work best for your business.

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