Starting a business online is a great way to earn money. In fact, according to a recent infographic by orangecollarmedia.com, 74% of the population uses the Internet, 66% of those Internet users have purchased a product online, and in 2010 Americans alone spent $186 billion online. These data show that e-commerce is an ever increasing industry and a great way to do business. If you’re looking to start your online business, you’re also going to need a way to accept payment. Consider any of the following options, as all are great ways to take online payments.
One of the most popular ways to take online payments is to set up a merchant account with your bank. It’s a bit of a process to get a merchant account up and rolling and requires a good amount of paper work, but once you’ve dotted all the “Is” and crossed all the “Ts,” you’re ready to roll. When setting up a merchant account, banks will require a small fee for each transaction, but the left over money will be deposited directly into your account.
PayPal is one of the best ways to take payments online. All you need to get set up is an email address and a bank account where you would eventually like the money deposited. If needed, PayPal will also set you up with a debit card. PayPal is extremely convenient because they allow you to collect money from anyone. PayPal does require a small fee as well.
ACH, or an electronic check, is another option for accepting payments online. All you need is the consumer’s routing number, bank account number, and amount in order to process a check. Setting up ACH payments does require that you have a bank account and is most easily set up through your bank.
While there are many mobile payment processors available, Square is the most popular and probably the most user friendly. With Square and other similar processors, you can plug in the card reader into your smart phone, tablet, or computer and easily process a payment. Square also allows you to scan in a check, which will be automatically deposited into your bank account. Square is picking up speed, and many businesses are using it instead of traditional card readers.
For more information about excellent online payment options, please contact us at OrangeSoda today. We would love to help answer your questions.