Finding the Best Payment Acceptance Solution For You

Cathy Kessler

With all the payment acceptance options available online today, it's no wonder many people just give up and register for the first thing that catches their eyes. However, with a little investigation, you could get many more benefits for a lot less money.

Much of the confusion comes from the variety of terms used to describe the numerous payment acceptance services. Since knowledge is power, let's look at the differences between the various services and give you some ammunition for making a sound decision.

Merchant Accounts

This is the most common term used in association with payment acceptance. A merchant account gives you the ability to accept credit cards directly. Through either a physical terminal (as you would see at a retail store) or an Internet gateway (a "connection" between your website and your merchant account), you are equipped to process credit cards such as Visa, MasterCard, Discover, American Express, and others.

Examples of merchant account providers include: Beneficial Merchant Services (www.visaguy.com), Charge.com (www.charge.com), and others.

The fees involved with merchant accounts vary greatly, but most include the following:

* Per transaction fee - An amount charged for each transaction you process. Can be from $0.20 to $0.75 per transaction. * Discount percentage - An amount (based on a percentage of the purchase amount). Can range from 1% to 5% of the total amount. * Statement fee - An amount charged for compiling and mailing your monthly statement of activity. Typically between $10 to $15 per month. * Monthly fee - A monthly charge for having your merchant account. Normally ranges from $6 to $35 per month. * Application fee - The charge associated with the processing of your application. Can be anywhere from $0 to $100 and is generally non-refundable whether you are approved or not. * Internet gateway fee - A monthly charge for access to the Internet processing network. Typically runs between $15 to $40 per month.

As you can see, all these fees add up quickly. While there are some merchant account providers that offer reasonable charges, you must be careful to do your research thoroughly in order to find upstanding firms that offer reliable service and excellent customer care.

Third Party Payment Providers

Third party payment providers are those companies that accept credit cards and other types of payment on your behalf. They generally allow you the options of "using" their merchant accounts and electronic check accounts.

Examples of third party payment providers include: ClickBank (www.clickbank.com), PayPal (www.paypal.com), iBill (www.ibill.com), and others.

This option has its benefits (such as the savings of the application fee, monthly fee, and statement fee). However, be warned that these companies are in business to make a profit. Depending on your particular situation, it may actually cost you more to use a third party payment provider than it would to apply for your own merchant account.

For example, rather than a charge of $0.20 to $0.75 per transaction, the third party payment provider is likely to charge $1.00 or more. Instead of 1% to 5% for the discount fee, you will probably pay a minimum of 7.5%. While it may not sound like a huge difference, over the course of a year, you would be shocked at how much more you'll pay.

Still, there are several benefits to using a third party payment provider. Depending on the services you need, you could find companies who offer a "built-in" affiliate program at no additional charge. These companies will create affiliate links for your resellers, track their sales, send affiliates (and you) notification of each sale made, process the payments, send you (and your affiliates) checks each month, and so on.

Purchasing your own affiliate software could run in the thousands of dollars; so for smaller businesses, a third party payment provider who includes an affiliate option may be just the solution.

Before making any decisions, it is vitally important to research the various companies, their services, their reputations, and their response times. The time (and money) spent to investigate the best solution for your particular circumstances will be repaid in a reliable - and affordable - payment option that helps you expand your business and increase your sales.

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Finding the Best Payment Acceptance Solution For You

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