If your business sells products online, you will need to consider how to take payments. There are a number of options for this:
- Internet merchant account – when your business already accepts card payments, you can arrange to take payments online with your acquiring bank. See set up an internet merchant account.
- Payment processing company - this is a more expensive option, however you don’t need to have a merchant account and anyone can use it. See advantages and disadvantages of using a payment-processing company.
- Online marketplace – if you don’t have your own website, you could sell through an online marketplace, such as Etsy, eBay or Amazon. See selling through online marketplaces.
For more information, see accepting online payments.
Choose the right online payment option
When you are deciding how to accept online payments, consider the following:
- Security: Does the solution offer security features such as encryption? Consumers will look out for the Secure Socket Layer padlock symbol for peace of mind when shopping online.
- Ease of use: Is the process quick and simple? Can your customers save their details for future orders?
- Integration: Can the payment software integrate with your other business systems?
- Cost: What will it cost for initial set up and ongoing transaction fees, support and maintenance?
- Time: How long will it take for your business to receive the payment?