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There are many online payment services today which provide you with an
alternative way to traditional payment methods.
So unlike banks and
credit card companies, services such as PayPal and CheckFree no longer
require a business to have a merchant account.
In fact, using services like this not only provides a quicker way for
money to be paid online, but it is more secure than having someone
sending you a check or cash.
This is because the funds are
electronically transferred to your account with them in order to settle
any transaction made.
Such services have become
among those who use online auction sites (such as Ebay), but also many
other online businesses are now beginning to see the advantages of
these services as well.
However, what is
important to know is how they work, and how to avoid
any potential problems that may arise. Such services use a relatively
simple process in order to transfer money from one person to another.
What you need to do is set up an account providing enough information
which should include your real name, email address and credit card or
bank account details (which are used to verify your identity).
Then, in order for someone to pay you, they enter your email address
and the amount of the transaction in question. This is then paid into
your account, and can either then be transferred to your bank account,
or a check can be sent to you. However, many of the payment services
will charge a small fee in order to transfer funds.
For example, PayPal charges you up to 2.5% for each transfer that they
make (but this all depends on the amount). But what should be
remembered is that these fees are probably less than what you would
normally pay for a credit card merchant account.
Also, such services
can be especially helpful when you need to arrange for small repetitive
payments to be made to your account, such as affiliate rewards and
there are some drawbacks to be had from using a payment service, and
these are as follows:
of them impose a daily or weekly limit on the amount of money that you
send or receive. So if you want to exceed these limits you may find
yourself incurring an additional fee for a “business
account” or “premiere account”.
These services are not banks, and therefore are not subject
to strict banking regulations or protected by Federal Deposit
Insurance. 3. Often these services provide their customers with less
protection against fraud and abuse than many credit card companies
Also, they are sometimes quick to freeze a
customer’s account if they suspect fraudulent or other
criminal activities are taking place. They can be so quick sometimes
that some customers have found that their account has been frozen for
no apparent reason whatsoever.
It is important that
before you sign up
to any payment service, you read through their terms and conditions
thoroughly. Plus, also read through their terms of service agreement
It is important that you fully understand and accept the
service’s dispute policy, limits on liability, their fee
structure and any other rules or regulations that they may have. It is
also important that you do not keep too much money in your account,
rather hold in it enough to conduct a few days of business and any
unused funds should be transferred over to your regular bank account.
are just a few more payment services that you may want to look at
further when setting up an online business account.
service processes credit card and checking account transactions.
BidPay. This allows person to
person payments, in which they accept a credit card payment from the
payer and then send a money order through to the payee.
BillPoint. This also allows
person to person payments, but from a credit card. Originally this
system was being targeted specifically at Ebay customers.
E-Gold. This allows the
payment in gold (silver, platinum or palladium) to be made from one
customer to another using an account based system.
PayPal. This is probably the
most well known of payment services, and it allows user to user
payments. This is where a payer uses a credit card to pay money into
another user’s account. Or, in fact, they can use money they
already have in that account in order to pay for the goods they have
World Pay. This service
provides both an internet merchant account, and payment processing
service in one package.
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