With the advancements in technology and accessibility of internet, the way payment was done earlier has changed a lot. Now, people can buy goods and services on various websites such as ecommerce, online bookings & reservations and hotel websites by making the payments via online payment methods. There are numerous methods for collecting payments for things you sell and buy on the internet. These methods are very easy, trusted and fast ways to transact money online
Non-Bank online payment methods
Various services on the internet accept credit cards for making payments. On this type of process, credit card numbers are accepted to process the transactions. They also remove their fees and pass on the remaining amount to you. These methods are very quick and best methods to sell your goods and services online. One of the well known and trusted methods of making payments is PayPal Buy Stripe Accounts. It is now owned by eBay. There are various set of rules to be followed so the no one is able to breach the terms of the account otherwise the account is closed down.
The account of the PayPal is associated with the bank account of the holder where he will be able to transfer the money and it is recommended to get a verified PayPal account for trusted transactions.
Some of other payment processors include Paymate, which is an Australian based account and Authorize.net which caters to the clients based in United States. Every processor has its own terms and conditions which must be followed thoroughly.
Bank Merchant Accounts
This is one of the traditional methods to accept the money online. A merchant account can be used for making payments from a major bank. This method is more complicated than other methods; however, you will have a control on your payment process.
In the merchant account, you will be able to accept credit card payments whenever the buyer presents the card to you for buying goods and services. You can receive the payment over the internet and you have to be approved for MOTO which stands for Mail order/ Telephone order.
This can be difficult to obtain if you have a start off business and do not have great credit rating. The volume of the sales you make also makes a difference and you will also be able to get faster approval for setting up your own merchant account.