ECOMMERCE OPTIONS - SELLING ONLINE
Static retail ecommerce website option ::
Dynamic retail ecommerce website option
Dynamic wholesale ecommerce website option ::
Overview of ecommerce options
Accepting credit cards online ::
Quick comparison of different ecommerce options
Ecommerce Payment Solutions
One of the greatest problems facing an online shop - especially in South Africa - is finding and choosing the right payment processor. This is essentially a professional and reliable company that processes credit card payments on your behalf when you do not have your own online merchant account with a bank.
If you want to sell online, you will need either a payment processor or your own online merchant account.
Because of the red tape and high costs involved in obtaining and maintaining a merchant account, most smaller stores and start-ups use payment processors.
However, finding the right one can be quite a challenge and for this reason, we include some basic information and guidelines to assist you.
Finding Possible Processors
Theoretically you have a choice of numerous processing companies spread across the globe. In reality it is not just a matter of selecting who you want to use. All payment processors have their own criterion and rules and the first thing you need to do is assess which processors are even potential options.
Limitations that are often imposed are:
You must have a bank account in the processor's country.
You may only trade in the processor's currency (Applies to all South African processors- you can only accept payments in Rands)
Your products or services must not be on their "disallowed" list (in some cases this list can be extremely long)
You may only accept payments in South African Rands
You have to sell using Escrow (you only get paid for goods after the buyer has received them and not complained)
There are other limitations, but these are the most important ones.
Key Considerations
Apart from the limitations imposed by payment processors and how these impact on you, they also have different methods of operating and differing fee structures. These need to be considered before you choose one processor over the other because very often it is not so much a question of which is better, but rather what is most important to you. Specific questions to ask yourself are:
What is their fee structure? - This can include start-up fees, per transaction fees and withdrawal fees.
When do you get your money? - Some have set payment schedules. Some pay on demand.
How do you get your money? - Some post a cheque, some transfer into your account, some will send a money order.
How do they handle chargebacks? - some withold a % of every transaction for up to 60 days, some require a deposit as surety, some charge you a set fee per chargeback and some bare the full brunt of chargebacks.
When looking at the different variables it is easy to dismiss one or another out of hand purely because of fee structure or payment options. However, there are normally both pros and cons to any payment processor and it is normally best to look at the overall package, decide what your priorities are and, in some cases, opt for a compromise that requires a trade-off of a pro against a con.
The selection of a payment methods, options, gateways and/or processors is something worth spending some time on and something on which we assist and advise our ecommerce clients.
Static retail ecommerce website option ::
Dynamic retail ecommerce website option
Dynamic wholesale ecommerce website option ::
Overview of ecommerce options
Accepting credit cards online ::
Quick comparison of different ecommerce options
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