If you are building an online shop, you will need to address the question of taking payments for orders. You can, of course, request that a check payment be sent to you in the mail. Most shopping basket software allows you to select this option when you are setting it up. If you already have an offline, bricks and mortar business, you may simply wish to accept credit card payments over the phone.
However, there are some basic problems with these solutions and it all comes down to the way people shop on the internet. Customers expect to be able to add items to their basket and proceed to the checkout to pay. If they then find they must telephone you or print out and send their order, they may simply abandon their order and hop over to another website. Shopping online is all about convenience and if you are unable to provide this, you may be losing customers without even being aware of it.
So, what are your options and what is it all going to cost? Well, the good news is you can do it all very simply and cheaply. Paypal does not have a set-up charge and is a large and trusted online payment processor servicing 78 million accounts worldwide in 56 countries. Your only cost is a small percentage on each sale; a transaction charge. Payments from your website go straight into your Paypal account from where you can transfer amounts to your bank account with the click of a button.
Once you sign up with a payment processor, you can either link to their secure server from your shopping basket facility or build 'add to basket' buttons via a simple web query form. The html generated is then pasted next to items on your web page and your customers will be transferred to a secure server when they go to checkout.
Traditional merchant accounts are normally set up through your own bank and will become integral to your business account. Having your own merchant account gives you the choice of many different online payment gateways. Most, however, do charge a set-up fee, monthly fee and transaction charge. Just as you would offline, do make sure you research any company you sign up with on the internet. Print out and read their terms and conditions. Take particular notice of where they are operating from, their fees, when and how you will receive your money into your account.
Another point to consider is the question of chargebacks. This happens when a buyer requests a refund of an amount already paid to you. Reasons include not receiving goods ordered or items arriving faulty, damaged or not as described. Sometimes requests are made if the buyers card was used fraudulently.
If the chargeback request is successful, your merchant payment processor will charge you a processing fee. However, some companies will now provide you with insurance against chargebacks inclusive in your monthly fee. It's certainly worth shopping around for the right solution for you but knowing you have done your research will give you some peace of mind.
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More and more holiday makers are taking their credit cards on holiday with them to pay for goods rather than carrying large amounts of foreign currency. Of course this offers great convenience and at times added security but there important steps you should take to ensure that using your credit card abroad is not too costly and of course safe.
Before you go on your holiday contact your credit card issuer to ensure that you will be able to use your card where you are going. Also take this opportunity to enquire about any charges or fees you may be charged when using your card in order to avoid any nasty shocks when your statement arrives. You should check several weeks before you go away that all the cards you are taking are current (ie. not going to expire whilst you are away), that the signature is clear on the back of the card and that you know all relevant PIN (personal identification number) numbers.
The UK banking industry claims that losses from credit and debit cards, issued in Britain and then used by fraudsters overseas, total almost 140 million pounds each year, and that much of this loss occurs because people have their cards stolen whilst they're on holiday.
The following simple precautions should go some way in preventing yourself having your credit cards stolen whilst on holiday. Firstly, always treat your credit and debit cards as carefully as you would cash and don't keep your cheque book with your cards. Never leave plastic cards and other valuables unattended anywhere at all, not even your hotel room. Use your hotel room's safety deposit box if it has one or if not, ask to use a safe in the hotel itself. Always keep your plastic cards on your person while travelling to and from your holiday destination. Rucksacks or suitcases are not safe places to store your cards.
When in crowds, keep your bag either strapped across your body or held firmly. Turn the clasp towards you, making it even harder for a pickpocket to get at. A concealed money belt is an ideal way to carry your cards and valuables.
If you are driving whilst on holiday, keep handbags and wallets out of sight of opportunist thieves - especially in slow moving traffic and at traffic lights or junctions. Always remove plastic cards and other valuables from parked cars. In addition, the hot weather means less clothing, which can also mean that personal items such as wallets in back pockets are more visible. Take extra care to ensure that valuables are safely concealed.
Most importantly, keep an eye on plastic cards when paying in shops and restaurants. Check your statement carefully when you return home. And make sure you have a note of the emergency 24-hour telephone numbers for your cards before you travel, so that you can report any theft/loss immediately. You will find these on your last statement or in the telephone directory, or on the back of your cards. Keep a note of this number somewhere away from your cards incase your wallet is stolen. You could always leave the number with someone back home who you could contact in the event of an emergency.
Finally, don't tell anyone your PIN, even if they claim to be from the police or your bank, and don't write it down anywhere at all.
Both John Neyman & Chris Marshall are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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