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- Using Your Own Merchant Account. To do this, you will need a bank that will allow you to open a merchant account. Requirements for this will vary from country to country, and you should check with your local banks for more information on this.
- Through a Third Party Merchant. There are numerous companies around that are willing to accept credit cards payments on your behalf in exchange for various fees and percentages. These are also known as "payment gateways".
Methods of Accepting Credit Card Payments
There are actually two ways in which you can accept credit cards on your site.
Which Method Should You Use?
The initial costs of opening your own merchant account is usually higher than when you use a third party merchant. Indeed, some third party merchants have no setup fee at all.
However, the transaction fee (which is what you pay the bank or third party merchant for each sale) is much higher when you use a third party as compared to when using your own merchant account.
A third party merchant is usually convenient to use when you don't know if you can actually make much out of your product or service. If you just want to test the water to see how things are, this is usually a good way to start. It is also convenient in that the merchant takes care of everything for you. You just get a cheque at the end of each payment period (if you have earned enough) and concentrate on your products, services and customers.
Having your own merchant account accords your business with a certain amount of professionalism. And, as mentioned earlier, your transaction costs are usually much lower. However you have to be careful to minimize your credit card risks since you'll be processing the credit card payments yourself. This is not to say that there are no risks attendant in using a third party merchant.
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16 Jun 10
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24 May 10
Jack Parkso use it to charge for services and subscriptions. Charges range from 1
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07 Jul 09
roysightHow to accept credit card payments on your website (without requiring a merchant account)
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05 Jul 09
Michael CharvetAccepting Credit Cards on Your Website
by Christopher Heng, thesitewizard.com
Are you thinking of selling things on the web? If so, you will probably also be considering some way in which you can accept credit cards on your site. Since new webmasters who -
11 Mar 09
robin hembThe initial costs of opening your own merchant account is usually higher than when you use a third party merchant. Indeed, some third party merchants have no setup fee at all.
However, the transaction fee (which is what you pay the bank or third party merchant for each sale) is much higher when you use a third party as compared to when using your own merchant account. -
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