What Is The Best Way To Take Payments Online?

The best way to take payments online is by using a payment gateway that supports all of your business needs. There are many different types of gateways, and each one has its own set of advantages and disadvantages.

The most common type of gateway is an e-commerce gateway. This gateway allows you to accept credit card or debit card transactions from customers.

It also provides other features such as order tracking, inventory management, product catalogs, reporting, customer service, etc.

If you’re looking for a simple solution, this may be what you need. However, if you want more advanced functionality, there are other options available to you. Choosing a credit card processing company can be daunting so learn a bit about it prior to committing fully. 

For example, you can use a third party gateway provider like PayPal, Authorize.net, Google Checkout, etc. These providers offer additional services beyond just accepting payments.

They provide integration with your website, marketing tools, and even mobile apps.

So with all that in mind, let’s take a look at the best ways to take online payments!

How Do I Know Which Gateway Is Right For Me?

There are several factors that will help you decide on the best gateway for your business. Here are some things to consider:

 

• • How much money do you plan to make per month?

• • Do you have any special requirements (such as PCI compliance)?

• • Are you planning to sell products online?

• • How big is your existing network?

• • How much time do you have to learn how to integrate it into your site?

• • Is your budget limited?

• • Do you already have a merchant account?

• • Will you be selling physical goods or digital downloads?

• • Do you want to manage your own inventory?

• • Do you want to accept multiple forms of payments, etc.?

Different Ways To Accept Payments Online

As mentioned above, there are different methods of taking payments online.

Here are three of them:

 

1. 1. A Payment Gateway Provider – You can use a third party company to handle your payment processing. Some examples include PayPal, Authorize.Net, Google Checkout, Square, etc.

1. 1. An E-Commerce Gateway – This is similar to a payment gateway provider, but it focuses solely on handling credit cards and debit cards. It does not provide any other services.

1. 1. A Custom Solution – If none of these solutions meet your needs, then you should build your own custom solution. In this case, you’ll write code to process payments yourself.

Which One Should I Use?

This depends on your situation. Let’s start with the basics.

A Payment Gateway Provider is usually the easiest option to get started with.

With this method, you don’t have to worry about integrating anything into your site. All you need to do is install their software onto your server and you’re ready to go.

However, when you choose this route, you lose control over your own data. Your information is stored with them, so they have access to everything you store.

Also, they charge fees for every transaction.

A Payment Gateway Provider is usually easy to set up, but it doesn’t give you many options.

An E-Commerce Gateway gives you complete control over your own data, which means you can customize it however you’d like. You can also add extra functions, such as shipping, coupons, gift certificates, etc.

The downside to using an e-commerce gateway is that you must pay monthly fees.

If you want to avoid paying monthly fees, then you should choose a custom solution.

With a custom solution, you can create your own API. This allows you to connect directly to your bank accounts, credit card companies, etc., and perform transactions without having to use a third party service.

You can also add additional features, such as discounts, coupons, shipping, etc.

You won’t be able to save money by choosing a custom solution because you’ll have to spend more time learning how to integrate it into the website. However, if you know what you’re doing, it could be worth it.

Pros And Cons

Now let’s look at some pros and cons of each type of solution:

Payment Gateways

Pros

 

• • They are very simple to implement.

Cons

 

• • They charge per transaction fees.

E-Commerce Gateways

Pros

 

• • They allow you to customize your system.

Cons

 

• • They require monthly fees.

Custom Solutions

Pros

 

• • You can customize your system to fit your business model.

Cons

 

• • You will have to learn how to integrate it into your site.

How Do I Set Up My Website To Accept Payments?

The process of setting up your website to accept payments varies depending on which payment gateway you choose.

If you use PayPal, you can set up your own account using the PayPal API. If you use Stripe, you can create an application through their dashboard.

If you use Authorize.Net, you can create an account through their web interface. If you use Braintree, you can sign up for their service through their dashboard.

If you use Square, you can create an app through their dashboard.

How Much Will It Cost To Setup My Site To Accept Payments?

Costs vary depending on what type of processor you choose.

For example, if you decide to go with a third party processor, you may end up paying anywhere between $50-$100/month. If you decide to host your own processor, you’ll likely spend less than $10 per month.

You also need to factor in the cost of integrating your new payment method into your site. This includes things like creating custom forms, adding code to redirect users to the new payment form, etc.

You must also consider the time it takes to integrate your new payment method into the site. For example, if you’re going to be offering subscriptions, you will need to add recurring billing functionality to your site.

Final Thoughts – Which Is the Right Option For Me?

It really depends on your situation. If you just want to accept credit cards or debit cards, then a Payment Gateway Provider might be right for you. They are easy to implement and offer a lot of functionality.

However, if you want to sell products online, then you’ll probably need something else.
We hope this article helps you decide which one is best for you.

Now if you want to read a few more helpful pieces of content, go over to our payment processing portal.