The most important online payment method is the credit card. It has been estimated that 90% of all online transactions occur through credit card payments of some form (this includes Paypal). Paypal refers to the Paypal account some people have that allows them to purchase products and services online. To use Paypal to accept online payments, you need to have a verified Paypal business account.

Other payment methods include checks, cash on delivery, Interac (Interac refers to a new online payment system that allows funds to be transferred directly from your bank account. It is quite new and has yet to be widely adopted. To read more about Interac, click here.)

You want to make it as easy as possible for someone to buy your products or services. The more payment options you have, the wider your “net” is, and the customers you can “catch.” Practically speaking, however, since credit cards are by far the most preferred payment method, having a secure credit card payment processor on your website will allow most of your online customers to buy things from you.

In order to accept credit card payments online, you need either 1 a merchant account with a bank that is configured for online transactions (through Moneris or Beantsream) or 2 a third party payment processor such as Paypal or 2Checkout .

Generally speaking, if your business is doing modest sales it is recommended to use a third party processor. However, if your online business starts booming, you will get better rates per transaction by having your own merchant account.

We at Floating World Web Development can provide your business with an e-commerce, shopping cart-enabled website for a great price. Click here.