Type: Payment Processor
Founded in 1998, PayPal (owned by eBay) is the world's largest consumer payment service.
PayPal enables any individual or business to securely and quickly send and receive payments online.
Overall, they are a great low-cost payment processor for small businesses and offer a wide range of features.
One major advantage of using PayPal is that you don’t need an Internet merchant account. PayPal allows you to transfer your settled funds into any regular bank or credit card account.
Opening your account takes around 10 minutes and their user interface is simple and easy-to-use. PayPal allows you to send and receive funds in the following currencies:
If you’re new to eCommerce and you’re unsure as to how many sales you’ll be getting each day, getting a PayPal account is a good way to ‘test the waters’ without making a big financial commitment.
For fees and signup information, visit PayPal at:
www.PayPal.com - United States
www.PayPal.com.au - Australia
Type: Merchant Account Provider and Payment Gateway
WorldPay is a merchant account provider and payment gateway service rolled into one.
Accounts take as little as 7-10 days to set-up and they accept over 90% of companies that apply for merchant account facilities.
In addition to regular payment processing, WorldPay allows merchants to accept installment payments and recurring subscription payments.
This is a great feature for businesses that have to re-bill their customers on a regular basis (e.g. gyms, membership-based websites, etc)
We recommend WorldPay for merchants that are targeting an international audience and need to accept multiple currencies.
For example, if you have a site based in Australia that sells to customers in the UK, US, and Japan, you can offer your products in British Pounds, US Dollars and Japanese Yen.
This helps to increase your sales conversion rate as most people feel more comfortable paying in their local currency and not worrying about the conversion rate.
For fees and signup information, visit WorldPay at:
Type: Payment Gateway
eWAY is an Australian-based payment gateway established in 1998 and is an eCommerce partner with the following banks:
To use eWAY you must first apply for an Internet merchant account with one of the banks listed above. Once your application is approved by the bank, you can open an eWay account and start accepting credit card payments.
We recommend eWay for businesses who need to maintain a high volume/low-cost structure. eWay is popular with retail-based operations and charges in Australian currency only.
For fees and signup information, visit eWay at:
Payment Processing Fees
While third-party payment processors like PayPal have a simple fee structure, a Merchant Accounts/Payment Gateway combination is a little more complicated.
Here’s a breakdown of each of the fees and what they mean:
1. Merchant Account Fees
Application/Set-up fee: Banking institutions will charge a fee to apply for a merchant account, regardless of whether your application is successful or not.
Once your application has been approved, there may be other fees associated with establishing the account so check before applying.
Monthly Account Fee: A monthly fee charged by the bank to keep your account open.
Discount/Charge Rate: The percentage fee you pay to the credit card company (Visa, MasterCard, etc) for each transaction. For example, if you sell a product for $100 and your charge rate is 2.5%, you’ll pay them $2.50.
Statement Fee: A monthly fee a bank will charge for issuing your account statement, which outlines your transactions. Some banks may allow you to avoid statement fees by receiving your statements in an electronic format rather than in print.
Chargeback Fee: The fee which is charged in the event a customer disputes a transaction on their statement (e.g. fraud, not happy with a purchase, etc).
2. Payment Gateway Fees
Application/Set-up Fee: A flat fee charged to set-up your payment gateway account.
Monthly/Yearly Fee: A flat monthly or yearly fee charged by your payment gateway provider to gain access to their service.
Transaction Fee: A flat fee charged by your payment gateway to process each transaction (e.g. 50 cents per transaction).
What is a ‘Chargeback’?
A chargeback occurs when the owner of a credit card successfully disputes that they are not responsible for a charge appearing on their statement.
A chargeback can occur if:
In general, a chargeback usually goes in favour of the consumer, so prevention is definitely the best cure.
The best way to avoid chargebacks is to:
Contact GO-Globe Now For Payment Gateway Integration In Your Website
This entry was posted on Friday, February 27th, 2009 at 12:07 pm and is filed under Company, Faqs, Portfolio,Services, Web application, Web design. You can follow any responses to this entry through the RSS 2.0 feed.