Which Online Payment Solution Should Your Startup Use?
This article will take a look at the different online payment solutions that are available. You may not be familiar with them, and you could end up with the wrong decision for your company.
The good news is that most solutions can be set up by any small business owner. That being said, there are still some big players in the world of payments. If you are working with a new startup then it is a good idea to be sure that the system is supported and operational.
There are three systems that have grown in popularity over the past few years, and are currently being used by many companies. PayPal, Neteller and Xoom are just a few of the names that come to mind when one talks about online payment solutions. They are all part of the larger global payment network, and provide service to customers all over the world.
PayPal is the most well known of these payment systems. It is an online payment solution that can be used by many companies. A lot of business owners like this system because they can accept credit cards directly from their site. They do not have to deal with a third party system.
For merchants using this system they don’t have to deal with credit card processing. They simply transfer the money to the merchant account of the buyer and let the process run itself. Once the payment has been processed, the merchant is billed for his or her services.
One of the features that makes this online payment solution so popular is that it is free. Merchants can also use it with their own website. Most companies, though, prefer to use the service through a service called PayPal.
Neteller is another system that is popular. This payment solution is based on the use of credit cards. The only difference between Neteller and PayPal is that it does not charge a monthly fee. Instead, merchants can set up a Neteller account and choose to use it for either merchant accounts or direct deposits into the bank account.
Neteller is part of the global payment network that was mentioned above. This allows Neteller to process large amounts of payments quickly. They can even process smaller transactions if needed. This makes them a good choice for smaller businesses that do not need to process large amounts of transactions each day.
Xoom is a very simple payment system. It uses a form of virtual personal identification. This is done using biometric data from the customers. It is also possible to pay by phone, through email or through a web form.
The Xoom system is also very user friendly. Many customers like this feature because they can add the information as they see fit. The data can be changed or updated anytime.
There are several other payment solutions available. While they are all very similar in their basic concepts, they have different features. A vendor can also purchase a separate service to handle a specific transaction. Some systems are web based while others require special software for processing credit cards.
Choosing the right payment solution for your business is a very important decision. Each has its pros and cons. It is up to the company to decide what solution will best suit their needs.