By Kely Short
Gartner predicts the number of mobile payment users worldwide will hit 73.4 million by 2009 and 190 million by 2012. This represents a tremendous percentage of total cell phone users (Gartner estimates upwards of 3% of the total user base) and companies must consider this technology as a potential payment channel comparable with checks, cash and electronic funds transfers.
Retailers First Adopters of Mobile Payments
The benefits of mobile payment solutions for retailers are obvious. The ability to accept credit card payments or mobile payments on a wireless device such as a smartphone enables retailers to create a host of new, innovative and engaging retail platforms. "Pop-Up Retail," a term coined by Trendwatching.com, is a temporary retail space designed to quickly draw in crowds in high traffic areas then disappear once buzz wanes. Think fairs, concerts and other outdoor venues with massive crowd attendance. Because these events have limited time durations the expense of creating a permanent retail space (and the infrastructure to support it like phone and internet lines) is prohibitive.
But don't write-off those sales just yet - mobile payment systems bridge the gap. With the swipe of a credit card down the side of a payment-enabled iPhone or Blackberry gives you instant access to the same payment processors you already use - returning an instant payment authorization and integrating with accounting systems afterward to keep track of it all.
Future uses of mobile payments will extend beyond point of sale activity at events to providing useful payment tools for in-field staff such as carpet cleaners, repairmen, plumbers, etc. hoping to decrease the time between invoice and receipt of funds. Companies making house calls to discuss a customer's outstanding invoices will be able to capture a payment instantly - offering the customer an option to avoid immediate disconnection of services.
Business-to-Business Companies Early to Late Majority
It's true that many industries have adopted mobile data solutions for business-to-business customers, but most have focused on account and inventory information retrieval, logistics and routing solutions, and signature capture for goods delivered. In the future, businesses will move away from invoicing customers then waiting 30+ days for payment and will instead opt for mobile payment systems the customer uses at time of service or delivery to make payment. B2B companies will represent the Early to Late Majority adopters of this technology but its impact will be significant. The cost of managing receivables can be dramatically lowered leveraging mobile payment solutions.
In Summary - Brainstorm on how Mobile Payments can Impact Your Company
The multitude of killer applications available today on our web-enabled cell phones, smartphones and other similar devices would have been unheard of just four years ago - therefore, brainstorm for the future. You and your executive leadership should engage subject matter experts, both inside and outside the company, to determine how mobile payments are likely to affect your business model in the short and long term. Map out the impacts and begin developing a strategy to ensure you are proactively capturing the value mobile payment systems provide instead of reactively trying to catch up with your competition.
Tuesday, June 23, 2009
Tuesday, June 16, 2009
Accepting a Credit Card Payment Online With PayPal
By Darcie Connell
Accepting Credit Card Payments Online With PayPal Is A Breeze
Accepting payments online is the final step to business automation. Online Payments are when a user makes a payment for a product or service online rather than in person or through the mail. It's fast, easy, hassle free, and not to mention secure. One of the best ways to build a visitor's trust is to use a secure payment processor such as PayPal.
I typically work with PayPal because they are one of the most widely used online payment providers, and well regarded for their security. You can accept payments and make payments with them with a click of a button.
In order to set up this process, all you have to do is:
• Create a business account with PayPal.
• Connect the PayPal account to your business checking account so you can deposit the money you accept online.
• Create a "Buy Now" button code-simply enter the product name and amount and the code will be generated.
• Put the "Buy Now" button code on your webpage.
When a user visits your websites, they:
• Click the "Buy Now" button that you put on your website and are directed to a PayPal page where they see the product name and amount.
• Enter their PayPal account or credit card information to purchase.
• Are given a summary of their purchase, and receive an email confirmation from PayPal.
You will also be sent an email notification that you've made a sale. Honestly, seeing these notifications in my Inbox is a constant reminder that my systems are a success.
Another great feature about PayPal is that you are only charged a percentage of the overall sales amount plus a small transaction fee. This means you're not out any money until someone buys. Also, if for some reason a buyer wanted to return a product, issuing a refund is as simple as logging into your account, finding the transaction, and clicking a button. They also offer a variety of reporting tools to help you track overall sales figures for monthly totals and taxes.
Payment Processors
• PayPal
• ClickBank
• Google Checkout: They don't charge a transaction fee if you use AdWords.
I suggest offering multiple payment processors on your website in case a visitor doesn't feel comfortable with one.
Deliver Digital Products
The easiest method for delivering digital products is E-junkie. For a measly five dollars a month, they will process and deliver all your digital products and is compatible with PayPal, ClickBank, 2CheckOut, and Google Checkout. All you have to do is upload your product to their website, link e-Junkie with your payment processor account information (e.g. PayPal) and they'll do the rest. They even manage an affiliate program for you as well, for no added cost. They have excellent customer service and an easy to use interface. Can you tell I like these guys or what?
After a user purchases your product through PayPal, they will automatically be redirected to a page on e-junkie (which you can customize) with a link to download your product. As a back up, they also send the user an email with the download link in case they didn't get redirected. It's a completely automated process and is simple to use.
As you can see, accepting a credit card payment online is not only easy to set up, but also allows you to automate this aspect of your business.
Want to Make Money While Traveling The World? Get Your Copy of Business In A BackPack - A Step-By-Step Guide to Running A Profitable Business While Traveling The World.
Tired of Working On Your Website? We'll Build Your Business For You In 7 Days Or Your Money Back!
Do you get frustrated with setting up your online business? You can have your very own customized, professionally designed website for you, complete with:
* tracking code,
* demographics data,
* payment processing,
* digital delivery,
* autoresponder opt-in form,
* privacy policy,
* business email address,
* sitemap submission,
* eBook cover creation
Accepting Credit Card Payments Online With PayPal Is A Breeze
Accepting payments online is the final step to business automation. Online Payments are when a user makes a payment for a product or service online rather than in person or through the mail. It's fast, easy, hassle free, and not to mention secure. One of the best ways to build a visitor's trust is to use a secure payment processor such as PayPal.
I typically work with PayPal because they are one of the most widely used online payment providers, and well regarded for their security. You can accept payments and make payments with them with a click of a button.
In order to set up this process, all you have to do is:
• Create a business account with PayPal.
• Connect the PayPal account to your business checking account so you can deposit the money you accept online.
• Create a "Buy Now" button code-simply enter the product name and amount and the code will be generated.
• Put the "Buy Now" button code on your webpage.
When a user visits your websites, they:
• Click the "Buy Now" button that you put on your website and are directed to a PayPal page where they see the product name and amount.
• Enter their PayPal account or credit card information to purchase.
• Are given a summary of their purchase, and receive an email confirmation from PayPal.
You will also be sent an email notification that you've made a sale. Honestly, seeing these notifications in my Inbox is a constant reminder that my systems are a success.
Another great feature about PayPal is that you are only charged a percentage of the overall sales amount plus a small transaction fee. This means you're not out any money until someone buys. Also, if for some reason a buyer wanted to return a product, issuing a refund is as simple as logging into your account, finding the transaction, and clicking a button. They also offer a variety of reporting tools to help you track overall sales figures for monthly totals and taxes.
Payment Processors
• PayPal
• ClickBank
• Google Checkout: They don't charge a transaction fee if you use AdWords.
I suggest offering multiple payment processors on your website in case a visitor doesn't feel comfortable with one.
Deliver Digital Products
The easiest method for delivering digital products is E-junkie. For a measly five dollars a month, they will process and deliver all your digital products and is compatible with PayPal, ClickBank, 2CheckOut, and Google Checkout. All you have to do is upload your product to their website, link e-Junkie with your payment processor account information (e.g. PayPal) and they'll do the rest. They even manage an affiliate program for you as well, for no added cost. They have excellent customer service and an easy to use interface. Can you tell I like these guys or what?
After a user purchases your product through PayPal, they will automatically be redirected to a page on e-junkie (which you can customize) with a link to download your product. As a back up, they also send the user an email with the download link in case they didn't get redirected. It's a completely automated process and is simple to use.
As you can see, accepting a credit card payment online is not only easy to set up, but also allows you to automate this aspect of your business.
Want to Make Money While Traveling The World? Get Your Copy of Business In A BackPack - A Step-By-Step Guide to Running A Profitable Business While Traveling The World.
Tired of Working On Your Website? We'll Build Your Business For You In 7 Days Or Your Money Back!
Do you get frustrated with setting up your online business? You can have your very own customized, professionally designed website for you, complete with:
* tracking code,
* demographics data,
* payment processing,
* digital delivery,
* autoresponder opt-in form,
* privacy policy,
* business email address,
* sitemap submission,
* eBook cover creation
Sunday, June 14, 2009
Are a Lot of Payment Options Necessary For Your Online Site?
By James Hussher
Is it possible for your website shopping cart to get by offering only Paypal as a payment method, or should you offer the full suite of credit cards individually? This question comes up a lot from small businesses with an online store. The answer is actually simple.
Is your main method of getting sales through your online store? If it is, then it is worthwhile to invest in your own Internet merchant account and offer payment via Visa, Mastercard, Discover and American Express (and JCB if you are in Europe).
Many online shoppers do not have a Paypal account and do not realize that it is not actually necessary to sign up for a Paypal account to make a payment through Paypal. So if they see Paypal as your only payment option, you are going to lose sales if the customer does not feel inclined to sign up with Paypal.
Additionally, your customer has to leave your site to go to the Paypal payment page, so there goes your visitor retention. (Although if you configure your Paypal account properly, you can have the customer returned to your site's "Thank You" page after they submit their credit card information and the sale is processed.)
Paypal is not the cheapest way to accept credit cards, rates average up to 4% per transaction, compared to an average of 2.09% with your own merchant account configured properly for online sales.
Utilizing Paypal also conveys an "amateurish" image to potential customers. You may be a small business, even a home-based small business, but do you want your customers to sense that?
The fact is, 98% of those small businesses utilizing Paypal could probably qualify for their own merchant account. But they don't know that.
Paypal offers a utility to "build" payment buttons for your online inventory - "Buy Now", "Add To Shopping Cart", etc. The fact is, most merchant service providers offer that capability for customers who need to process sales online.
If you offer eBay merchandise, you will definitely want to include Paypal as a payment option. eBay now owns Paypal and it is the de facto payment method for eBay sales. Paypal offers outstanding buyer protection to customers who purchase items on eBay auctions or through eBay stores.
Another consideration will be whether you sell internationally, because Paypal has a long list of countries it will not permit purchases to be made from. If you want to make sales from customers in those Paypal-banned countries, you will have to offer the ability to pay by credit card with your own merchant account. For that matter, you will need a merchant account from a merchant services provider that permits you to accept transactions in all the countries you plan on selling in or to. Some merchant accounts only permit US-based customers, for example. Canada itself only recently began permitting Visa and Mastercard to provide PIN-based debit card transactions with Canadian borders.
It is obviously "key" for you to find and work with an experienced account representative of a merchant services provider experienced in ecommerce.
James Hussher is a national Account Executive for a major bankcard processor, a registered merchant services provider (MSP) for Wells Fargo and JPMorgan Chase banks. Contact James at http://creditcardmerchantnews.com, a site James maintains to inform his credit card merchant clients.
Wherever you are in the USA, I offer a free analysis of your current merchant account statement. I will provide a report showing you exactly how much you are paying to accept cards in each tier, plus monthly fees; I will also propose the rates we can give you, for a clear side-by-side comparison.
Is it possible for your website shopping cart to get by offering only Paypal as a payment method, or should you offer the full suite of credit cards individually? This question comes up a lot from small businesses with an online store. The answer is actually simple.
Is your main method of getting sales through your online store? If it is, then it is worthwhile to invest in your own Internet merchant account and offer payment via Visa, Mastercard, Discover and American Express (and JCB if you are in Europe).
Many online shoppers do not have a Paypal account and do not realize that it is not actually necessary to sign up for a Paypal account to make a payment through Paypal. So if they see Paypal as your only payment option, you are going to lose sales if the customer does not feel inclined to sign up with Paypal.
Additionally, your customer has to leave your site to go to the Paypal payment page, so there goes your visitor retention. (Although if you configure your Paypal account properly, you can have the customer returned to your site's "Thank You" page after they submit their credit card information and the sale is processed.)
Paypal is not the cheapest way to accept credit cards, rates average up to 4% per transaction, compared to an average of 2.09% with your own merchant account configured properly for online sales.
Utilizing Paypal also conveys an "amateurish" image to potential customers. You may be a small business, even a home-based small business, but do you want your customers to sense that?
The fact is, 98% of those small businesses utilizing Paypal could probably qualify for their own merchant account. But they don't know that.
Paypal offers a utility to "build" payment buttons for your online inventory - "Buy Now", "Add To Shopping Cart", etc. The fact is, most merchant service providers offer that capability for customers who need to process sales online.
If you offer eBay merchandise, you will definitely want to include Paypal as a payment option. eBay now owns Paypal and it is the de facto payment method for eBay sales. Paypal offers outstanding buyer protection to customers who purchase items on eBay auctions or through eBay stores.
Another consideration will be whether you sell internationally, because Paypal has a long list of countries it will not permit purchases to be made from. If you want to make sales from customers in those Paypal-banned countries, you will have to offer the ability to pay by credit card with your own merchant account. For that matter, you will need a merchant account from a merchant services provider that permits you to accept transactions in all the countries you plan on selling in or to. Some merchant accounts only permit US-based customers, for example. Canada itself only recently began permitting Visa and Mastercard to provide PIN-based debit card transactions with Canadian borders.
It is obviously "key" for you to find and work with an experienced account representative of a merchant services provider experienced in ecommerce.
James Hussher is a national Account Executive for a major bankcard processor, a registered merchant services provider (MSP) for Wells Fargo and JPMorgan Chase banks. Contact James at http://creditcardmerchantnews.com, a site James maintains to inform his credit card merchant clients.
Wherever you are in the USA, I offer a free analysis of your current merchant account statement. I will provide a report showing you exactly how much you are paying to accept cards in each tier, plus monthly fees; I will also propose the rates we can give you, for a clear side-by-side comparison.
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