Residing in a country where getting a credit card is as easy as buying out a local news daily from the nearby grocery store one would be easily able to capture a market of plastic money holders. The power of plastic money extends beyond boundaries of nations and it is indeed the most closest step to globalization. For this I am reminded of the quote "Think Global, Act Local" policy.
Most of us realize that the any online business that sells almost any products is definitely an international one and it has no boundaries unless it is a one that has high volume tangible products.
The internet has made millionaires of individuals more then other things previously century and it is still just a little true nowadays as well. Diligent work, honesty and consistency is paramount to the business and then any virtual clients are the same.
What one really needs to cross the boundaries for a virtual clients are a payment gateway or merchant services whichever one might make reference to. Even though there is a difference but it does not matter to what we are discussing about.
There are several payment gateways and one could find it really tiring to look through Google for getting the best one out of hand. One should remember that here we are talking about a payment gateway like a service provider is really a third party whose services you can integrate into your website so your clients are able to pay you for the products and services virtually and digitally. The payment could be through credit cards, coupons or other means accepted by your third party payment gateway. Here I want to list a few of the payment gateways I'm most acquainted with, apart from the many services out there.
1. PayPal - PayPal is a number one selection of mine for a number of reasons, its simplicity and it is simplicity of use should be the most popular ones, and you don't need to register like a business owner to avail this service. However, one must remember that PayPal does have its drawbacks too. The fees of processing the instalments may go up to 5.5% per transaction plus they will have a transaction limit places on each registration which can be increased by credit card verification, address verification and then banking account verification. PayPal offers with API services for those who wish to go deeper into developer services and it does integrate well with most shopping carts such as the free ones such as Agora. Aside from this it does have its own shopping cart software system if someone may wish to utilize it.
As well as that it does have withdrawal choices to the financial institution account along with the credit card.
There are a few countries though where PayPal isn't yet available and it is mentioned on the website website, although payments can be accepted from most of the countries. Recently there has also been some restriction in the RBI in India on PayPal though it is not quite clear yet.
2. 2Checkout - 2CO is easily the most preferred payment gateways by the giants with all its packed features it will possess a few drawbacks. One needs to be considered a registered business and it has to pay for a 49$ setup few per account. There are strict rules of what can be sold and just what not. Do checkout their website for details.
Withdrawing an amount from 2co is a bit tedious and has to become done through a cheque or bank deposit though its done every week it has to satisfy the release level and pass verifications.
The user is presented needs to enter his or her detail select the options available after the transaction is over. 2co may also be integrated with all kinds of shopping carts and software. I've personally used this to buy stuff over the internet several times and delay pills work like a charm. Their support system is also very good.
3. Moneybookers - This is a European payment gateway service which can be utilized by those people who are dealing in Euros. You can create product listing utilizing their own shipping cart system and use its buttons on your site. The transactions fees are very high again and there is a cap around the transactions that you can do every month. The limit could be raised through their verification process.
Your visitors need to be registered to pay though moneybookers also it does accept bank transfers in addition to charge card payments.
4. AlertPay - This can be a Canadian company and has simply the same system as PayPal though much less popular. I've just been acquainted with their services and the shopping cart software integration part continues to be easy and the transaction fees don't differ much with that of PayPal. Few people go for AlertPay instead of PayPal as well.
An individual account with AlertPay has limitations which may be raised to an extent through some verification process while the Pro account is packed with features like: Mass Pay, Integration tools and website payment methods. To ensure the pro account one might need to submit several documents too.
AlertPay does not have any country restrictions and have their very own shopping cart software system as well as API integration and so on. It might be personally my favorite choice as an alternative to PayPal at all.
Apart from all this one should really locate a vendor that is secure and your customers feel confident and secure in supplying their financial details to.