This resource on Developing Your Website: Tools for Women goes through the following ideas in a series of posts.

1) Introduction
2) Parts of a Website (domain names, hosting, mailing lists)
3) Content Management
4) Free and Open Source solutions
5) Design and user interface
6) Payment processing
7) Networking (online and offline)
8) Generating revenue online: Google Adsense, affiliate programs, members-only content and other ways to make money
9) Reviewing your Data by using Reporting
10) Updating your site with Timely Content

Prior Links:
Parts 1 and 2
Parts 3, 4, and 5

Today’s post is focused on Part 6: Payment Processing

Part 6: Payment Processing

Your customers are more likely to buy if it is easy for them to purchase from you. If you require checks, you will most likely have to deal with cash flow issues where someone is behind in paying for services rendered or products delivered. My best recommendation is to set up a way to accept Visa, Mastercard, American Express, or Discover. If you are doing this through a merchant account at your bank, your bank will have specific guidelines that they give you.

However, for most business owners starting up, Paypal.com will work just fine.

Some other options from CNN 5 separate alternatives include:
Digital River www.digitalriver.com
2Checkout www.2checkout.com
AlertPay www.alertpay.com
TrialPay www.trialpay.com
E-junkie e-junkie.com

With a free PayPal account, you are able to accept all major credit cards. You are charged 2.9% per transaction, but there is no setup or monthly fee. So for any sale of $100, you will receive$97.10.

To set up an account, you must provide a legitimate e-mail and contact information. I recommend setting up a business account if you are committed to your business success (rather than a personal account, which has more limitations). There will be a process where PayPal confirms that you may check the e-mail.

When tying your PayPal account to your bank account, PayPal will deposit two small amounts into your bank account and require you to enter those two amounts, to confirm that you are the owner of the bank account.

At that point, you may withdraw any received funds from your PayPal account as an electronic deposit or as a check.

You always receive a e-notification of payment if you have been paid via your PayPal account. Your buyer will also receive an e-notification receipt.

There are some additional items such as the ability to customize the colors on the payment page, the ability to have multiple “profiles” (for example, if you sell items through multiple businesses but they all funnel through one main account), and the ability to create packing and shipping slips or to invoice online.

Important Note
Most processors will charge a small fee either monthly and off each transaction. For example, $20 a month for the convenience + $0.25 (a quarter) per transaction. Some processors will charge you only when you make a sale.

FRAUD ALERT: Due to high “phishing” e-mails, where someone tries to get your login and password information through a “security alert” e-mail or “update your account info” e-mail, you should always open a new browser and type in the URL of the site you are visiting.

NEVER CLICK on a LINK in an E-MAIL. You may always go straight to a new browser, open up a fresh window, and login directly. Do not follow someone else’s e-mail link to go to any site that requires financial information.

Questions to Answer:
How is your current banking set up? You will want to open a different share off your existing account to track self-employment income: so you might have one personal checking account and one business-related checking account. If you are incorporating, you will set up a business banking account to accept cash or checks directly to the business.

Who will manage receipts, invoicing, and writing checks?

What types of payment will you accept: cash, checks, or credit cards? Wire transfers? Direct deposit?

With the recent upsurge in many credit card annual percentage rates, I wanted to direct your attention to a new resource called “Credit Card Specialist.”

This site is a finance-related website that focuses mainly on credit cards. They do reviews and specials and show you how to sort through the many types of offers that are available.

If you need assistance in finding a credit card that suits your needs (and you even have a chance to apply online), visit the site to learn about low percentage rate and even 0% Credit Card Deals as well as best ways to do Balance Transfers.

I recently opened a new credit card through Amex and transferred some high interest balances over to them for a low rate over the lifetime of the balance. If you’re carrying a balance for your personal or business use, or if you’re looking for a better deal, this site may be for you.