Use Secure Online Payments for Quick Business Transactions

Use Secure Online Payments for Quick Business Transactions

Majority of firms worldwide are using the online payments system for money transactions due to several reasons. This procedure does not involve the use of paper and hence, is environment friendly. Besides, it also helps to do away with the problems of creating reports and maintaining accounts every day.

Internet shoppers find the online payments system highly beneficial. They can purchase different kinds of goods online to facilitate their needs and desires. Secure payments over the computer enable people to shop 24 hours. Besides, the online stores also remain open for doing business, 365 days a year.

The online payment management solution enables:

Anytime Access of the Payment Portal

The payments portal can be accessed anytime, 24×7 from any part of the world. Besides, the fund transfer can also be done immediately.

Speedy Credit Card Processing

All major credit cards, such as Visa, MasterCard, American Express, and Discover, can be easily processed using this web-based solution, thus making payment easy and fast.

Payment Security

Security breach is rampant worldwide. For this reason, it is of vital importance to protect your bank account details. The web-based payments services take good care of your bank details so that it does not fall into wrong hands. The PCI-compliant fund transferring solution helps you meet all your business requirements in the safest possible manner.

Easy Recurring Payment Management

The Cloud-based payment managing system supports recurring orders for memberships, subscriptions, and more, regardless of the gateway used. You can receive and manage recurring payments of all types, monthly and annually, through credit cards, PayPal, and other standard payment gateways.

Hassle-free Refund

Organizers can submit refunds, amend orders, process credits, and complete transfers through this online payment management service. It displays organizer’s own payment instructions and refund policy and also assists with the processing of refund and chargeback requests.

Email Notifications

Event planners will get notifications through emails as and when any financial transaction takes place. In case of a trade show, the organizers will get emails whenever someone registers and buys tickets.

Check Processing

The Cloud-based payment management solution enables you to use your checking account to make payments online. Paying checks over the internet reduces your billing cost. E-check check processing also lets you deposit funds faster than its paper-based counterpart.

Thus, the online payment transactions can be used over the traditional mode of pen and paper work to reduce considerable time and cost. Indeed, the Cloud-based fund management solution will help you manage your accounts and funds in more professional and cost-effective way.

Are You Ready to Take Electronic Payments of All Kinds

Are You Ready to Take Electronic Payments of All Kinds?

There are several choices available to a merchant to start to accept payments via the web, including building an online shopping cart themselves (writing the software), buying a third-party piece of software to do this (such as Basware or Tieto), adding a third-party payment system (such as AcceptPay or PayPal for example) or using an aggregator service (such as PaySwyft for example).

Whatever option is finally selected, there are several issues for a merchant to think about:

Branding/Marketing issues
Website Availability
Customer Service
PCI-Compliance
Costs/fees

Branding/Marketing Issues

Any business will need to decide how much marketing control they want to have over the look and feel of the payment page or pages. In some companies, this may not matter very much and a generic payment site may be fit for purpose. However, if a brand is important or even if a company wants to maintain a very similar look and feel (including use of logos etc) then an internally built or a purchased software solution is likely to give a merchant the most customization potential. However, third-party sites may have some customization potential and have the added advantage of fast set up and faster speed of processing.

Website Monitoring and Availability

A critical component to any company’s desire to add web payments is ensuring that the payment website is consistently monitored and available for use. A couple of typical metrics measured and monitored are response time and website availability or uptime. Clearly an internally built system or purchased piece of software will need to be well-built and well-supported to be available as needed. However, most third-party web site solution providers should be able to easily provide these availability metrics to any business that wants to offer web payments.

Customer Service

Many considerations need to be fleshed out when deciding on what type of customer service is needed for your customers. For example, is the system going to be user-friendly to all people who may be interested in using it? do you need 24/7, 365 days a year availability? Do you require international payments? or can your system quickly find a payment transaction when needed (and can it communicate easily with the customer -via online means, when necessary)?

PCI-Compliance issues

As with accepting credit or debit card payments in person (or via a phone call), any merchant accepting credit cards as a payment type must ensure that they are in compliance with the Payment Card Industry (PCI) Security Standards Council’s rules. The PCI Security Standards Council offers comprehensive standards and supporting materials to enhance payment card data security. The PCI Data Security Standard includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures. With an internal or purchased solution PCI compliance has to be handled directly.

External payment system providers clearly need to have a very good understanding of the requirements and be able to both help the merchant on best practices for securing credit card data, or in some cases handle this on the merchant’s behalf. This means that tasks such as tokenization and encryption etc are handled by the third-party helping the merchant to better manage the risk of charge-backs, identity theft and other abuses. Once again, providers will have very different approaches and it is worth discussing these in detail.

Costs/Fees

One other issue to think about when accepting credit or debit card payments through the web is costs or fees. Many businesses that operate on low margins could see those margins deteriorate even more as credit or debit card fees (direct and indirect) would add an additional (and perhaps unnecessary) layer of cost.

Although fees are payable to process payments with an internally developed or software based solution, third-party providers can also charge a courtesy or convenience fee. Merchants need to be aware that a convenience fee is not allowed as a method of just passing on credit or debit card processing charges. According to the Merchant Council, “Surcharging customers for paying with a credit card is considered discrimination based on payment type. A convenience fee is a charge for offering customers another payment option that is separate and in addition to standard payment methods.” All fees therefore need to be carefully scrutinized ahead of time so that there are no surprises when a monthly transactional statement is sent.

Conclusion

In the final analysis, as payment channels and options on the web expand, and more and more customers become comfortable with the whole process of paying electronically, offering payment capability via the Internet will become more standard for most businesses. However, there are several possible strategies available to achieve this and several important areas of consideration to take into account. In this article we have briefly explored five of these, namely: Branding/Marketing issues, Website Availability, Customer Service, PCI-Compliance issues and finally Costs/fees.

Website Payments Using PayPal

Website Payments Using PayPal

In most every business there is a product or service to sell. If your business has a website, you will need a payment system that not only can handle your payments securely, but also efficiently. Many business owners miss out on the potential payments because whatever system they have in place lacks credibility or efficiency.

There are many online payment systems available to online businesses. PayPal is considered the number one opted payment method to date for online businesses. Most everyone at some point or another has used PayPal to either buy or pay for items or services.

There are many perks as a business owner using PayPal, below are the top PayPal benefits for merchants.

1) PayPal offers a secured online payment system. PayPal uses a secure server when collecting customer payment information, including credit card information, and sensitive data. Making sure your clients have a secured payment system keeps them from being exposed to identity theft and fraud.

2) No credit check required to accept payments. Many times credit card merchants run a background credit check before approving you for a merchant account on top of requiring you to put a hefty deposit or filling out additional paperwork. However, PayPal offers a no hassle way of establishing an online payment system. You can sign up for PayPal within minutes and start collecting online payments from your customers instantly.

3) No separate merchant account, payment gateway, shopping cart or hosting required. All of these processes are integrated in the PayPal’s all-in-one shopping cart software. This saves you time and money.

4) Accept payments from non-PayPal members. Your clients don’t have to be a member to make a payment.

5) Payments can be accepted from other PayPal accounts as well as through credit cards and e-checks. Most online shoppers will already have a PayPal account so they will be already familiarized with the whole payment process.

6) Installing a single page payment is easy. A professional web developer can integrate PayPal into a customized paged on your website. This allows you to process credit card payments directly from your website without leaving your site.

7) PayPal now has a nice invoice system, you can create invoices for your customers with ease and no extra software

Is Hiring a PayPal Web Developer Necessary?

You don’t NEED a PayPal web developer, but it is always better to hire one if you do not know what you are doing. A web developer can customize your website and add a page specifically for using PayPal as a payment method. However, a web developer can enhance the appearance of your website and help your clients be more confident in using their credit card information and providing them a stress free payment method.

Finding a Good PayPal Web Developer

We all know if your client is happy, more than likely they will be back. Having successful online shopping experience is a must. A professional web development company will usually specialize in PayPal integration to help your online success.

Options for IRS Tax Payments

Options for IRS Tax Payments

There are various payment methods provided by the IRS for the payment of any due taxes. You can therefore choose the most convenient options to make you payments. Some of the options provided are explained here:

Electronic Funds Withdrawal

You can make payments for any taxes due as per your tax returns by requesting for an automated Direct Deposit or Electronic Funds Withdrawal, which means having your account directly debited with the amount you owe. You however need to provide the IRS with your complete bank account number (including the routing number) of your bank or financial institution. However, your bank needs to have allowed for such Electronic Funds Withdrawal payments.

Check Payment With Returns

While preparing your tax returns, you may discover that you owe unpaid taxes. There are various ways in which such taxes can be paid off. You can attach a money order or a check to your tax returns. Such a check should clearly include your names, physical address, year of taxes being paid, Social Security number, daytime telephone number, and your specific returns form number. These details should be written on the front of the check. For payments of taxes of a joint tax return, the Social Security number to indicate is the first number that was given in the joint application.

Payments to IRS Office

You can also make the IRS payment directly to the IRS offices at their various local locations. You can then file the receipt received from the IRS office as your supporting documentation for the taxes paid.

Credit Card Payments

You can also make payments by credit cards. This option of payment is made through various third party agents authorized by the IRS to collect credit card payments. These credit card tax payment services include Official Payments Corporation, Link2Gov Corporation, and RBS WorldPayl. You can call these corporations to provide your credit card payment or alternatively go to their websites and make your payments from there. These companies charge non-standard fees (you can check for applicable fees from their websites).

Payments of Estimate Taxes

Estimated IRS tax payments are tax payments made by individuals, partnerships, and businesses for the current tax year and such amounts paid are offset against the tax amount determined at the end of the year from the audited reports. An “Estimated Tax for Individuals” Form 1040-ES needs to be filled out when individuals are making such a prepaid tax installment. Such a payment should not be included in your tax returns.

Dishonored Checks

If checks paid to the IRS are dishonored, the IRS will normally send you a Letter 608C “Dishonored Check Penalty Explained” with details of the dishonored payment. In some cases, the clearing house may resubmit the check and if there are funds in your account at the time of resubmission (the check will clear and no penalty fees will apply). On the other hand, the check may be dishonored and penalties will then apply. In this case, the penalties and unpaid taxes will be added to your tax account and the IRS will notify you of the due amount. Therefore, it is best not to act after receiving the Letter 608C and wait to see if the check gets paid or ultimately gets dishonored. The IRS will charge penalties of 2% of the check amount with a minimum of $25.00 for such checks. In some cases, the IRS can cancel the penalties upon request. Stop payment requests will also attract a penalty that is only abated under very few circumstances.

Why Go for An Online Payment Processing

Why Go for An Online Payment Processing?

In any business enterprise, the rule of the thumb entails cutting down the cost of running the business whilst maximizing on revenue generation. As such, more and more businesses are looking for means through which they can streamline their operations thus enabling them to increase their bottom line. One of the methods that is fast gaining reputation amongst corporate organizations, medium and small businesses is processing payment in an accurate way. Merchant account is a technique through which sellers are able to get payment for goods and services from buyers worldwide effectively online. Nonetheless, you need to make certain that your merchant service provider supports this platform.

Basically, there are two types of payment processing utilized by businesses globally, i.e.

– Manual payment processing.
– Real-time payment processing.

A majority of online based businesses also referred to e-commerce are increasingly exploiting real-time process of payment given the advantages that users stand to gain. Real-time processing offers benefits such as reliability, security and convenience. For online transactions where security is top priority, real-time processing offers a platform from which anyone can place orders and make payments with minimized risks. In addition, it provides online stores a tool of accepting or declining orders thus minimizing incidences of fraud in the process.

Benefits of online process for payments

For one to attain success in e-commerce, it is vital that as an entrepreneur you offer various systems of payment processing to clients. One of the things that online shoppers search for is expediency and a quick process of payment each time they visit on online shop to purchase either goods or services. The processing of payment is a fundamental aspect that every business has to take into account if they are to achieve success. Then again, it is important to understand that process of payment is not a preserve for online businesses alone. Any business looking to increase their sales should be able to accommodate customers willing to pay by credit card, cash or online accounts.

When in the market for a merchant account provider who in turn will assist you to acquire steadfast processor is the key to the numerous payments processing business enterprises. When starting or re-engineering your business, it is important to choose an acceptable and safe process for payments such as online payment processing system. This has the means of allowing one to enhance not only the reliability of their business but also cost-cut on the different types of payments used by customers. In addition, your customer base is surely to increase by leaps and bounds in a very short time given that visitor to your site are not restricted with a specific way of making payment.