Receiving Payment Online

You have many options for receiving payment online – one of the most famous of course is Paypal which also offers businesses credit card facilities as well as payment via email. Note that Paypal like many such providers does extract a fee for any deposits made into your account, it will pay to shop around as there are now new and established providers to receive online payments. Again check your reviews (make sure they are not sponsored reviews!!). Another option to consider for a wider market appeal is to align your payment methods with virtual debit and credit cards as well as the traditional sources of Internet payment.

Be careful to investigate all the fees and costs associated with any payment method you offer, for example the fees in banking cheques, credit cards or deposits through online agencies such as Paypal In the United States there are several providers who do not charge for receiving or crediting money.

If the nature of your business is online and you are undertaking large project for clients, you may wish to establish an Escrow account with a provider. This is basically a trust account that your client pays the full project fee into with an agreed draw down procedure and timeline for you to ensure you will be paid for your work. Always be careful about protecting the privacy of your banking information and make sure you use secure systems on your websites if you accept payments.