July 26, 2005
Online Payment Solutions: Various Methods
When selling online there are many payment solutions you can use.
Inc Magazine has a good overview of various payment solutions and writes When 66-year-old Ken Gates started a college sports merchandise retail business post-retirement in 2002, he knew the Internet was the best way to reach his customers. Unfortunately, his reach extended too far, and it ended up costing the startup hundreds of dollars.
Like many other online stores, Gates' CollegeSportsStuff.com accepted all major credit cards. But unlike the others, he accepted payments from anywhere in the world, and nearly every international order turned out to be fraudulent.
"We got burned until we knew what we were doing," he says.
Although selling products and services online can increase your revenue and expand your customer base, accepting payments through the Internet can expose your company to new hassles. Like many small business owners who are new to e-commerce, Gates didn't know that accepting international credit cards would harm his business. So how can you know the best way to have your customers pay online? Read the full article
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