Showing posts with label Payments. Show all posts
Showing posts with label Payments. Show all posts

Online payment options for Destination Management Company

You have a thriving travel business and have also setup your online presence? Great! It must be heart-warming to see queries coming in magically through your website. The next thing to do is setup a way to accept online payments from your clients. If you are new to travel technology, you could leave this to experts ( or try it on your own. In either case it is only better to have some know-how of it before taking the plunge. 

There may be many questions, in your mind, about the various online payment solutions and you need to analyse clearly on what would be the best payment option for you. As per reports, website s having more than four payment options are likely to have higher sales figure by 12% as compared to those offering only one. This means multiple payment options can enhance more online payment processing and in return mullah for you.

Following are the keys to identify the right online payment solution:

  • Merchant account: Setting a merchant account is the first step towards receiving payments. Merchant account is a bank account that allows a customer to receive payment through credit and debit card.
  • Payment gateway: Payment gateway is a processor which helps in secured transaction of credit card information between the merchant and the customer and also between the merchant and the payment processor.
  • Payment processor: This processor assures secured information and anti-fraud measures between the customer and the merchant.
  • PCI compliance: Payment mode is set in such a way that meets the rules and regulations as per Payment Card Industry Data Security Standard (PCI DSS).
  • ACH payments: It must have ACH (Automated Clearing House) payments options to support electronic credit and debit transfers, allowing customers for transaction through bank accounts for any type of bill or purchase.

Following are the global leaders of online payment solutions.

PayPal: PayPal is considered as the most popular payment options, processing about 11.5 million payments per day in recent times. It’s a secured digital payment revolution processing with 162 million active wallets and which are available in 203 markets. PayPal gives people better ways to connect with their money. It offers an easy solution to send money without sharing financial information and with the flexibility to pay using their PayPal account balances, bank accounts, PayPal Credit and credit cards. It allows customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies.
Fee: PayPal takes 2.9% and $0.30 per-transaction and has no setup or monthly fees.

Dwolla:  This new online payment option is the competitor to PayPal. It has common features like the PayPal. Recently, it has supported payments to over $ 1 million per day.

Fee: There are no transaction charges less than$10 but it charges$0.25 over $10.

Google Wallet:  Google wallet is the new name for Google Checkout. It is regarded as the updated mode of payment option to send and receive money.

In competition with Paypal, Google introduced Google wallet as online payment solution. Google wallet permits users for safe, simple and has quick transfer to and from your bank account. The options like credit card processing and the ability to send out invoices are the common features of google wallet and PayPal.
Fee: Google Wallet/checkout fees start at 2.9% and $0.30 per transaction for sales less than $3,000. The percentage they charge depends on their monthly sales volume.

WePay:  This is a payment processor which assists internet users and merchants to accept online payments with credit cards and bank account. WePay is also trying to focus on specific user with their newly added e-store page tool and help customers to take payments conveniently.
Fee: WePay charges a 2.9% transaction fee (with a $0.50 minimum) for credit card transactions and $0.30 for bank payments. It does not have any setup or monthly costs.

Authorize.Net: This is one of the popular payment gateways with over 300,000 merchants on its site who utilizes Authorize.Net to accept payment. It is one of the common payment modes for e- commerce website and also the travel portal. For five consecutive years, it has seized the Achievement in Customer Excellence (ACE) award.
Fee: It takes a $0.10 per transaction fee.Authorize.Net has a $99 setup fee and monthly costs of $20.

Amazon Payments

Amazon Payments permit its consumers to receive money using its API (and to send money out via ACH). These days the entire popular crowd funding site uses Amazon payments as their online payment option.
Fee: Amazon payments fees start at 2.9% and $0.30 per transaction for payments over $10.The fee is 5.0% and $0.05 per-transaction for $0.10 per transaction fee.

Stripe:  Stripe is one more payment solution that acts as a merchant account for its providers, helps in handling all PCI compliance and merchant approvals. It provides an excellent payment solution for web developers who would like to integrate a payment system into their projects utilizing Stripe’s robust API.
Fee: Stripe fee is 2.9% and $0.30 per transaction with no setup or monthly fees.

Braintree: It is a popular online payment options because of its features to handle global payment, as well as payment gateway, merchant account, credit card processor and mobile payment processor. It also supports ACH payments and can be used as a payroll system.
Fee: Braintree fee is 2.9% and $0.30 per transaction for qualified cards. There is no set-up or monthly fees.
ProPay offers similar features like PayPal. It has the capacity to receive and send money anywhere in the world and can generate recurring billing and a built-in shopping cart. The added advantage that ProPay has over the others is that it is also accepted by eBay and it can process credit and debit cards on your iOS or Android phones.

A key thing to note is that these global players might not be present in all countries and you will have to check for that beforehand. Through the above information, I have tried to give you a basic familiarity with terminology and various options available in payment industry. If you are going to make a decision soon, I would recommend a detailed discussion with some expert on available payment options in your country.