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- Managing Credit Cards & Payment Options
ONLINE-PAYMENT OPTIONS AND THE GLOBAL EXPERIENCE
Doing Online business requires scaling through many hurdles. Some of the obstacles include the inability of some countrie's Netpreneur to access top websites like Paypal and Clickbank where his mates from most other part of the world are earning thousands of dollars monthly from the comfort of their homes.
The internet has not only made the world a global village, it has also brought the global market close to your doorstep. Investing online gives you the same opportunities that are available to the world’s richest individuals such as Bill Gates,Warren Bufett,Alan Greespan,Larry Page, Jeff Bezos and Oprah Winfrey.
As the world is moving towards advanced forms of payment, transforming from a cash based system to electronic system; credit cards are the most innovative of electronic payment card, facilitating easy payment of goods bought or service procured, in other words bringing about what is called E-PAYMENT .
One of the best and most popular ways is to accept credit-card payments online. The most widely accepted means of making payment online are credit and debit card of which Visa and Master Card are the most trusted issuers. Other credible means of payment are merchant accounts like Paypal owned by EBay, the online auction company, eCheques(usually cheques issued by banks in North America),2checkout,Plimus etc.
Investors not resident in the US can also fund and receive their money in their respective countries when they trade in the global market. There are two available options. First you will need to open a domiciliary account with a local bank whose parent body is in the US. With the domiciliary account, you can initiate a wire transfer in favor of any firm. Almost all commercial banks offer this service now.
The second method is through an Offshore bank with a universally acceptable debit card, With it you can request that cheques be issued on your behalf and sent to any address of your choice. This card is a debit card like the one offered by Payoneer. It is one of the only ATM stored value cards that can enable card to card, card to bank and card to cheque funds movement worldwide.
Offshore accounts combine several advantages. Anonymity and perhaps the reduction of taxes ;-) Tax offices for example will tax all funds as soon as they run through a local bank account. The authorities do not mind whether the money is intended for a local or a foreign company nor whether the taxes are already paid in another country. You can avoid all this trouble by opening an offshore bank account and you will enjoy a high level of anonymity because of the banking secrecy.
Security and privacy for your money. For reasons apart from banking secrecy countries like Luxembourg, Austria in Europe and Switzerland provide a number of significant advantages. The banks provide a finest level of service available anywhere in the world. The banks also offer a broad range of services including securities brokerage and portfolio management. The infrastructure, communication facilities and the political and social systems offer unparalleled stability.
Secrecy rules are vigorously enforced throughout the Banking Industry. This is especially true when it comes to civil matters. Obviously. The Constitution clearly defines and protects these Secrecy rules. Any banker in this countries revealing information about their clients will be prosecuted under the Law. That why people have Offshore bank accounts for...their privacy and security.
If you are searching for the best deals on credit cards, the Internet is truly a great place to look. You´ll find lots of helpful information and you can apply online for credit cards such as VISA and MasterCard. But keep in mind that there are several things you need to consider when choosing a credit card or charge card.
It usually lasts a long time to obtain the necessary information for yourself to open a suitable bank account for yourself. Hours and hours of research and many phone calls. This has now changed!
The most popular credit cards:
American Express® Card
American Express® Gold Card
Discover Gold Card
Discover Classic Card
In early days Gold was considered the standard currency for exchange between the everybody of various nations. Gold used to act as a standard and everything was seen with respect to it. Over the years and with the emergence of US as a global power, both politically and economically, the US dollar has gained unprecedented importance in world trade. Though officially gold is still a standard, the US dollar is now accepted almost all over the world as a standard. For all the people who are in the business of where trade is across borders, the US dollar is the global standard. All freelancers and Web Developers and even exporters and importers who operate from various countries over the internet also absolutely need to keep a standard as far as the currency is considered and US dollar is the apt currency. A bank account with a US bankthus gains a lot of importance.
The US banking structure broadly classifies its customers into three categories:
1. The US citizens 2. Resident Aliens 3. Non Resident Aliens
As the names suggest the meanings of each of them is implied. The resident aliens are the non-US people who are residing in the US. These also sometimes add the people who have the Green Card. Non Resident Aliens, as the name suggests, are many people who are neither citizens of the U.S nor are they residing in the U.S. The rules and regulations that govern the banking systems in US generate it very difficult for the NRAs. Well, the NRAs are the most trouncing class, as they are treated most callously by the US banking laws. The laws put an austere procedure for NRAs willing to own a US account; though definitely its not impossible for them as well. So the question is what exactly are the benefits of a US account? Well here are a few:
1. First of all if you are in any sort of business that has even some amount of global appeal then you will most definitely , in the course of your trade, positive need to carry out transactions in the US dollars or any international currency. Its nice to go for a US account rather than in some other country because of the global acceptance of the US dollar.
2. And when I say global touch it includes all the deals that are carried out via the internet. So it includes all the web developer, content writers, freelancers etc. Even if your doing business is local, you can not possibly deny the power of the internet and it would just be a matter of measure after you actually go on the internet. So its actually to have a US account and take your business and ideas global.
3. Also if you are on the internet, there is a lot of possibility that you are dealing with US clients or all the people who are comfortable in dealing with US dollars. You having a US account would be a grand advantage for you as it would make the entire process easier for you.
Earlier the laws were very too strict, but now there are ways which build it possible for you to open a US account. These ways are still not a stroll in the cake. One wrong move and you shall no longer be eligible for the account. But thats not a big worry. So what are you waiting for? Go ahead get yourself a US account and contruct your global presence more prominent
Once you have successfully setup an online store or business, the next question is what? You will be saying, "start online marketing, of course". Well, I have been into this field for the last 6 years and to be frank with you, that is not the right way. Online store is a place where people will have to come and be convinced to do business there. They need to browse through your store contents, then click on that "Checkout" button and enter their credit card details to make the payment. This sounds simple to read, but in the real world, it is lot tougher to make the customer, even though he/she likes your product, to extend his hand to take out his wallet and then his credit card. Once that is done, it is much more difficult for that person to enter those credit card details there.
Have you thought well about this. I hope you have. However, I suggest, whatever you do after setting up your cart, the key priority should be given to make the store trustworthy. Any customer who comes in should feel that you are a genuine store keeper who would be providing the service you have advertised and placed on your store front in return for the payment. Always have this thought in mind that the customer is never seeing you, or your place of business or your inventory. This is an online store front and it means that there is no physical entity to been seen for the customer to make themselves comfortable that the product is there available with you. The constant worry, "what if you will run-away with my money after I pay without delivering the goods to me", has to be removed. The best way possibly to do it is incorporate your online store as a genuine business and the best possible location to register your business is The United States. Register it as a limited liability company by using any online incorporation firm .
Some of the incorporation services guarantees a 2 day turnaround time even. The charges for doing this would be so marginal compared to the legitimacy your online store front has in return. There are hundreds of advantages of incorporating your online business, but the main one is that now your customers know that you are a legitimate company in the United States and they will be more than willing to do business with you. From my experience, the customer trust level goes up so high that a site, which was making a turnover of 210 USD/month before incorporation was continuously making 2400 USD/month on an average after incorporation. The fact is that I was advertising that this is a legitimate company on the home page, terms page, agreement page and wherever I could. Without any change in the efforts of marketing, the turnover jumped over 10 times. If you can have a U.S Citizen or Permanent Resident as 100% non-voting member in your limited liability company, they will be able to open the bank account for you. The legalities involved for this way is out of scope of this introduction. If you need further information on this, you can contact this site.
Using an operating agreement, your partner will be able to operate the bank account for you. I know that it is very difficult to find a decent partner for your business. However, there are few companies who provide this bank account opening service whom you can contact. I have used Payoneer and it works. Moreover, these guys are professional and could be trusted. Having a U.S bank account entitles you with a great option of operation. You can fully operate most of the U.S Bank Accounts online. Using the secure username and passwords you can login to the bank's site, access your account check balance, request for check books, do wire transfers (even international), thus providing complete flexibility. Once you have fully operational bank account, you can connect your PayPal account with it. You can register for a merchant account that will internally connect to your U.S bank account. You can connect the PayPal accounts as well as your merchant accounts to your store now. The end result, your customers will be seeing a complete transaction between a company registered in U.S and them. The money is transferred in the company's name. Completely trustworthy. The Company provides your own US phone number and mailing address..from anywhere in the world!
With a package and mail forwarding service, you now can shop from all of your favorite companies, even if they do not ship overseas. Shop from all of your favorite catalogs & websites! Have your items sent to your personal U.S. address! And it will be shipped to you, anywhere in the world!
View your items online. Request it to be forwarded/shipped when and where you want. You can buy stuffs in Ebay from Nigeria. All you need is a US Based reshipper who offers such services.
The services eliminate the difficulties encountered when purchasing from US retailers. In particular:
1) Many US retailers will not ship overseas.
2) The US retailers that do ship internationally charge very high shipping rates.
With this service, these problems are solved!
You are provided with a genuine US street address that is unique to you. This is not a Post Office Box! This is your own street address that US retailers will accept as a valid shipping destination. Account holders also enjoy very low international shipping rates, much less than rates from US retailers. Save up to 70% on international shipping! There are other ways this service saves you money when you shop at US retailers. Multiple purchases will be consolidated into a single package, saving you more money on shipping. You will also save on import duties and taxes with a commercial invoice service.
With this service you will enjoy the same merchandise selection, pricing, and discounts as US residents without the difficulties associated with international shipping. Shop on the Internet with ease!
Another major constraint doing business online from most countries is the unavailability of payment processors. Payment processing systems lie at the heart of all e-commerce operations. Your online business won’t survive unless customers can pay for their services or products at minimal disruption and maximal convenience.
Since capital is no longer a physical thing but electronic blips on a computer screen, there are a lot of ways products and services can be paid for on the internet. The best thing to do is to allow the customer a choice between several methods of payment such that all could do business with you. Hence in today’s world of placeless business, the ways available that most satisfy users are: automated credit transfer, credit cards and merchant accounts. These are all virtual money.
Online businesses in order to accept credit cards normally contact a processing company. This processing company would then sell a special software to you, that enables customers to type in their credit card information, while you can then send directly to the company’s processing centre. If authorized by the processing company, the customer’s account will be debited and the amount will be deposited directly to the merchant’s bank account. There are many processing companies
Credit card processing requires an internet merchant accounts. Most banks charge a one time set up fee in addition to a fee for each transaction.
When selecting a merchant account provider, more than just a degree of circumspection is required. Information is critical and too many e-businesses have paralyzed their potential for growth and profit with a hasty and careless business decisions. Choosing the wrong merchant account provider is surely one of the quickest ways to derail your online business. In a nutshell, a merchant account enables you to begin accepting credit card payments over the internet. It’s a ‘liaison’ account linking your customer’s credit card account with your own account. Before choosing a merchant account provider, first competitive rates and reasonable fees are important. So do some rate comparison.
If you need more than a merchant account, look for a service providerthat can integrate your merchant account needs with your payment processing, hosting or shopping cost requirements as well. Integrated solution means you keep your infrastructure light and your customer-service focused.
Doing business on the internet without a credit card is like having a room full of choice products but without being able to use any of it.
Some of the popular third party processors are:
Running secure IT infrastructures is not a "set it up and forget it" business - we make it one
What's the difference between a third party merchant account
and your own? Own Merchant Account Having your own merchant account means you
get to bill credit cards yourself. This is a lot of responsibility! You would
be storing your client's credit card numbers in your very own database, and
would have the power to bill them any time you want for any amount.However,with some of these marchant account you get a debit card like Payoneer card in the case of Plimus and 2checkout!