I have a PayPal account – is that enough to accept payments from customers all over the world?
Many in the Internet world believe that having a PayPal account is all you need to accept payments in any part of the globe, well you might need to have some type of a card too and that’s it. Surely, now everyone from this planet will be able to pay for our services.
True or false? Well, yes and no, that depends.
This world is a very diverse one. People live in different countries, speak different languages, and more often than not, use different ways of making a payment. This goes for the offline world just as much as the online one.
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Every web business that’s seriously thinking about the global market, should consider accepting payments using most well-known global payment methods. If you want to sell around the globe, let me introduce you to a list of absolutely must-have payment methods.
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Choosing specific payment methods is one thing that’s crucial when you implement payments on your website. You decide to include your customers’ favorites, naturally, and those you can afford. In the end the whole business has to be profitable. Still, entangled in all these musings, it is quite easy to forget about another factor: the currency.
If your main market is located only in the USA, or in Great Britain, or in western countries of European Union, you may not be aware that money comes in different currencies. You’ll be fine using just dollars, euros or pounds. Probably you won’t have to bother with anything else. But if you’d like to go absolutely global or aim for countries that have their specific currencies, some basic analysis is not only recommended, but will simply save you a lot of money.
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You can try to minimize the risk of chargebacks and it’s surely recommended and worth doing. But it is nearly impossible to completely avoid them. Chargebacks just happen. Even if you never make any mistakes, your deliveries are on time and your policy is absolutely transparent – chargebacks are a matter of time. The good news is that you can defend against them, especially if you have done nothing wrong and the chargeback request was uncalled for.
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If you want to accept card payments with a mobile device, you’ll probably end up with Square or one of similar solutions (mPowa, iZettle etc.) – that’s what the search results will give you. But ask yourself, do you really need and want to set up a new account and attach a piece of hardware every time someone pays you?
Is this really the only solution?
Well, it depends.
There are alternatives, but whether you should use them or not – this mostly depends on your business type, its model and needs. It’s quite different if you want to accept payments in a single restaurant, a chain of restaurants, if you deliver goods to your customers or sell both online and offline.
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One of the most popular payment methods in some countries (such as German-speaking regions) is direct debit. Let’s compare this payment method to credit card payments…
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Do you have a business operating in Poland? Maybe you would like your company to expand to that part of Europe? Before you do that make sure you have the one thing that will help you achieve success in the Polish e-commerce market – wire transfers.
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When you apply for a merchant account at an e-commerce bank, sooner or later you will hear about a rolling reserve. Since you may then urgently need to clarify this term, please let me explain in advance what it refers to.
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It’s no secret that we love startups and we frequently write about them on our blog. We know that besides a lot of passion, e-businesses need partners who understand their needs. That’s why we prepared our revolutionary project: PayLane for Startups. We make online payments processing easier. See how it works and join the startups revolution!
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