How to Receive Online Payments With a Merchant Account
Although many payment methods exist for online merchants, the easiest is PayPal, a subsidiary of eBay and one of the oldest payment methods on the internet today. Signing up for PayPal takes only a few minutes and allows merchants to feel secure in both giving and accepting payments.
First: Signing up for a merchant account
To sign up, simply go to PayPal.com and follow the instructions. An option to create a merchant account pops up, and you should choose that. PayPal stays in business by taking a portion of payments, roughly equal to sales tax. Although some complain about this fee, it pays for excellent security. PayPal asks you to verify your identity usually by adding a debit card number, checking account number and Social Security number. Quite a few steps, but all to protect your identity.
Second: Accepting payments
PayPal accepts virtually every form of payment. Customers use Visa, Mastercard, American Express, Western Union, checking or savings account or whatever other method exists. When consumers pay through strange methods, this makes them hesitate, something no company wants.
Third: Methods of withdrawal
Many methods exist for removing money from PayPal. For a small fee, PayPal can issue a check and mail it to your address. If wanting something more direct, you can have the money transferred to a checking account. It is free and takes only a few days. Lastly, PayPal issues a debit card for merchant accounts, so you can access money at any ATM, and use the card just like any debit card.