Tag Archive | "Wallet"

Are Mobile Payment Solutions Really the Way of the Future for E-Commerce?

Tags: , , , , , , , , , , , , , , , , , , ,

Are Mobile Payment Solutions Really the Way of the Future for E-Commerce?


You may have seen a few pieces of online news about mobile payment solutions and wondered whether you should implement them on your website. Some articles even go as far as claiming that mobile payments are the way of the future and will revolutionize the online commerce industry. But is there any truth to these claims, or is it just marketing hype to get yet another “start up” run by a 19 year old entrepreneur from his basement off the ground?

When talking about mobile payment solutions, we first need to clear up one thing in order to avoid any potential confusion. There are actually two kinds of mobile payment options currently available in the online world. The first one is simply a type of mobile wallet that is linked to the customers credit card. The buyer can easily make transactions from their mobile phone without revealing their card information, but the purchase is still charged to their credit card as usual. The second kind involves charging the amount of the transaction to the buyer’s mobile phone bill or deducting it from their prepaid balance on their mobile account. The second one is the type that we will be addressing in this post.

First, let’s understand how the system works. The client wants to make a purchase online. They then enter their cell phone number into a secure form on an e-commerce site. They then receive a text message with information about the transaction (such as the cost) and will need to confirm they accept the charges, either by replying to the message or more commonly, by entering a code that is sent with the message onto the merchant’s website. They then have access to the product or service that they’ve ordered and the merchant will get paid by the payment processor later on, just like with a credit card transaction.

Sounds easy, right? The system is designed to allow for easy and smooth transactions with minimum risk to both the merchant and the customer. Using such a payment system has many advantages for both parties. It is good for buyers who don’t have a credit card or are reluctant to use theirs on an online commerce site, as it provides them with an alternative payment solution. It’s also a very good way to pay online for small purchases that are delivered directly to the buyer’s computer or for online services that don’t require any physical items to be shipped.

But should you run and implement this method of payment on your website immediately? The answer will depend on a few factors. As convenient as mobile payments may be, they are still far from being a perfect solution in all cases and it’s also important that merchants understand their potential disadvantages and not only look at the plus side. Tomorrow we will go into more details on the inner workings of mobile payments, which will be very helpful if you just started an e-commerce site and want to provide buyers with as many choices for payment as possible.

Posted in internet marketingComments (0)

Payment Method Choice is Very Important in E-Commerce

Tags: , , , , , , , , , , , , , , , , , , ,

Payment Method Choice is Very Important in E-Commerce


One thing that any online merchant needs to pay attention to is the trends in payment methods available to online shoppers. In the e-commerce world, payment by credit card is and has always been the champion. The main reason behind this is that for many decades before the internet became widely used in the world, mail and telephone order payments were usually done by credit card, so it seemed just logical that this would be a solution used in e-commerce as well. There have been many advances in payment methods for online orders in the past few decades. Let’s examine credit card payments and other methods of payment that you may want to accept as an e-commerce site owner.

Credit Cards

Pros: Simplest payment method to use for many buyers.

Many solutions for merchants to accept credit cards, offered by banks or third party payment processors.

Increases in security have made credit card transactions safer for both merchants and consumers.

Cons: Potential for losses due to fraudulent orders depending on type of merchandise being sold.

Processing fees could be high, ranging from 2 to 5% of transaction.

Check/Money Order

Pros: Safer than online credit card transactions.

Better suited for large transactions.

Cons: Forged and fraudulent payment instruments still a possibility.

Long wait to clear checks in certain jurisdictions.

Delays in sending payment mean that customer may change their mind about order or find a competitor in the meantime.

Bank Transfers

Pros: Various systems exist in many parts of the world allowing for online bank transfers to be made to merchants.

Can be processed instantly, just like credit card payments.

Lower fraud rates.

Cons: Accepting electronic bank transfers from many different countries means merchant may often have to sign up for several different payment processors.

E-Wallet Services

Pros: Instant payments and fraud reduction measures.

Convenient for the customer.

Cons: Several different solutions exist (Paypal, Moneybookers, etc) meaning that merchant must again sign up with each of them.

Some e-wallets are only available in certain countries.

Virtual Vouchers

Pros: Treated like cash, making chargebacks impossible in many cases.

Convenient for consumers located in geographic areas where few other payment options exist.

Cons: Popularity limited to a few countries, mostly popular in certain parts of Asia and Africa.

Processing different voucher systems could be cumbersome for merchant.

Mobile Payments

Pros: Instant and convenient for consumer, billed directly to mobile phone account.

Popularity growing nearly everywhere in the world.

Cons: Fees charged by payment processors to accept payments are very high, due to commissions charged by the processor, carrier and in some cases intermediaries.

Restrictions on maximum payment amount makes this type of payment suitable only for small transactions.

These are some of the main payment methods used in e-commerce transactions in today’s world. If you’re curious about whether implementing a mobile payment solution for your e-commerce site would be a good idea, check back tomorrow as we will go into more details about this relatively new method of payment so that you can see whether it’s appropriate for you.

Posted in Entrepreneur NewsComments (0)

Online Business Security Tips: Part 3

Tags: , , , , , , , , , , , , , , , , , , ,

Online Business Security Tips: Part 3


Now that we’ve previously seen some very good ways that you can employ to protect both your privacy, as well as the security of your business online in general, here are some ways that you can make sure that financial transactions that you conduct online are better protected.

  • Keep your business and personal finances separate

One of the big advantages of this is that it will make it easier to keep track of how much money you made from your online business activities and how much you have spent. This will of course simplify your accounting and make reporting taxes a lot easier. But it can also help when it comes to security. Open a separate bank account that will be used only for receiving and sending funds related to your online business. If you use an e-wallet such as PayPal, open a separate one under your business name rather than using the same account that you use for personal transactions. Use your business e-wallet to get payments from affiliate networks, clients, etc. You can always transfer funds to your personal bank account as needed.

  • Use a different credit card for your business purchases

Again, this will make tracking a lot easier as you can keep your personal purchases separate from your business related expenses. For added security, you can get a reloadable prepaid credit card that you can use to sign up for services or purchase things online. Load it with enough money needed to make the purchases you expect. This will give you some protection should there be a security breach, or if you unknowingly deal with a merchant that has deceptive billing practices, such as luring you into a free trial of their service and then charging you a high monthly rate if you don’t cancel. Furthermore, if fraud does occur, it will make it easier to determine where it potentially could have come from.

  • Check your records and statements often

You should check your e-wallet, credit card and bank accounts on a regular basis to make sure that everything is going right. Check to ensure that you received all the payments that you were expecting to get and see if there are any transactions that you don’t recognize. Promptly investigate any transactions that you don’t remember making or that seem suspicious for you. It could have been a merchant using a different name than on their website or a small purchase that you forgot that you made, such as a $3.99 e-book, but it’s worth checking out just in case.

By keeping all of these tips in mind, you will have some good advice on how you can do business on the internet safely while protecting your private and sensitive information. Remember that in addition to these and any other pieces of advice that you can find online, it’s also important to exercise overall common sense when you’re running an online business.

Posted in How to, internet marketingComments (0)

Making Money With Resale Rights

Tags: , , , , , , , , , , , , ,

Making Money With Resale Rights


Sometimes, when you’re buying an ebook, or other information product, you will have the chance to buy resale rights for that product. Sometimes those rights are free or cheap, and sometimes they’re a bit more expensive. Before you automatically dismiss the additional expense, take a second and think about the product, and it’s value. You might find yourself interested in selling it.

When you get resale rights for an ebook, most of the time you’ll be given a direct download link to pass on to your customers. Each time someone orders the product through you, you get paid for it. Typically, you can sell the ebook any number of ways, including ebay, and setting up your own website for the product. All you have to do is send traffic to the product, and you can collect a solid amount of money.

There are a couple of things to keep in mind before setting out to make money with resale rights. You’re selling someone else’s product, and as such, they get credit for creating it. By selling their ebook, you’re not doing anything for your reputation, just your wallet. The other side of the coin here is that you don’t have to produce an ebook of your own to sell. All you really have to do is market an existing product. You may not pull in as much money as you would selling an original product, but you also don’t have to put in the same amount of effort you would if you were creating a new ebook of your own.

it’s also important to determine whether or not there’s a market for the ebook you’re interested in reselling. Consider the niche the product covers, and whether or not a broad audience would be interested in the product. You should also search the internet, and see how many other people are reselling the ebook you’re looking at, and take a look at what marketing strategies they’re using. If the product you’re looking at is being sold by a lot of other people, and the market for it just isn’t that big, it’s probably better to skip it.

Buying resale rights for an ebook can be a great way to make some money, but only if you can manage to sell the product. Do your homework, and pick a product with a strong resale value, and you’ll be able to bring in some extra money easily.

Posted in Business opportunity ideas, How toComments (0)


make money onlineSubscribe To Our Latest Updates

Enter your email address to receive our latest articles:

Advertise Here
Advertise Here

Information