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Overview of
3 Popular Payment Processors
PayPal
Type:
Payment Processor
Founded in 1998, PayPal
(owned by eBay) is the world largest consumer payment service.
Overview
-
Over 64 million account members worldwide
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Available in 45 countries around the world
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Used extensively by buyers and sellers on eBay
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Fast set-up and low free structure
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Inbuilt fraud prevention system
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Suitable for online businesses and traditional offline businesses
Description
PayPal enables any individual
or business to securely and quickly send and receive payments online.
Overall, they are a great
low-cost payment processor for small businesses and offer a wide range of
features.
One major advantage of using PayPal is that you don't need an Internet merchant
account. PayPal allows you to transfer your settled funds into any regular bank
or credit card account.
Opening your account takes
around 10 minutes and their user interface is simple and easy-to-use. PayPal
allows you to send and receive funds in the following currencies:
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Australian Dollars
- US
Dollars
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Canadian Dollars
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Pounds Sterling
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Euros
- Yen
Recommended For
If you're new to eCommerce
and you're unsure as to how many sales you'll be getting each day, getting a
PayPal account is a good way to 'test the waters' without making a big financial
commitment.
For fees and signup
information, visit PayPal at:
www.PayPal.com -
United States
www.PayPal.com.au
- Australia
WorldPay
Type: Merchant Account Provider and Payment Gateway
Overview
-
Owned by the Royal Bank of Scotland, the 5th largest banking group in the
world
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Used by thousands of merchants worldwide
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Inbuilt fraud prevention measures
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Allows merchants to accept payments over the Internet, by phone, fax and
mail
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Recommended for businesses that need to sell in multiple currencies.
Description
WorldPay is a merchant
account provider and payment gateway service rolled into one.
Accounts take as little as
7-10 days to set-up and they accept over 90% of companies that apply for
merchant account facilities.
In addition to regular
payment processing, WorldPay allows merchants to accept installment payments and
recurring subscription payments.
This is a great feature for
businesses that have to re-bill their customers on a regular basis (e.g. gyms,
membership based websites, etc)
Recommended For
We recommend WorldPay for
merchants that are targeting an international audience and need to accept
multiple currencies.
For example, if you have a
site based in Australia that sells to customers in the UK, US and Japan, you can
offer your products in British Pounds, US Dollars and Japanese Yen.
This helps to increase your
sales conversion rate as most people feel more comfortable paying in their local
currency and not worrying about the conversion rate.
For fees and signup
information, visit WorldPay at:
www.worldpay.com
eWAY
Type:
Payment Gateway
Overview
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Australian-based payment gateway established in 1998
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Requires an Internet Merchant Account from a bank
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Inbuilt fraud screening
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Recommended for businesses with a high volume of transactions.
Description
eWAY is an Australian-based
payment gateway established in 1998 and is an eCommerce partner with the
following banks:
- St
George Bank
- ANZ
Bank
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Commonwealth Bank of Australia
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National Australia Bank
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WestPac Banking Corporation
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Bank of SA
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BankWest
To use eWAY you must first
apply for an Internet merchant account with one of the banks listed above. Once
your application is approved by the bank, you can open an eWay account and start
accepting credit card payments.
Recommended For
We recommend eWay for
businesses who need to maintain a high volume/low cost structure. eWay is
popular with retail-based operations and charges in Australian currency only.
For fees and signup
information, visit eWay at:
www.eway.com.au
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