So, you are a company owner or freelancer looking to expand your business and make some more money. You come up with the idea of supplementing your income by selling your products or services online. So you have setup your website and added your services and products. Now you are looking for a method for your clients to pay you.

There are a myriad of options available to the business owner when it comes to receiving payments online. Traditional methods like wire transfer, cheque, cash and direct bank deposit are great core payment methods for any company, but because there are so many great online payment gateways out there it is probably a good idea to offer at least one for you customers to utilize.

Global versus local customers

Ask yourself if most of your clients are based in your own country or do the majority of your sales come from customers that are outside of your country. Whether you use a geographically general or specific payment gateway is up to where the majority of your clients resides. If most of your customers are from your country you can use a local payment gateway. If most of your business is done with international customers you need to get a gateway that supports this.

The majority of payment gateways have certain currencies they support. What currency will your customers be paying you in? Find out which currencies these are and always select a payment gateway that supports the currencies your customers will want to pay in.

Payment scheduling type

Do you sell a product or service that the client needs to make a single payment for or is the product or service paid for in installments? i.e. comes as part of a recurring subscription that requires multiple successive payments.

If your customers need to make once-off payments you can look at services that provide your clients with the ability to make immediate, secure credit card payments. You can also look at a payment gateway like PayPal that provides immediate secure payments between individuals who have an account with them.

If the majority of your clients will need to pay on a subscription basis for the products or services you offer you will need to look at a payment gateway that allows the submission of recurring direct debits to credit cards and bank accounts e.g. a monthly payment for rental of self storage units. Remember to ensure you use a recurring payment collection service that allows collection in the currency your customers utilize.

Overall service & fees

So you have decided on a few gateways that meet your currency, target market and payment type needs. To help you make your final decision you can use the tips below:

- Find out what fees you will be paying on the transactions you make through your gateway. These vary, so always go for the gateway that gives you the best overall rate and service.

- Reconciliation of your payments is crucial so find out what kind of reporting services your gateway offers. Ensure they supply reliable results of transactions in a timely manner.

- Some payment gateways provide you with an integrated merchant account while others require you to have one with a bank. Find out what is needed and if you qualify for an account before signing up.

- Check with local and international governing bodies to confirm the payment gateway you want to use complies with their laws. Regulations in the payment gateway industry are there to protect you, so make sure you make use of the protection they provide.

Bill Bapsnill has been in the online billing industry for many decades. He recommends that you do your recurring billing via direct debit order.. Unique version for reprint here: How to pick the best payment gateway for your company.

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