Collecting The Money!

30 Days to
Incredible Internet Profits

Copyright © Donohugh Magnus
http://www.autopilotkings.com/

"Collecting The Money!"
If you're going to operate online, then you need a way to collect money. After all, what's the point of having an online business, if you can't make online sales and collect money?
The very best way to collect money is by setting up your own merchant account. A merchant account is your relationship with a bank that lets you accept Visa, Mastercard, American Express and Discover (here in the U.S.). You process those cards and get your money in 2-3 business days.

The processing bank will directly fund your chosen bank account so your money is available to you almost immediately.
If you're just starting out, you may not want to deal with the small minimum expense of having your own merchant account, but this is a must for anyone doing a significant volume.
For example if you use the same company that set up my merchant account, you're looking at this fee structure:

2.29% + $0.30 a transaction
$10 statement fee
$10 gateway fee
$20 monthly minimum processing required
$99 application fee

(Note: Those fees are discounted in a special deal for my customers and subscribers so you'll probably find higher fees elsewhere if you start searching. I'll tell you how to contact my service in a couple of minutes.)

Obviously, you have some minimum fees to deal with each month, but that cost is far outweighed by the benefits you received. The only cost structure that you'll see come close is Paypal. Paypal can be a good way to start small, but I am personally aware of many people who have dealt with significant problems with Paypal when they started to process several thousand dollars a month. Since Paypal is not a bank, you are dealing with a private company that has a lot of rights given up by you in your user agreement.

Speaking of Paypal - they charge 2.9% + $0.30 per transaction. If you're processing at least $1,000 per month, then having your own merchant account saves you money.
You can get set up quickly with Paypal because it's automatic for a small volume. After your funds are cleared into your account, you can request that they transfer the funds from your Paypal account to your bank account. That will happen in a few days.

One order issue that concerns me with Paypal is that you can't buy something through their system unless you register for a free Paypal account. To me, that creates a potential blockade to someone quickly completing an order. And I don't want anything to slow down that process because I don't want to lose orders that way.

If you're selling a digital product, you can use Clickbank. Clickbank charges a 7.5% discount rate plus $1.00 per transaction. The application fee is $49.95. Clickbank sends out checks twice a month about 2 weeks after the previous 2 week sales period ends. That means you wait 3-4 weeks for your money.

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One possible advantage of Clickbank is that you get automatic access to their large network of affiliates. Depending on the target market for your product and your ability to attract affiliates, that may or may not be helpful to you.

A fourth option is 2CheckOut.com. 2CheckOut.com charges a 5.5% discount rate plus $0.45 per transaction. The application fee is $49. Like Clickbank, they pay every 2 weeks so you have to wait a bit for your money. So, what's the bottom line? Based on my personal experience and my research in talking with others, the very best option is using your own merchant account. No question. Here's some more information on setting up your own merchant account:

“Here’s Your Chance To Grab A First Class Merchant Account From The Same Company That Professional Marketers (Like Me) Use!”
One of the most important parts of your business operation is collecting the money. If you’re not operating your own merchant account, that’s a huge mistake for 3 reasons:

1) You’re not getting paid as fast as possible. Your account should fund in 2 business days.2) You’re often paying double or triple the discount rate you should be paying.3) You risk some third party company arbitrarily deciding to freeze your account for a few months just because they get nervous about something. (Yes - this really does happen when you're not dealing with regulated entities!)

But you can now eliminate all those problems and use the same company I use for my credit card processing. And take advantage of these special prices and rates.
Here’s the deal for Internet transactions (note: the rate is even lower if you want a swipe account):

2.29% + $0.30 a transaction
$10 statement fee
$10 gateway fee
$20 monthly minimum processing required

The only upfront fee is a one-time $99 setup fee (regularly $499) and that gets you a merchant account for a lifetime. (NOTE: If you have an existing merchant account with higher rates and you want to switch it to take advantage of lower rates, be sure to ask how you can even get the low setup fee waived with this offer!)

You can apply totally over the phone. All business types are accepted.
You can accept all major credit cards and checks (FYI – You’d normally pay an extra monthly fee for online check processing, but that’s waived for a limited time, but I have no guarantee this will continue) in "real-time" on your website or use the Virtual Terminal to process phone/fax and email orders. Swipe machines, wireless terminals and printers are available with similar savings for face-to-face sales.

About the Author:
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