Ways for a merchant to accept payments from customers for retail or web based transaction businesses. Some of the most common forms of payment acceptance in the industry.

1. PayPal

PayPal is the most common and convenient way of sending and receiving money based on an eBay transaction. Here, the payment for the sold item is sent directly to the seller by means of an established bank account or a credit card. Paypal tends to not protect the seller as much as a merchant processing account (see below).

2. Personal Check or Cashier's Check

Sellers may choose this kind of option. However, the drawback of using this kind of payment method is that the seller still has to wait for a number of banking days before the check gets cleared.

3. Credit Cards, Merchant Processing Account

Sellers must have a merchant account to be able to accept payments from its buyers through credit cards. Merchant accounts are easy to setup and provide the utmost protection to the seller or merchant business. Watch for high fees when shopping around for a merchant account.

4. Bank to bank wire transfers

In this type of payment, the seller can be paid through a bank-to-bank transaction. Here, the buyer will transfer funds from his or her bank account to the seller's bank account.

5. Money Orders/Bid pay

This is one of the recommended payment methods of eBay. This is considered safe because the seller or the buyer can track down the mailing address of the concerned person.

6. Escrow

This is strongly suggested for high-priced item transactions. The escrow service guarantees full protection while the transaction is not yet closed. Through this service, the seller has to wait for the confirmation that the buyer had received the product before receiving payment.

However, sellers and buyers should take extra precautions on dealing with escrow services. There are a lot of counterfeit escrow services lurking on eBay these days. It's best to check if the escrow service was approved by eBay.

8. Cash

Sellers on eBay may receive payments through cash. However, this is a high-risk activity and offers no guaranteed protection.

8. Instant Cash Wire Transfers like western Union and Money Grams

Sellers may opt for this type of payment method. But, they should keep in mind eBay is strongly against this mode of payment and that insisting this to the buyer may result to suspension or termination of account.

About the Author:

Kevin has extensive experience in the credit card processing field, from Sales Agent, Risk Analysis, Proposals and Operations Manager for a major credit card processor. He can quickly guide and educate the merchant on how best to lower their fixed costs, reduce unnecessary expenses and offer merchants many merchant account options and help the merchant pick the correct solutions.

Merchant Solutions

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Torrance, CA 90504

(424) 212-9500

ksarisky@merchantsolutionsiq.com

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