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Home Business Report
WORST Home Business Scams
Top 175 FREE Home Businesses
Which Home Business is Right for You
HOT Niche = Less Competition
Lower Costs for Sky High Profits
Getting Paid, Important Decisions
Blogging for Dollars
Successful Advertising 101
- Quick Launch Programs under $100
- Home Business in a Box under $500
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Home Business Blog Q & A

Payday... the Big Brass Ring

Payday is, of course, paramount to your business endeavor. There are different forms of payment options and you will need to carefully review your options before deciding which option will be best for your new business. You will find there are strong positive aspects, as well as certain drawbacks associated with each payment option. Ultimately, you will be looking for the lowest fees associated with the Lowest loss potential.

You may want to review a few of these 'definitions' to make certain you understand all of your options. After all, you don't want to learn what ' chargeback' or 'stop payment' means when it's happening to you! A merchant teller is an account linked to your bank account that allows to to bill your client via check or credit card with numerous submission options. A chargeback is when a buyer tells their credit card company they either didn't recieve what they paid for OR it wasn't what they expected. Stop payment is when a buyer gives you payment via check, and then tells their bank to cancel payment for that check. At the bottom, we will also tell you about our payment system decisions... and why.

Your decision may greatly hinge on whether you are offering a product or service. You will also want to take into consideration invoicing & refund policies for your product or service. Also, HTTPS encryption will be essential for ANY online payment solution. Encryption is verified by reviewing the address bar, which will show https:// instead of http. Our company chooses to utilize a 'service contract' (a legal binding contract) when conducting any sale... which provides equal protection for buyer and seller alike. Strong documentation connected to all sales will be important for recieving and maintaining a strong payment retention system, so remember to keep your records in order. Orderly Record System
Growing your Business

Merchant Account Payment Option

Many businesses find this is ultimately the Best option for recieving payment. Merchant account gateways allow maximum flexibility of payment forms that can be recieved, making payment far more convenient for your clients... paving the way for an easy sale. Buyers can pay via check or credit card. You will also be given the flexibility to have a credit card tool for face to face sales... or 'virtual tellers' to bill payments made to checking accounts OR credit cards online. Virtual tellers are also convenient because you enter the payment information. This paves the way for ease of sale via 'virtual' online stores, email or 'form submission' payment... or even payment information recieved via telephone or mail. They offer affordably priced fees for both start up and monthly fees. And, quite important, most have a complete dispute division that will fight chargebacks or stop payments on your behalf. This feature allows the highest earning potential while freeing up your valuable time to keep making money! Merchant account systems are Very user friendly.

With the large number of merchant companies available, recognizing the best company can be frustrating. We have conducted our own review... and find that Total Merchant Services appears to offer the strongest available program. Please see our trusted referral list at the right, click the link below OR simply contact us for complete program information costomized to meet your businesses needs. Merchant Account

PayPal Payment Option

PayPal is respected and used by many companies nationwide. It offers several different options for sellers, which can provide convenience. Their fee structure is not the best around, but many find the fees a trade off for the start up convenience. They offer your buyer the choice of payment submission via credit card or check. The strongest determiner regarding a decision to utilize their payment option may be whether you are promoting a product or service. The reason being, IF a buyer says they don't feel they got their moneys worth... IF you provide a service they will refund that money, No Questions Asked. Lets say you worked your heart out for a week building a website for a client... even we would view a website as a tangible item, Paypal views this as a service and refunds your buyers money. And, unfortunately, no matter how good the service you offer, there will always be those occassions that a dishonest person will take advantage of the loopholes allowing them Not to pay.

IF you sell a tangible item, such as ball caps, there is a 'sellers protection program' that will help to cut down on losses, but it won't stop them completely. You will be required to ship every order via certified shipping to include a signature reciept, which some sellers find can get costly, depending on the item being sold. A buyer can claim an item was defective or not as expected and still get their money back. Any time a dispute is filed, PayPal will charge you an additional $35.00 dispute fee, and quite often you will lose anyway. What we find the most detrimental PayPal aspect is that they they allow the general public to determine (grade) the quality of your business And, because no one can please All the people All the time, many businesses have been hurt by this system. . One unreasonable or disgruntled buyer can ruin you.

Ultimately, your business has to decide IF the profits recieved are worth the negatives. Just as a 'site built store' has to consider a certain amount of loss to shoplifting, and perhaps invest over and above for 'in store security staff'... loss has to be a factor in every business. Many business owners bill well over $1,000 daily to PayPal sales and find that the losses and shipping regulations are well worth the expense for the profits realized.

Virtual Store & Website Submission Payment

As mentioned above, 1st and foremost... for any financial information submitted online, HTTPS:// Secure encryption is essential. A payment gateway (merchant account) will be be required to convert the information submitted to money and placed within your business account. The Virtual Store we can provide can allow embedding of payment information submission. Form submission is essential to 'automate' effortless online sales generation.
Virtual Store Program
Merchant Account

How We at HBR Recieve Payment

Home Business Report, like many businesses, experienced trial and error steps in our early developement, to put in place a complete system which centers around client information and service. After all, the majority of those we interact with are only seeking information, not making purchases. But, for those that want to accelerate their business growth utilizing our products, we utilize a 'Service Contract' system which we feel is essential because it offers complete legal protection for the buyer as well as seller.

Within the Service Contract, we clearly identify the buyer, give a thorough description of the product or service our client will be recieving (our commitment to product quality & content) clearly outline all pricing information and clearly express either 'Paid in Full' or if a balance remains... provide a clear outline on the contract regarding any balance due. Any service contract should also clearly define 'refund policy'. Our client recieves and reviews the contract BEFORE submitting payment. We utilize a form which collects billing information via checking account which the client submits it via https:// secure encryption and it is recieved by our merchant account. IF you plan to collect information in a way that information goes directly to your company in any way... be aware of the 'Privacy Act Regulations' and understand your companies liability should a company employee abuse information recieved. Again, we strongly recommend a merchant account which will protect both you and your buyers.

Integrity regarding product or service, a realistic and honest description of features and benefits, fair pricing and complete company availabilty and support to your clientelle... before, during and after the sale, will result in a happy buyer that will return and / or refer other clients to you.
Merchant Account Service

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