If PayPal is the only way that customers can pay at your online store, you need to consider opening other types of merchant accounts. In November, PayPal is going to start charging their Canadian users a $20 fee for “inactivity.” If the rules for Canadians are the same as elsewhere that the fee has been introduced, it will be easy to avoid. Still, people are not going to be happy about this, and we won’t be surprised if quite a few cancel their accounts.
Merchant account fees, paid by the seller, vary from one service to the other. Some are based on the volume of transactions and some offer a flat monthly fee. Fees aren’t the only consideration though.
While most e-commerce platforms include payment processing, or allow for a range of merchant account service providers, some will work better than others on a particular site. If your shopping cart was custom built, the back-end programming will likely need to be revised if you change payment methods.
Moneris is one of the oldest, and therefore better known, merchant service provider, but many more have popped up over the last few years as more and more people are buying and selling online. If you want to do your own research, just Google “types of merchant accounts in Canada.”
In addition to the standard fare of credit cards and debit options, you might also consider accepting Bitcoin. Yes, that may seem a little radical, but the cryptocurrency continues to prove itself in terms of transparency and security. For higher priced items that may be above limits imposed by the bank, Bitcoin offers a secure method of payment for both the buyer and the seller. Plus, how great would it be to list the price of a new SUV for 0.73 BTC?
So, how can we help? Well, we can discuss the options with you, so you figure out the best platform and/or merchant account for your type of business. We can modify your website and make sure it’s working properly with a wider range of payment options for your customers. And we can tell you more about cryptocurrency, why we accept it ourselves, and how it works.
You never want to lose a potential sale, and offering more payment options will help you ensure that never happens.