Credit Cards

What You Need to Know

How do I accept major credit cards from my website?

If your reading this then you are interested monetizing your site. With all the offers on the world wide web, how can you know which credit service is best suited for you? What are the online payment options? Which merchant provider is best for me? Which charge card should I take?

Good questions you may think. There is an even more important question. One that will rock your financial world once you learn the power of it.

That question is the most important one to be asking....

What do I not know that I do not Know?

The most important question is what do you not know about this system that you need to know.

Credit Cards and What I Know

Most know that you have to have some method of collecting the charge card number. It has to be secure. The credit card companies charge a small fee, usually around 3% of the total transaction. These are the means to pay online or charge online for goods or services.

That is just written off as the cost of doing business. It is also the price of the security. Finally it is the price of increased sales. So it creates an economy of scale when mixed with the cash sales.

On the web it is different. Everything is by credit card or some kind of credit service provider.

Credit Cards and the Greatest Danger to Your Wealth

The greatest danger of signing up with a credit card company is not knowing what you do not know. This could cost you. It could cost you more than just money.

Which Type Are You

In teaching people how to build successful internet based businesses, I have come across several different personality types. Some are my friends and it is hoped if you read this you do not take offense.

• What Ever

  This kind of student will take what ever they are told. Salesmen love this kind of prospect. All they have to do is say all the great features and the sale is made.

• Too Complicated

  Some things in life are too complicated. Brain surgery, astro-physics and micro-biology to name a few. These are not things that will benefit us to learn unless we work in the field. However, providing the ability for customers to pay with credit cards is not brain surgery.

  It will however require education. It will benefit you and your customers.

  Related in this category is the ones who think it is too expensive. There is a simple rule of life and business...You Can Only Make Money When You Spend Money!

  It is that simple.

  One student was concerned about how much she was going to pay out to a fulfillment company to send her product out. When asked if she wanted to sell hundreds of thousands of her product, she said thousands. Then when doing the math, she realized the impossibility of sending thousands of her creation herself. Further the profit of thousands was more than the hundreds if she shipped herself.

• I Have It Some brilliant business people have everything under control. They are making money by the barrels. So they do not need any advice. Why fix what is not broken. I would love to be the salesman who sells to them.

• Just Me and My Third Party Processor

  This person is like the what ever mentioned above but they feel third party processors are all they need.

The next three sections get into the realm of what you need to know. They are not exhaustive but we have tried to make them as complete as possible.

As you review each section, you may be surprised at what you did not know that you did not know.

Enjoy!

Next: Third Party Processors 2 of 4 What are they, what do they do and do I need them?

Merchant Account 3 of 4

What are the other Merchant Fees? 4 of 4