Understanding The Costs Related To Selling Online
Understanding a few basics regarding online transactions is important when deciding to sell your products or services from your website. The 3 major components of taking a payment online are listed below…
1. Your Website and Store – WebStarts provides your website and Store where you will create and manage your products, manage inventory, calculate tax, shipping and more. This is the most important part of the process as it is the only component that your online customers will see or interact with. Being able to easily manage this part of the process is critical to your success online and we are proud to be able to provide and support this part for you. A WebStarts Store can be used for free on any website, regardless of where it is hosted.
2. Merchant processor / Payment Gateway – A Merchant Provider (or Payment Gateway) is needed in order to facilitate and process the actual credit card transaction. The fees associated with this type of service run at 2.9% + $0.30 per transaction. For example, if you were to sell a product or service for $100.00, the fee for that transaction would be $2.90 + $0.30 = $3.20. The net result of this same $100 sale would be $96.80 deposited in to your bank. Much like the building of your website, we make this part just as easy for you by automatically setting you up with WePay as your Merchant Provider. WePay charges only the fee’s mentioned above, with no additional monthly cost. You only pay when you make a sale!
3. Your Bank – The final piece to the online transaction process is your own bank, which you will configure within your WePay account to allow deposits to be made. After a sale is completed on your website, the funds will be automatically transferred directly to your bank within about 7 days initially, and as little as the next day once you build up some transaction history. Just be sure to complete the WePay account set up after you sign-up for the Store to add your bank.
For any additional questions about how to get set up with a WebStarts Store, please feel free to send us an email at email@example.com and we would be happy to help.