Are you planning to start up an online business? It is now considered one of the best investments for aspiring entrepreneurs. Online is now the norm for shopping and the majority have embraced it so well.
To start with, you need to have a solid idea of your brand. “Design is the silent ambassador of your brand,” says Paul Rand. Will your design depict your brand? Definitely! Once you’re confident and got a clear sense of what you’re selling, nothing can go wrong. Study the market carefully and think of the things that could make you a stand out. Learn from your competitors and analyze your target. By doing it right, you’re ready to build your online store.
Here are some benefits of doing business online
- It’s inexpensive, simple yet profitable – You can start little and explore further once your business starts to grow
- Be your own boss –Your own terms and decisions, you call the shots! What could be better than that? You don’t have to answer to anyone!!
- Low overhead –Eliminate the costs of renting a space or hiring a management team. This can really maximize your potential revenue.
- Access to worldwide market – This is the best thing about digital marketing. Once your business starts to grow, you can expand to the international market. The size of your business dictates its value. You can always elevate your business in so many ways, it’s all in your hands!
- Ability to work anytime in the world – Given internet connection, you can run your business anywhere in the world. How liberating is that?
- Unlimited hours – It’s like the business that never sleeps as it runs even if you’re asleep.No 9-5 business hours and you don’t even have to be physically present to make a sale.
- It could be a lot of fun –You won’t be tied up to a desk job. Manage your business while sipping your favorite coffee at Starbucks. Take a peek if you made a sale while you’re lying on the beach. It will really depend on how you’ll see it. It’s definitely hard work but make sure you don’t miss out all the fun.
An online business can be developed into a stable source of revenue. At first it won’t be easy, of course it comes with costs.
Here are some ideas of the possible expenses you may incur during your start up.
- Domain name (could be free when you sign up for a hosting account)
- Web hosting
- Website-building software
- Marketing tools/software
- Online shopping cart
As for online payments, you can find plenty of them online but the most important thing is choosing what’s best for your business type. First you have to understand the payment ecosystem. How are payment transactions processed? Are there fees that you have to pay? Make sure you never fail to clear that with your provider.
Here are some of the terms that you should be familiar with:
ACH payments – ACH stands for Automated Clearing House. These are electronic credit and debit transfers, allowing customers to make payments from their bank accounts for utilities, mortgage loans, and other types of bills.
Merchant account – is a bank account that allows a customer to receive payments through credit or debit cards.
A payment gateway – allows merchants to securely pass credit card information between the customer and the merchant and also between merchant and the payment processor. The payment gateway is the middleman between the merchant and their sponsoring bank.
A payment processor – is the company that a merchant uses to handle credit card transactions. Payment processors implement anti-fraud measures to ensure that both the front-facing customer and the merchant are protected.
PCI compliance– is when a merchant or payment gateway sets their payment environment up in a way that meets the Payment Card Industry Data Security Standard (PCI DSS). The PCI DSS standard was created by the Payment Card Industry Security Standards Council to increase
Understanding the basic details of how payment processing works is essential if you want to run an effective online store. Here in iPayTotal, we do offer the whole package to ensure you can just focus on building and growing your business. Our team would be more than happy to help you through the process, email us or visit our website for more details.