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Paypal Paypal is more than likely the most widely used payment service program used today. This payment service has over 60 million users worldwide and there are over 190 countries that use it for money transactions. Paypal was created by Ken Howery, Max Levchin, Elon Musk, Luke Nosek and Peter Thiel. These innovators saw the opportunity to create an online business that would eventually be used around the world. It is strictly an e-commerce business that is completely internet dependant. The company was founded in 1998 during the Dot-Com bubble but was able to make it out alive with little discrepancies.

Working with Ebay, paypal was able to build its success very quickly. This payment service generates a whopping $4 billion dollars year or exceeds that amount. Paypal charges its users 2. 9 percent of whatever the sale price is and they also charge 30 cents for every transaction that is made. This isn’t a bad way to go when you are making high amount of dollars with the sales at Book Bunker. There are many advantages to using Paypal to receive money from customers and pay vendors for products or services. It is a secure program that ensures that your money is taken well care of.

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Although setting up an account with Paypal is very time consuming, it reaps great rewards. There are many advantages to using Paypal for the many transactions that Book Bunker has come into contact with. By using this money processing service, you will be able to have a one click link on the checkout section of Book Bunker that allows the customer to be directed to the Paypal site to complete the transaction. As a merchant, you will be able to link your Book Bunker bank account to the Paypal account that will ensure that your transactions are secure and promising.

You will be able to simply pay for your transactions just by clicking the Paypal payment method. If you do not wish to link your bank account to paypal, you do have the option to link your debit card or perhaps if you have a business credit card designated to Book Bunker transactions. With all the advantages, that Paypal has to offer there are also the disadvantages. The biggest disadvantage is that no online transaction is 100 percent safe. There will always be the possibility that a thief could manage to hack into your account and steal your money.

Another disadvantage is that Paypal will charge you a fee for refunded transaction back to the merchant. Paypal tends to hide their customer service number and has an automated email response system. If a customer receives a product via Paypal and is dissatisfied, they get to keep the product and you as the merchant must still refund the customer. I would suggest having a return policy requiring the customer to return the purchased product. Another disadvantage is that many people have distaste for Paypal mainly because they have had their accounts frozen due to fraudulent activity.

Paypal has been known be hacked by thieves around the world. Google Checkout Google checkout is another great online money transaction service that could be beneficial to Book Bunker. The Google creators decided that Paypal needed a competitor and that is when Google Checkout came to be. It is a processing payment service that means to simplify the check out process that is involved during the purchases of any online consumer purchase. Paypal’s biggest competitor is Google Checkout. Google itself has millions of users and it is not surprising to assume that these Google users will eventually start using Google Checkout instead of Paypal.

Google has made it very easy to navigate their website but Google checkout is not as user friendly. However, I think this would be a great money processor for Book Bunker. Google Checkout is simple to set up especially if you already have a Google account. You can simply link Google Checkout to your bank account or company credit card. Much like Paypal, Google Checkout has a link that simply directs you to the Google Checkout site where you will be able to review and process your transaction. There are many advantages to having Google Checkout as your main money processing service.

They only charge 2% of the price that any product is sold for and they tacked on a 20 cent fee per transaction. This is a better deal than what Paypal has to offer. Google Checkout is fairly new to the E-commerce world and has a promising future with merchants and consumers who wish to commence in online business. Google Checkout is reinforcing its customers with one of the biggest online companies in the world, which is Google itself. You can also be sure to trust this money processing company because they also look for fraudulent activity. The customer service is great and they always look out for their customers’ best interest.

Although I have given much praise to Google Checkout, I must inform you that there are some disadvantages that I must bring to the surface. Google Checkout is not as user friendly as Google itself. There is a 10 day required waiting period for a payout. This payout waiting time is decreased to 2 days after you have had an account in good standings for 60 days. The last disadvantage would be that Google Checkout has only been around since 2006. It is still a fairly new money processing company to the E-commerce world and many consumers are hesitant to try it out. Volusion

Volusion is a fairly new money processing company with over 10,000 account holders as of 2012.. This company has the potential to be a huge competitor to Paypal and Google Checkout. Volusion was created by Kevin Sproles in 1999. Volusion was created to give consumers and merchants a better experience when exchanging financials between each other. This company has a lot to offer Book Bunker. It is newer than Paypal and offers much more than Paypal has to offer. Volusion currently processes financials from more than 40,000 e-commerce companies. They currently have just over 300 employees and Volusion is still owned by the original founder.

You are able to set up an account quite easily and have your bank account linked to your Volusion account. There is also the option of having your credit card linked to the same account. These are the advantages that Volusion has that may sway your decision in choosing a money processing company. Volusion charges you 2. 17% of the sold product price and no additional charges like Google Checkout or Paypal. That in itself is a great reason to choose Volusion. Another advantage is that you can choose to pay a monthly payment of $20 to $100 dollars instead of paying a transaction fee for every transaction.

They are also integrated in the social networking world with such websites as Facebook and Myspace. The customer service is fantastic because the company isn’t as huge as Paypal so customers can get their needs and wants settled with a live customer service representative. There are some disadvantages that come with Volusion. They have a 2. 17% charge on all purchases but there is no telling how high that rate could go. The company isn’t as well known as Paypal and Google Checkout which could make it difficult what consumers are purchasing a product from Book Bunker.

Credit Cards and Debit Cards There are literally thousands of credit card processing companies in the world and there are thousands of banks that offer debit cards and credit cards. The use of these cards is perhaps the easiest to consumers but difficult to merchants. A consumer would use the credit card or debit card to purchase a product but the merchant would have to wait for the money to be sent to them. Credit cards and Debit cards are easy to use and require only a small amount of information when purchasing a product.

Just simply put the card number in as well as the card holders name and address in the designated boxes to complete any transaction. This is a simple way for Book Bunker to run a credit card or debit card over the internet. This can be done without creating an account and having money held or waiting for a 10 day payout. The bad part about using credit or debit is that the risk of over the internet theft is very high. Transactions can be intercepted and Book Bunker could lose a large amount of money. The consumer could lose trust in Book Bunker’s website causing them to never purchase from you again.

Also, depending on how trustworthy your customer is, the card holders’ supplier could in fact place a hold on the funds that you are trying to receive just to make sure it isn’t a fraudulent transaction. Privacy Programs There are many factors that are involved in keeping a secure website for online purchases. The main factor is making sure that your website is secured using a privacy program. A privacy program is a great way to ensure that not information, that your customer or vendor trusts in you, is divulged to unwanted personnel or companies. Having a reputable website will ensure that Book Bunker will be trusted by many consumers.

I have purchased products from various websites that say they are trustworthy and my information was used by someone other than myself. Let us make sure that Book Bunker is not deemed as an untrusting company. There is always a negative action for every positive action and that means I must say that 100 percent internet security is impossible but we can always aim for that 100 percent goal. Thieves are wise and cunning when it comes to technology and they will always attempt ot hack into the information bank that holds all of your customers financial information.

That is why customer privacy must always be a top priority. I suggest having a program like Truste to be ran at all times when your website is operating. This is a well known company that produces high quality privacy programs. There are many other companies that provide privacy programs but Truste is a very good and trusting program to utilize. You can do a little bit of research on what other companies have to offer if you choose to. Summary I have explained what money process companies are and there roll in e-commerce. I have also suggested what companies Book Bunker should show an interest in.

Paypal, Google Checkout and Volusion all have their pros and cons but it is ultimately up to you to choose which company will benefit Book Bunker overall. I hope that this report has helped answer the questions that you have asked in the beginning. Book Bunker will continue to thrive in the world of technology. Now that you have jumped in to world of e-commerce, there is no stopping the continuing success of your legendary book store.

References Efraim Turban David King Judy Lang (02/2012). Introduction to Electronic Commerce, VitalSource eBook for DeVry University [1] (VitalSource Bookshelf), Retrieved from http://online. italsource. com/books/9781256517344 Google Checkout. https://accounts. google. com/ServiceLogin? service=sierra&ltmpl=seller&continue=https://checkout. google. com/merchantSignInRedirect Paypal. https://www. paypal. com/webapps/mpp/merchant/ Roger A. Kerin (). Marketing [9] (VitalSource Bookshelf), Retrieved from http://online. vitalsource. com/books/0077590457 Truste. http://www. truste. com/products-and-services/consumer_privacy/privacy-programs-requirements Volusion. http://www. volusion. com/history/

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