The more payment options you offer, the more potential bidders you'll attract. Still, some methods are better than others for different types of sellers; use Table 19.2 to determine which methods work best for you.
Table 19.2. Payment Methods Rated
Payment Method
Pros
Cons
Credit cards (via PayPal)
Fast payment;buyers like paying via credit card;most popular form of payment today
Fees involved (up to 2.9%of total price plus $0.30 per transaction)
Money order/cashier's check
Almost as good as cash
Hassle for buyers;have to wait for the payment to arrive via mail
Personal check
Convenient for buyers
Slow;have to wait for payment to arrive via mail;have to wait for check to clear
C.O.D
Cash payment
High noncompletion rate;lots of paperwork;high seller fees
Cash
Relatively fast payment, no hassles
Unattractive to buyers
The Absolute Minimum
Here are the key points to remember from this chapter:
The fastest way to get your money is via credit card (using PayPal).You'll pay for the privilege, howeverup to 2.9%of the total selling price, plus $0.30 per transaction.
The slowest way to get your money is via personal check.
If you do accept payment by personal check, remember to wait at least 10 business days for the check to clear before you ship the merchandise.
The best compromise between speed and hassle is payment via cashier's check or money order.(And there are no fees involved.)