You've already made the decision to sell your goods or services online, perhaps with the help of one or more of the many web-based companies that do just that. Maybe you have a storefront. Perhaps you're a photographer offering downloads of your images for micropayments. Or maybe you are a programmer providing outsourced services. Whatever you are selling, you need to get paid, and one of the more critical business decisions you need to make when setting up your online business, is how to get paid.



Choosing the wrong method can cost you, both in time and money. Most web-based companies offer a number of options to get paid. So how do you choose what's right for you?

How much do you get paid with each payment? If you are receiving tens of thousands of dollars with each payment, you may not mind paying tens of dollars in wiring fees. But if you are getting paid $25, the impact of the bank charges becomes more significant.

How many payments do you receive each month? If you receive several payments a months, you will want a service that offers immediate access to your funds so you don't have to keep running to the bank each time you get paid.

Do you need to cash out your earnings, or are you satisfied with spending them online? There are a number of online services you can use that are fast, inexpensive and secure.

Do you need to convert your earnings from one currency to another? If you need funds in your own currency, nearly all banks and money changers will charge you a commission on the exchange.

Do you have a bank account? If not, your options are limited and checks and transfers become either impossible or simply prohibitively expensive.

When deciding on a payment solution, determine the costs per average expected payment and figure in the importance of the liquidity of the funds. So what's the best option for you?

Wire transfers - Because the fees are relatively high, this is a strong option when you are receiving large sums and have a bank account.

Checks - I recommend avoiding checks. they are simply too slow for the Internet world we live in. You need to wait for it to arrive and then to clear - a process that can take at least a week within the States and nearly a month abroad. If you don't have a bank account or easy access to a bank nearby, you could be subject to disproportionate fees by check cashers and money changers.

PayPal - This is an easy and secure way to get paid if you and your clients are based in the US. If you are not in the US, or don't have a US bank account, then cashing out your payments is difficult to impossible.

Prepaid Debit Cards - These cards are growing in popularity. When you need to cash out your funds, want to receive funds quickly and are sensitive to high bank fees, receiving directly to a prepaid debit card that is universally accepted (such as MasterCard or Visa) may be your best solution. Most prepaid card solutions do not require bank accounts or even credit checks, making them accessible to almost everyone.