Monday, June 22, 2009

Google Checkout vs PayPal ?

The most common question I get asked via email is about which online payment processor is the best. So with this post I will point out the strength and weakness of the two payment processors I use in my online store Google Checkout and Paypal. Paypal has the killer advantage of having like a 100 million user base so it's a lot easier to sell your products with that kinda of user base. Disadvantages of paypal seem to be it's very tedious to sign up new users at the point of sale and you hear a lot of horror stories on people getting burnt by Paypal with their accounts frozen with funds in it (mostly happens with ebay purchases ). Paypal has a big plus on having your funds tied to a Paypal debit card for easy access.

Google Checkout is has alot less subscribers to their user base but it is a breeze to get new users to sign up for it at the point of sale. Another plus is the fact that you can create coupon codes for sales discounts you may want to give, for example 10% off to your buyers for Fathers Day. Google checkout allows you to create a coupon code that user can enter at the point of sale to reduce the cost of the order. Google Checkout also allows the option to charge the customer's card and auto deposit the funds in your bank account.

In this war i think paypal is the winner on the share number of users to it's user base...but Google Checkout makes it a lot easier for people to buy from your site. To be on the safe side I incorporate both in my shopping cart.
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Who is Devi Chin ?

My name is D. " Devi" Chin I run a small online company called NETSEL INTERNATIONAL CORP. a Florida based online retail company that sells several "different" products online. This blog was created by me to provide useful tips on selling online and making money online. I started My online business in May of 2008 and since then I have being trying hard to make it profitable. I will use this blog to document My steps as I try to grow My company to new heights. Subscribe to the blog if you are interested in following me along for the ride :)
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Make Real Money Online like Timothy Sykes !

Most people think making money, REAL money online is easy. They are so wrong. Making money online is just like any other business and requires hard work an a lot of time spent on research and development. Most sites will tell you that most of the money to be made online can come from selling ad space or taking part in some kind of affiliate program. This is so not true. Most of your money online will come from selling products from your own store and you should be focused on making this your primary source of income. Affiliates and PPC (pay per click) programs should be your secondary source of funds. This is especially true for new sites with little or no traffic.

How do you do this you might say ?

Well lets look at some real examples everyone who has ever done some searching about making money online has heard of John Chow he makes like a 5 figure income doing affiliate referrals and PPC but have you ever heard of a guy named Timothy Sykes ? Sykes runs a blog about buying and selling penny stocks to make money and he also sells a DVD that tells you how he does this. His blog makes about $80,000 per month and most the revenue comes from DVD sales (you can read it here ). With me I found a product to sell online and made a site around this product. I never ever see or handle the product as it's dropped shipped to my customers and I get an email on my blackberry phone when the order is processed through paypal. So far it has been going good and I can actually pay my expenses with the money I make and still have a little left over for My savings account.

On top of the income from the sales My secondary funds come from PPC programs like Adsense, Chikita and Kontera all of whose ads are incorporated into the site to make extra money from clicks.

For affiliate sales I use Amazon and Clickbank and while affiliates sales makes me the least money on my site it still makes money and every little thing adds up.

Get yourself a shopping cart !

A shopping cart. You will need this to sell online, you can buy one or use one of the hundreads of free shopping carts out there. Just google "free shopping cart ". Which ever cart you choose make sure you use one with flexable payment options like the ability to take more than one payment processors. The shopping cart I use allows me to accept payments by either Paypal or Google Checkout.

As I'm wrting this post an order just came in and my gross sales per month are about $10,000 and I have only had this store for little under a year.

While I'm not rich by a long shot ( I just started this in October of 2008) I'm not in need of anything either. My online venture allowed me to stay afloat when the call center I use to work for decided to close shop in the USA and open up shop in India to cut cost and this online business has been sustaining me ever since.

You can do the same thing I did just make selling your focal point and devote a lot of time to R&D of a product before you start selling it.

Hope you found this post useful.
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