Making Money Online? Seriously? 006 I believe you are picking something from our series so far. Today, we shall discuss the koko of the matter. How to receive your make from your online business. When you run a business, made sales but cannot receive your money, it is like you have not done anything. I read somewhere a statement Show Me The Money. The end product of any business is how much money you are able to make. This is an aspect that get many people confused or get them to say online business does not work because they do not understand how you collect your money. I will discuss the different ways to receive money and indicate those which are relevant to us in Nigeria 1. Cash Payment Your online business may be offering services to clients in which you or your staff meet them in person. In this case your clients can pay you in cash. Example of online businesses where you can collect cash is web design. Jumia and Konga also collect cash payment. This is easy to achieve in Nigeria I guess. 2. Bank payment This is commonest way of collecting payment among Nigerian online businesses. You offer your products or services and you get your clients to pay through your bank account. When your client gets to check out, he is shown your account number for payment for goods or services puchased, he goes to the bank to make payment and notifies you of the payment and then you deliver the product. Most information marketers use this method to collect their payments. Many other online businesses do the same. 3. Webpay/ATM Transfer This method employs your client paying using their ATM card. They will input their ATM card information and money will be deducted from their account into your own. This method uses secured platform for the transaction so that the information of the payee is secured and your money gets to you. As a seller you pay to use this service. Interswitch and Voguepay offer this service to online business. Airlines with online portals use this method to receive payment so do many other online businesses too. 4. Cheque Now to those businesses that target global market and make money in dollars. You use payment processors on your website and buyers can use their mastercard or visacard to make purchases. They company handling the payment will withdraw money from their accounts and put in yours. They send your earnings to you by cheque. If you run an affiliate marketing business, the affiliate networks also send you earnings by cheque. e.g Google adsense programme. 5. Wire transfer Just as in No 4 above, the same payment processor companies or affiliate networks can send your money to you via wire transfer into your domiciliary account. All you need to do is open a domiciliary account in any bank and you can receive your money through it. 6. Paypal This is like the most popular payment processor in the world. But the unfortunate thing about this is that they do not accept Nigerians. Anyway there is always a way around anything but there are risks involved. However, the good news is that there are alternative payment processors you can use which accept Nigerians. So you see now that you can easily receive your money from your online business. The choice of which method to use is dependent on your target audience and kind of business. I have received payments through all the methods except webpay and paypal. Now you may say enough of the theory, are there Nigerians really making money online? Tomorrow I will give you a long list of Nigerians making money online right here in Nigeria and share the online businesses they are engaged in. See ya.
Posted on: Thu, 31 Oct 2013 07:32:40 +0000
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