A study by CyberSource Corp. found that websites providing four or more payment methods other than credit cards had a sales conversion rate 12 percent higher than those offering just one online payment option in addition to credit cards.

In other words, the more online payment options you offer, the more online payment processing you’ll do on your site and the more money you’ll make.

Here are the online payment options you could offer on your site:

1) Credit card processing

If you were only going to offer one online payment option to prospective buyers, (which I strongly discourage!) this would be the one to choose. Credit cards are still the most popular way to pay for goods and services online.

To set up credit card processing on your website, (MasterCard, Visa, American Express, Discover), you need to get an Internet merchant account.