Most people who orders items on the Internet have to use "PAYPAL". Paypal takes a 3 to 4 day FLOAT before the
Answer:
There are 2 alternatives, number #1 is go to your bank and apply for an internet merchant account (there is a 90% rejection rate for this) or you can a 3rd party merchant account, where you will have a virtual terminal (lower fees too), for instance www.ecenow.com or Authorizenet.com
As for the float, when the charge is made, the charge goes to CPS or another credit card processing service. After 24 hours, once the transaction is secure, then they wire you the money, which takes about 2 to 3 days, thus the 3 to 4 day float.
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Good instinct. Yes, delays with any payment systems is fundamentally related to either float or risk. With "float" other people get to hold on to your money for a day, or two, or three. The interest on this may be small, often pennies, but these numbers really add up in volume. Companies can also hold on to money to take advantage of risk - usually with any type of financial transaction, companies will run a number of checks for fraud, etc. Often these are batch systems which run overnight or take a day or two.
At the end of the day Paypal has a pretty good mousetrap on the internet. There are some competitors but they are small and simply cant compete with the scale and efficiency that Paypal/eBay bring to the table.
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