Online business in Australia is heavily regulated, which means that you need to understand your legal obligations before you begin accepting online payments for goods or services. A decent commercial lawyer who offers legal advice will be able to help you with this.
However, we understand that sometimes you want quick answers. We’ve therefore put together this quick guide to help you develop a functional payment structure for your online business that complies with Australia law.
Why do I need to think carefully about my online payment structure?
There are literally hundreds of different ways to accept online payments in the modern world. The experts at web design sydney will tell you the popular methods like PayPal and credit card payments have been around for years, but more payment gateways are being created every year.
For example, the recent rise of the cryptocurrency market has led to a lot of online businesses accepting Bitcoin payments. Although this is a bit of a grey area, it’s usually ok to accept crypto payments as long as you have a decent record keeping system.
Speak with your commercial lawyer or online legal advice professional to develop the best payment solutions for your new online business. Consider the best way to keep records for your business, along with the most cost effective solutions.
What should I consider when putting my payment system together?
There are a few things to think about when you’re developing your payment system. They include:
- Carefully consider your record keeping and tax requirements and make sure that you’re meeting them.
- Think about your potential customers. How will they want to pay?
- If possible, try and integrate a range of payment solutions to diversify your business and target audience.
There’s no clear set of rules to follow when you’re putting together a payment system for your online business. However, you should think about consulting a commercial lawyer if you’re not really sure what you’re doing.