You could have a brilliant idea for an online store, but no merchant account to make those sales a possibility. In the e-commerce world, you must have a combination of a slick website, strong product and easy payment options. Without this shopping collection, customers will immediately click over to another site in a matter of seconds. Examine the attributes of a strong online payment system to get your company up and running smoothly.
Remain competitive with major credit card acceptance
Your online business cannot operate without major credit card acceptance. Don’t settle for just accepting Visa or Mastercard either. You must accept as many cards as possible to give customers easy options. When a sale is pending, easy payment selection could be the turning point for an immediate purchase. Customers who have to scramble for a different payment type might leave the shopping cart open as they click to another site.
Debit card confusion
Some novice e-commerce companies are concerned about taking debit versus credit cards. Debit cards have a different approval process through the monetary system, but they’re ran through your business just like basic credit cards. Your company is simply pulling funds from a checking account instead of a line of credit. Transactions are virtually the same at surface level whether you run a credit or debit card.
Third-party payment ease
More online customers today are concerned about credit card fraud, prompting them to look for alternative ways to pay for items without their accounts being saved into a random server. Third-party payments, such as through PayPal, are even more common today. If possible, add this payment option to the traditional credit cards. Consumers simply log in with their third-party payment system and funds are immediately transferred from their bank account to your business holding account.
Protecting the shopping cart
Hackers are a threat across the Internet, so be sure your payment processing page offers a secure checkout point. Secure shopping cart software is available to complement the payment processing experience. Customers will see a lock on their transaction, protecting it from possible hackers. This peace-of-mind only builds trust between your company and the customer. If any problems exist with a transaction and lost credit information, those customers won’t visit your site again.
Examining those transaction fees
Transaction fees are part of any payment processing structure, but they do vary greatly. Compare your transaction activity to fee structures. Some payment processing companies charge a set fee for each card swipe, for instance. Other companies bundle a certain swipe quantity together and charge separate fees after you hit a given limit. Your business activity dictates the fees you want to take on. These fees are normally passed onto the customer in the long run.
It’s critical to shop around for different e-commerce payment providers. From varying transaction fees to discount specials, these professional payment processors want to standout and harness your business. With the right payment processing business by your side, transactions occur smoothly 24 hours a day.