This article aims to help small businesses to choose the best online credit card processing options for your specific needs.
So you are searching for a reliable, high quality, and affordable online credit card processing company. You’ve started your own business recently and are poised to take the entire world by storm. However, you’ve been met with some challenges associated with accepting payments through the internet. There are some problems that your enthusiasm, passion, and dedication alone can’t solve. You’ll need technical and expert help.
This article aims to help small businesses to choose the best online credit card processing options for your business. Because like it or not, you may have your business plan in place. Thought about some great ad campaigns and built the best website in the world. However, if your new-found customers cannot purchase your products quickly and seamlessly like they’re used to, your business is going nowhere.
One of the last, and perhaps the trickiest piece of the puzzle is figuring out how to accept credit card payments for your eCommerce website. Many business owners believe setting up an online credit card processing solution will be easy and quick. However, they quickly find out that things can be quite complicated. Nevertheless, if you have the right information, things don’t always have to be difficult. Therefore, this post will help make your experience of choosing an online payment processing solution a lot easier.
Your journey to a stellar online payment processing solution begins with a search. You need to read lots of information about how to accept credit cards online. Here, you’ll find our blog has more than enough information to get to you started in the right direction. If you do your research right, you’ll find out that you need a merchant service provider to handle the entire payment transactions.
These are also called merchant account providers, and they help online businesses accept online payments coming from debit or credit cards. However, merchant services cover a wider spectrum. You have everything from managing transactions from banks, approving transactions, to accepting customer’s payment information. The list is long. However, one of the most significant responsibilities your merchant service provider discharges for your business is making sure your merchant accounts receive the right payments for every credit card transaction.
Now you’ve ascertained that you need to select a merchant account provider. Next, you have to look into the various options of payment you have at your disposal. Your customer may pay, but how do you get paid? You may have figured out by now that these two aren’t the same. Also, you need to find the policies you’ll have to implement upon setting up an online credit card processing solution.
Usually, most businesses, whether they are local, national, or international, prefer all major credit/debit cards out there. Some of these include Mastercard, Visa, American Express, and Discover. Next, you want to look into accepting ACH payments and checks as well. These options are particularly essential to international companies, because they allow customers who have access to debit or credit cards to make electronic payments.
Customers do this by entering their bank account details online—the reason why this is such a sensitive feature is the risks associated with online transactions. Hence you need the online payment processing partner that takes security seriously.
Nevertheless, some of the top features you want to look out for include:
Usually, a majority of online businesses accept payments through mobile wallets like Android Pay, Apple Pay, and Samsung Pay. Therefore, it might come in handy to have a mobile payment processing feature as well.
While you consider these features, you begin shortlisting a payment processing partner who you can work with, in the long run. Considering the number of companies that provide merchant services are numerous, finding one that’s reliable can be a bit challenging. Additionally, you’ll find that prices for different companies don’t vary significantly.
So what’s the distinguishing factor? Generally, you have two options when choosing to set up online credit card processing. These options are payment gateways or direct payment providers. With the help of a payment gateway, you can process payments without the need to set up all the hardware like POS cash register, software, security protocols, and servers necessary for a complete payment processing solution.
On the other hand, a direct payment provider will help you set up all the hardware software and other logistics necessary to accept credit card payments both online and offline. Usually, eCommerce businesses find payment gateways very instrumental. This is because they give online businesses access to some online payment processing even if website hosting solutions don’t provide these functionalities.
Remember, not all providers connect with the same gateways. Hence, it’s vital to ensure that you choose a hosting site that supports a gateway that allows you to access their payment solutions. However, using a direct solution may end up saving your business more money in the long run. The fees these two options charge are different. Also, you can simplify technical support if you have a single provider and point of contact.
Plus, you will get more customization and flexibility with your in-built features for customer service and transaction reporting if you choose direct payment providers.
A very vital point to verify a merchant payment processing provider before you sign up, is you want to ensure that they will accommodate you when you decide to open a brick-and-mortar store. This shouldn’t be a big deal if you can make the right choice. Lots of gateway and direct payment providers provide online credit card processing solutions to companies that have both online and instore customers.
In this step, which is the recon stage, we recommend you talk with some other online businesses that are already accepting credit card transactions. You’ll receive essential insight into the features you need to focus your attention on. Some of these features include:
By focusing on these features, you can narrow down your list of top picks to a handful. Thereby, making your choice even more effective.
This part is the final and easiest. Depending on the online payment processing provider that you choose, you might receive an application. You need to complete this application and get it back to the company. Usually, you’ll have to provide some information like your projected sales for each month. You might also have to include the amount per transaction.
Apart from these, they may require some basic business information like business DBA and legal name, business license, contact info, a voided check, and personal contact information. The company’s underwriting team will review your application. Then you can expect your approval in under a week and start accepting payments through online credit card processing from your website. Now all you have to worry about is cash flow management because well, the online business world is booming with companies that have the right payment processing solution in place.