The ultimate guide to online merchant services
As an online business, you have enough going on. The last thing you need to worry about is whether your online merchant services are capable or sufficient enough to keep customers satisfied with the online shopping experience that you're offering. Below is a guide to help you to ensure that there's nothing to worry about when it comes to accepting credit card payments.
It's important that you're able to accept online payments when you are involved in e-commerce. Online merchant services should make it easy for you to accept payment without having to think about it. You want to be able to accept payments from customers in the United States as well as internationally--and whether you're operating here in the U.S. or with separate settlement needs abroad.
Not everyone uses the same credit card or payment option. This is why you need to make sure that you are able to accept prepaid cards, debit cards, as well as all of the major credit cards, including Visa, MasterCard, American Express, as well as Discover.
Avoid security issues
Secure your business against threats from fraud and data compromise. No one wants to do business with a company that is going to potentially cause them to experience credit card fraud.
Consider the benefits of online solutions such as tokenization, which essentially scramble real card numbers and make them useless to anyone except you and your payment provider. Advanced solutions also remove the checkout experience from your online site so that credit card data never touches you--all while your branding remains completely in tact through checkout.
Also look for fraud tools and solutions that can help you keep from accepting fraudulent or stolen card information. Simple fraud tools can help you stop fraudulent transactions from processing. More advanced solutions can help you determine the legitimacy of international transactions with advanced filtering and scoring tools.
Various reporting is needed for you to run your business. When you look at online merchant services, you want to guarantee you'll get reports that allow you to analyze your business and ensure that everything is performing properly. Good reporting also helps you understand your customers better. This helps you improve your customer experience and to incentivize customers' based on their desires and needs. It's really important for an online business when customers aren't coming into an actual storefront to see you.
Detailed chargeback reporting and analytics can be a great way to ensure that your business is performing and increase the efficiency of your work when chargeback processing is required. Most chargebacks are as a result of fraud, and this can be minimized significantly when you know that there is a team of analysts looking at and reporting on chargebacks at all times.
Affordable Transaction Costs
Whenever you choose to accept credit cards, debit cards, or any other online payment, there is a transaction cost established with this. Not all merchant processing systems are the same, nor do they charge the same. You want to know that you have affordability in and proper payment technologies place. You should be able to find reasonable rates, based on your specific needs and features that you want to have included in your online payments.
Before you work with a company, the easiest thing to do is look at a few different things to ensure that you're getting what you need to process online payments quickly and easily. If a company doesn’t offer the following, then they are not going to provide you with a maximum number of benefits.
- Ability to accept prepaid, debit, and credit cards
- Can accept payments in US and internationally
- Tokenization is available
- Detailed chargeback reporting offered
- Affordable transaction fees
Ultimately, the goal should be to run your small business. You need to be active in the operations because that is where you are needed the most. That focus is where you have the greatest impact on revenue and the bottom line. You don’t want to be bothered by the daily aspects of online payments. You simply want to know that the right online payment system is in place. It's what you get with the right merchant services.