Finding new ways to make businesses run more efficiently should be the goal of any good credit card processing company. Understanding what makes for good web credit card processing is important as eCommerce and online payments continue to be major growth drivers for retailers of all sizes. More small businesses are building an online presence and recurring, or subscription-based, payments—for everything from on-demand digital services, to made-to-cook food deliveries to utility payments, are run over the internet. So what makes for good web based payment card processing and what should you be looking for when it comes to online payments acceptance?
Smarter, faster, easier and reliable
eCommerce and other online payments need to move as quickly as the internet. Consider the availability track records of would-be providers. Up-time should be as close to all-time as possible when it comes to online credit card processing. The always-on, on-demand nature of payments over the internet means that your online credit card processing needs to be as always-on, on-demand as possible.
While cash is not an option for online payments, it's electronic forms—ACH payments, those from checking accounts and the like, are among the payment options that you should provide to your customers online. So in addition to online credit card processing, you need to think about offering everything from ACH payments to MasterCard and Visa alternatives including Discover and American Express. It doesn't stop there. The first of the "alternative" payments, PayPal, should be among your options. You also need to consider if in-app payments from mobile devices are relevant to your business, particularly as more consumers engage and transact with brands through their smart devices. Providing a range of options can support conversion and stop online shopping cart abandonment at checkout.
If you're not selling things, but taking payments online for digital services or other recurring payments made automatically, you'll need to know if your online credit card processing supports recycling or recovery services that are unique to these kinds of payments. Whether it's a mass-scale card re-issue event or a simple expiration date change, credit card numbers and information that update without your knowledge can lead to broken payments. Many online credit card processing players offer the kind of services that you'll need to check for such updates and/or recycle transactions that initially fail authorization.
Fraud prevention and data security protection
In the world of eCommerce, nothing trumps safety as the number one concern among customers. Even though handing out sensitive personal information to trusted merchants is becoming more and more commonplace, smaller companies may struggle to win over buyer’s confidence. The best way around this obstacle is with increased fraud prevention and data security protection. From basic fraud prevention to more advanced fraud processes that include transaction filtering, your defenses from fraud in the world of card-not-present payments are critical. Online credit card processing should also consider the role of tokenization. Taking encryption a step further, tokenization essentially changes a real card number, which is then stored offline, into a number that looks and acts like a card, but isn't. Not only can tokenization reduce your scope under PCI, it can add protection in the event of an actual data breach. Some providers go even a step further, offering hosted checkout page solutions. These virtually eliminate credit card data from ever hitting your website, while retaining a payments page environment on your website that looks, feels and sounds like your business.
Start your search for online credit card processing in these three areas. They'll help make the process of discovery and decision easier.