3 tips for online credit card processing for small business
From the rise of tech-savvy millennials (2 billion of them worldwide) to the prevalence of smartphone devices in the pockets of consumers (72 percent of adults in the U.S.), online shopping has become the new norm for retail business. In fact, eCommerce now accounts for 10 percent of all retail revenue.
If your business is missing an online presence, you’re sure to be missing out on major online business. A good eCommerce website for a small business such as yours doesn't have to be on the cutting edge of web design to make a difference; it just has to have products and services that are easy and safe to buy online.
Here are three tips to grow your business through online credit card processing for small business:
Using Virtual Credit Card Processing
Small businesses that use virtual credit card processing have found it is an easy way to extend their goods and services to online availability. Hopefully, you’re already familiar with EMV and the changes to POS terminals as a result of the 2015 liability shift, but all virtual credit processing needs in terms of necessary equipment is a computer. Generally, it is extremely cost effective for even the smallest of startups because you won’t have to pay the upfront costs of expensive hardware or additional software upgrades.
Even if your customers aren't paranoid about identity theft, they're still looking for reasonable ways to protect their online data. In a Gallup survey, the top two concerns for consumers were over whether or not a person's information would be compromised through online technology. This doesn't mean that shoppers don't want to pay online, but it does signify that to grow your revenue using online credit card processing for small business, you'll need to give your customers easy-to-understand information about why and how their data is being kept securely. Choosing a partner who understands how online credit card processing works in the digital age is an essential piece of your eCommerce solution.
Getting on the Fast Track
Ideally, you want your online payment approvals to be safe and fast, and fortunately, there are ways to have both. Choose applications that are as simple as clicking through a page and agreeing to the terms, signing with an e-signature, and completing the transaction. Typically, the entire process can be done from start to finish in a business day or even less, and an experienced service provider can give you the option of doing so directly or using an integrated partner. It makes communication between you, the customer, the issuing bank, and the acquiring bank a streamlined operation. Your customers get their purchase, you get paid, and the banks are square with everything they need to process the transaction.
With the right online credit card processing for your small business, everyone can be happy.