The Most Important Features for Ecommerce Payment Processing
With the high number of consumers shopping online, businesses have the perfect opportunity to open ecommerce stores and boost sales. Online credit card payments are preferred by clients due to various reasons, including speed, convenience, security, and 24/7 availability. Merchants need to find the right ecommerce payment processing solutions to integrate online payments and make sure that funds reach their accounts. There are a few factors to keep in mind when choosing a processor.
Why Ecommerce Payment Processing Matters
Businesses should not miss an opportunity to make sales and one way is having an online presence on the Internet. Ecommerce platforms need to meet various demands; be easy to find online, load fast, offer a user-friendly experience, and integrate various payment methods. Customers like when they have options to choose from and they specifically appreciate when they can pay online, using their credit or debit card or another reliable payment method. They can place orders and make payments at any time, because online businesses are open 24/7 and ecommerce payment processing is available at all times.
Businesses operating online have access to a reach a larger customer base. Physical stores often rely on transportation, store location, etc. These are not issues for online businesses. Clients can place orders at an ecommerce website across the country or even internationally, and they will receive their orders. They can often pay in different currencies, based on their location. This is an important aspect regarding credit card payments, finding a processor that facilitates transactions in major currencies. As business and volume grows, your processors needs to grow with you.
What Online Credit Card Payments Offer?
It is without question that online payments are efficient for merchants and consumers alike. However, they have to be managed in a secure way, to avoid any potential fraud. Security is thus a major concern and shoppers trust merchants that keep all data secure and private, when they make payments. PCI DSS compliance is a standard that you will encounter often when looking for a processor. Payment processors that hold with certification assure business owners that transaction information is stored and transmitted using different layers of security in accordance with industry standards.
Shoppers want to enjoy online purchasing and they want the experience to be as convenient as possible. This means that business owners need to integrate a payment processor that offers various options to facilitate. Integration on the website brings many key aspects into discussion, including instant payments. Customers receive an instant response once the transaction is finalized and their purchase is complete. Merchants save a lot of time, because the process is done automatically, and they only need to prepare and ship the order. Soon enough, they will see the funds in their accounts.
There is also an increase in revenue, as clients are able to complete transactions using their credit/debit cards or various other secure payment options. Another advantage is that business owners or employees don’t have to verify payments or checks. This allows the merchant more time to focus on other business processes such as marketing.
Ecommerce payment processing is not possible without a payment gateway. This represents the connection between the website and the payment processor. It is required to secure transactions on the website. Online businesses that want to offer credit/debit card payments need to integrate such solutions and there are many providers out there. However, it is essential to focus on security, reliability, ease of integration, quality standards and policies. The gateway authorizes transactions between the merchant and the customers.
If you own an ecommerce website or you plan to develop one, you need a payment gateway. It is the only way to accept credit cards online. The payment processor you choose may have their own payment gateway or be able to refer you to a reliable one. There are a few steps to go through to open an ecommerce website. These include legally setting up the business, open a bank account, have a working website and choosing your ecommerce payment processing solutions. Then you are ready to launch the website and start processing orders from customers. With a quick online search, you will be able to find a variety of processors and knowing how to choose the right one is essential.
How to Manage Online Credit Card Payments
The first step is finding an online credit card payments processor. You will find many online, it all depends on the type and size of your business, the countries you operate in, number of monthly transactions, total monthly processing volume, etc. Pricing is an important consideration and in general, all companies have an interchange fee for each transaction. The interchange fee is established based on the size of the transaction and the type of card used by the customer.
How does the online credit card payments processors integrate their system with the website? Setup should be easy and hassle-free, so that businesses can launch their website as soon as possible and not encounter any difficulties and delays. If potential clients try to make a purchase and they are unsuccessful with their credit card, they will abandon the shopping cart and might not return. Delays cost businesses money and the chance to secure purchases from clients. Complicated setup processes should not happen, not with the possibilities available nowadays.
What types of payments are accepted? Customers expect to have many choices at their disposal, and they should not be disappointed. When discussing about online credit card payments, it is important to include major credit cards, to meet different needs and allow clients to pay with their card. Credit card processing is a competitive field, and this means that business owners can take advantage of competitive fees and great services. Many merchants come to the conclusion that the investment is worth it, especially when they witness a rise in sales and in customer satisfaction. If you don’t offer online payment possibilities, you need to take action as soon as possible.