All online stores must have reliable and fast e-commerce payment processing to be able to complete customer orders. It's often considered a primary part of an e-commerce site. Without good merchant processing, your business will result in a loss of customers as well as sales revenue. Choosing the right payment processor becomes crucial for the success of your business.
The purpose of having e-commerce payment processing is to verify the payment collected from the customer, and if approved it will deduct the total amount of the order from the credit card and credit your business merchant account. It's role is to act as an intermediary between your e-commerce business and the different financial institutions that are involved in the transaction. There are a number of important factors to go over when selecting a payment processor. One of the most important is the customer service. If you were to ever encounter credit card fraud or customers claiming not to have received their packages, the payment processor customer service is the first step in resolving the issue. Good customer service is needed to ensure a quick and reasonable resolution. The rest comes down to price and mostly what is written in the fine print, which includes:
There are various reasons for choosing one type of e-commerce payment processing over another. For the most part, major e-commerce businesses typically would use direct integration, because it seems more professional to let customers stay on your website, and it also allows for more growth. Third party merchant processing is more suitable for online stores that are just in its infancy, have only a few products or only sell e-goods. With this option, not that much is needed and it is the less expensive choice. Third party payment processors usually will not charge a monthly fee, therefore it is recommended for new businesses that do not have a much capital.
The purpose of having e-commerce payment processing is to verify the payment collected from the customer, and if approved it will deduct the total amount of the order from the credit card and credit your business merchant account. It's role is to act as an intermediary between your e-commerce business and the different financial institutions that are involved in the transaction. There are a number of important factors to go over when selecting a payment processor. One of the most important is the customer service. If you were to ever encounter credit card fraud or customers claiming not to have received their packages, the payment processor customer service is the first step in resolving the issue. Good customer service is needed to ensure a quick and reasonable resolution. The rest comes down to price and mostly what is written in the fine print, which includes:
- Application fees
- Setup fee
- Monthly minimum
- Transaction fees
- Monthly fees
- Terms of payment
- Fraud management
- Discount rates
- Chargebacks
There are various reasons for choosing one type of e-commerce payment processing over another. For the most part, major e-commerce businesses typically would use direct integration, because it seems more professional to let customers stay on your website, and it also allows for more growth. Third party merchant processing is more suitable for online stores that are just in its infancy, have only a few products or only sell e-goods. With this option, not that much is needed and it is the less expensive choice. Third party payment processors usually will not charge a monthly fee, therefore it is recommended for new businesses that do not have a much capital.
An e-commerce solution has to have the ability to work with all of the most popular payment processors. In addition, it should also use SSL for full protection of credit card data and can accept other types of payment such as checks, money orders, purchase orders and CODs. Having the right e-commerce payment processing with the right ecommerce solution is the first step towards having a successful online business.
What you need is a full service all-in-one hosting, design, and marketing software made specifically for e-commerce businesses. One that lets you set up your store in minutes, and provides powerful tools to help with not only merchant processing, but also SEO, product marketing and mobile commerce. Check out the best possible e-commerce solutions available at http://www.makeanonlinestore.com and try them out yourself absolutely free, no credit card required!
What you need is a full service all-in-one hosting, design, and marketing software made specifically for e-commerce businesses. One that lets you set up your store in minutes, and provides powerful tools to help with not only merchant processing, but also SEO, product marketing and mobile commerce. Check out the best possible e-commerce solutions available at http://www.makeanonlinestore.com and try them out yourself absolutely free, no credit card required!