Online businesses are becoming a great alternative to the traditional “brick and mortar” businesses today. These e-stores, depending on the goods and services offered, accept credit cards, e-checks and other methods of cash delivery. However, these payment methods present some risks.
Fraudulent transactions occur and unfortunately the consumers and businesses are the ones who reap the consequences. Fortunately, merchant account providers have pioneered more secure and prompt online payments. This is accomplished by verifying a credit card before the transaction is processed. Merchant accounts allow the merchant to deposit the funds directly to their bank account. Although there are fees involved, a minimal amount is required from those who apply.
It is imperative for e-businesses to accept online credit card payments if they want to compete in today’s market. So, how does an online business start the process of getting a merchant account? Initially, you need to choose an internet provider that can make all transactions online secure. Your customers will enter their private details when they purchase from you.
The next step is to research your merchant account options. There are many merchant account providers to choose from today. Their services and charges vary from each other. Some include Point of Sale (POS) services. This service includes information of the sale and the purchase process. Its function in the entire operation is to serve as a voucher. The advantage of these accounts is the option for the merchant to refund the consumer, in cases of disputed transactions. Due to the amount of fraudulent transactions, accepting credit cards online should include an anti fraud measure to protect customer’s safety.
Another factor in choosing a merchant account is the participating bank. Some providers are not compatible with local banks or the provider is not available in the country. It may be cheaper and easier to use, however, how will you be able to receive your money if it is not affiliated with any banks in which the fund transfers can occur? Remember, you get what you pay for, as the saying goes.
Give your customers a high level of service satisfaction, accept credit cards online so they can purchase from your store and feel that their transactions are secure. Moreover, keep your customers coming back for more.