As a small business owner considering electronic payment services (apart from online payments, you can be surprised if investment will be invested in such a way. After all, there is no electronic payment services designed for large enterprises?
Small businesses will have the opportunity to benefit as their major counterparts.
If you have not yet implemented electronic payment services for your business, you are not alone- 64% small enterprises also do not even have the website. So why do you want to accept electronic payments? What do you need to do to accept credit card online? What are some important challenges with processing online payment?
Stay with us as we find these questions so you can select the right merchant service provider for electronic payment services.
What are electronic payments and why should you accept them?
Electronic payment refers to any digital payment such as credit or debit card online or ACH. For the purposes of this article, when we talk about electronic payments, we refer to the payments paid online. There are many reasons why it understands a small business to accept electronic payments. Here are the top five:
Reach more customers. Most users are shopping online. In 2019, 209.6 million American users browse online or online. And this number is presented to 230.5 million in 2021.
Meet consumer demand for continuous experience throughout sales channels. Today’s users are combining their online shopping with other channels. The majority of 73% -are Omnicommerce buyers who travel online, instore, and even direct mail experiences are included.
The security increase EMV transfer has expressed concern about fraud to target online transactions. But many of the e-commerce solutions include better payment security measures to help protect against violations and frauds.
The increase in productivity saves some business processes, e-commerce time and effort. Easy to reduce online payment or manual tasks such as data entry, processing paper invoice, and customer conflicts.
You need to accept credit card online
So you have decided to start accepting online payments. The best place to start where you start is by reviewing your business needs.
First, is your website? If you do, you will need a payment solution that makes your site possible to accept payments. It is most commonly in the form of shopping cart with checkout functionality. One of the ways to meet this is with an e-commerce payment gateway that connects to your website in your payment processor.
If you do not have a website, you can create a custom site or you can use a template. Web templates are usually pieces of payment. If you are building a custom site, you want to consult the Merchant Service Provider. Here are some questions you can use to start conversation:
- How long will it take to set up my site and accept payments?
- Site offer type navigation tools (for example search bars and filters)?
- Will the payment types be able to accept in addition to credit and debit (for example, gift card, ACH, E check, and for these app experiences in mobile wallet)?
- Will this solution integrate with other business applications such as inventory management and accounting programs?
- What type of notification features your solution (e.g. order and shipment confirm easy return)?
- Will site be well translated from mobile platforms from desktop?
- What types of protective tools offering your solution (e.g. address validation service (AVS), cheating screening, charging back, and touching)?
3 challenges of online credit card processing
With any business system, electronic payments make some challenges. There are some here, and you can solve them.
Shopping cart abandonment: As easy as possible to shop online, it can be easy to leave the site without completing their purchase. In 69.57%, the average rate of shopping cart is looking shock.
But there are methods for small businesses to help prevent the end of the shopping cart. They include that buyers know about shipping and refund policies, easy to check out the process, easy to check out the checkout process, send customers to email, which check out their checkout do not complete, and provide easy customer service through email, chat, or a break-free hotline.
Fraud: Thieves always follow the money, and more capacity for cheating with more online costs. Small businesses can get paid security technology and best practices to help prevent and reduce the example of fraud.
AVS is a valuable tool that confirms the cardholder’s identity by confirming the billing address of the cardholder. In addition, there are technologies and encryption technologies engineers to protect against sensitive data theft.
The best practices can take business to reduce fraud (e.g. default passwords, do not share passwords, to access the individual selector system)
Chargebacks: Some traders just look at the chargeback as the cost of doing business. But in fact, the charging back as well as large losses of their reputation as well. E-commerce charges occur for a few reasons. They may be due to cheating activity, but it also happens when the customer has ordered their products, or when they are unwanted by their order.
Prevention is the best medicine for charges. Using package tracking and delivery verification can help prevent unhealthy goods charging back. Providing detailed product details and can help customer review reduce customer satisfaction. And product shipping, delivery, and can help you sell customer expectations before posting the return information clearly on your site.
Starting with electronic payment services should not be more complicated. By familiarize yourself with inside and out of electronic payments, you can proceed to take online credit cards and offer valuable service to your current and future customers.
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