As your ecommerce site begins to expand, it is important to begin accepting more convenient forms of payment in an effort to increase consumer business. You are not making the money you could be when the capability of handling credit card transactions is not present. The setup required for these payments can be very detailed when just beginning to adapt your website to the process. It is very important to have all your ducks in a row long before the ability of completing a card transaction is necessary. Accepting credit card payments helps your business match the competition and increases overall success. You gain a larger customer base, more sales opportunities, and build a better reputation for your business when this option is given to consumers.
Accepting Online Payments: What Items Are Required To Get Started?
Accepting online payments does not have to be difficult if you know where to start from at the very beginning of this decision. The first thing you must do is have the technology aspects of your website in place. What exactly does this mean in regards to the site you currently have up and running? Encryption and a proper programming interface are necessary to accomplish a secure transaction between customers. If you have someone maintaining your website, they should already know what is needed to cover these two aspects of credit processing over the web. You must apply for an internet merchant account through a bank or independent provider. Bank application processes require more documentation and are stricter on approvals. New companies without the paperwork to back up profit stability are better off applying with an independent provider.
The provider of your account may be able to offer an internet gateway service as well. If they can, you will have an easier time setting up the website for accepting online payments. Sometimes this processing component has to be contracted through a separate company. Research what comes with the merchant account to learn any additional items which may have to be obtained separately. Gateways are the means for transmitting data between the service provider, financial institution, and the creditor. They are necessary to ensure the data sent is protected from fraudulent activity in addition to communicating the authorization and verification response. Gateways can be part of the merchant services account making it important to know what you are getting before completing an agreement.
Fees will vary per account and can include items such as monthly charges, individual payment rates, discount rates, and statement expenses. Ask to see a list of fees to ensure they match the amount of business you expect to receive each day as well as estimated individual purchase totals. Create the checkout forms, buttons, and other items needed to direct the customer through the payment process. HTML code from the merchant service will have to be input into your site code. This code is typically provided after all service options are properly set up. Accepting credit card payments does not have to be overly complicated with the right account. Contact an AVPS professional today to see how we can help make this website transition easier for your business.
