Many businesses are closed or operating on limited hours during the coronavirus quarantine. Their credit card swipe machines aren’t holding them afloat when people are no longer emphasizing face-to-face interactions in their daily lives. People’s needs for products and services have shifted to an online model that some businesses have had trouble adapting to.
There are steps, however, that small and large businesses can take to remain competitive during the quarantine by offering customers a diverse array of online payment methods, remaining compliant with payment security guidelines, and knowing which features are necessary to make a successful online store.
1. Make convenient payment methods available with an online merchant account
Customers want diverse payment methods now more than ever. This was a gradual transition already happening towards an online transaction model, but the COVID-19 quarantine has accelerated this process. Financial experts are saying that as much as people expect online payment options during quarantine, they will expect them to an even greater degree after the quarantine has lifted.
This means that optimizing websites for diverse payment methods is a necessity for any business, no matter how high or low volume their revenue is. An online merchant account can provide these services to a business, allowing them to accept an array of eCommerce payment methods.
Online merchant accounts have other advantages. They also give businesses access to hardware like credit card swipe machines, including those optimized for use with mobile devices. These devices are essential for businesses that need to visit their customers’ locations, such as carpenters and plumbers, as well as those that are still in operation in a brick and mortar setting.
2. Remaining compliant with payment card industry standards
Payment card industry (PCI) standards are a set of guidelines designed to protect customers when using their credit cards. These security measures offer the minimum standards for what a safe online store can do.
These guidelines include, among other things, firewall protection, automatic security updates, and strong passwords for business servers. PCI standards are not legally mandated, but failure to comply with the standards can result in fines being issued by a merchant’s payment processor, and it can cause a business to have increased liability if a cardholder is a victim of fraud as a result of using your store.
During the quarantine when online merchant accounts have replaced credit card swipe machines, and payment processing is at an even higher volume, PCI standards are more important now than ever before for businesses to follow.
3. Build the right website
An online merchant account provider can offer technology that makes a business’s website more contemporary and more secure. Credit card logos and shopping carts are huge additions to any merchant’s site that adds professionalism and credibility to the store.
Even though credit card swipe machines can no longer cut it, businesses can still stay afloat with the right online merchant account provider and the right services.
Some businesses are struggling during the lockdown, but online merchant account services can help practically any business do a lot better. They can do so by offering customers diverse eCommerce payment options, complying with PCI law, and offering the right website services to stay competitive in 2020.
Visit Charge.com or call (888) 924-2743 for access to these services and more, so that you can keep your business competitive in this new era of eCommerce.