Online payments make life easier for companies looking to expand. This new technology gives a wider market access to businesses of all sizes, and compared to long distance payment methods such as money order, it is faster and more secure. With that being said, the best way to accept online payments is through an online credit card processor.
Credit card transactions have many benefits for both customers and businesses. Customers are protected from fraud, and can benefit from loyalty reward programs, while businesses that accept credit cards gain access to customers who are willing to spend more on their products and services.
Online payment processors
An online payment processor allows you to accept payments from all major credit and debit card companies. Transactions are encrypted and secured before they are transmitted through a payment gateway. The payment gateway also acts as a liaison between the customer, the merchant, the merchant account, and the issuing bank.
Choosing the best online payment method
Choosing the right online payment processing service is crucial to a healthy bottom line. Since there is tough competition in this market, you will find better offers if you browse for a bit. Here’s what you should look for:
- Pricing model: you will find that there many pricing models and fee structures out there. You have companies offering flat-rates, tiered pricing, and interchange plus models. These pricing models have been covered previously on this blog.
- Extra fees: different processors have different ways of making a profit. Some will charge extra fees, and some have a higher processing cost.
- Contract details: the contract should be read thoroughly in order to properly understand all relevant service clauses, and extra fees (such as a cancellation fee, if any).
The important thing here is to do through research when browsing for an online processor. This will help you lower costs, and avoid any surprise fees that might pop up at some point down the line. Once everything is in order, you will be able to start processing card payments almost immediately, and your online business will be rolling full speed ahead.
For more information on how to make it easier for your customers to pay you, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.