The basics of business are simple – create a product / service your customers are willing to pay for. Get that product/service into their hands, and receive their money in exchange. Maintain the relationship so they can buy again in future, or at least recommend you to their friends. Customer endorsements are still the best form of advertising!
For some businesses, the debate on whether or not to open an online store is raging. Others need no additional persuasion – they just want to know how. For both types of businesses, safe payment options are often the most important issue. So how can you – as a business – soothe your customers into giving their credit card information to your online store?
To accept any kind of payment online, you need a payment processor. These third party companies link your bank, your customer’s bank, and the credit card network. Therefore, encryption is key. Find out what encryption systems your payment processor is using. The more high-end, the better.
You want a merchant account that’s safe, but you don’t want it to bankrupt you in the process, so also review your processor’s rates carefully, looking out for any hidden fees.
Repair your rough start
Businesses face all kinds of challenges. You may have crashed and burned in the past. Or you might have bad credit from college. You might even be venturing into an online business segment that’s considered ‘high risk’. If this applies to you, then find a merchant processor that’s willing to work with your issues and support you despite your credit score.
To be sure all these perks are genuine, back them up with further vetting. After all, anyone can slap a logo on their website. Check if your potential payment processor has any awards or commendations.
Also, ask about whether there is an application fee. Some companies let you apply for free, but some ask for up to $250. The fee is typically non-refundable. Look for a merchant account with no application or setup fees and 24-hour account approval.
To find a secure online payment system for your business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.