The Necessity of E-commerce Credit Card Processors
More and more businesses are seeing an increase in online sales. More people are choosing to make purchases online and, to meet the demand, it is important for businesses to be able to accept credit cards online. For businesses getting started on online sales, the prospect can seem daunting. by using the right e-commerce credit card processor, the process can be streamlined with no need to worry about accepting credit card payments.
The right e-commerce credit card processor can provide one system that your business can use to accept credit cards. The right processor will make it easy for your business to charge credit cards online without any added stress or worry.
Customers expect having an online shopping experience with every store now. Even grocery stores and other businesses that used to thrive on in-person sales are expected to have an online sales option. More customers are enjoying the ease and convenience of online shopping. Being able to charge credit cards online should be easy and convenient for businesses too.
Choosing the right e-commerce credit card processor will ease customers ability to make purchases online. The system to charge a credit card online can integrates with the business’s website. This can help to avoid any stress or hassle when making credit card purchases.
Security of E-commerce Credit Card Processors
A good e-commerce credit card processor can check credit card purchases for fraud and security with every purchase. The customer’s information is processed with the most secure connection to make sure that no information is hacked or stolen. This data routed through the system and when the payment is processed, the money can then be transferred from the customer’s account and deposited into the business account.
Maintaining security for online purchases is of the highest importance for any business that has online sales. Businesses need to make sure that every purchase is protected by the strongest security system. The right e-commerce credit card processor will feel the same way and make sure that every purchase is as safe as can be.
Getting E-Commerce Credit Card Processors
Getting an e-commerce credit card processor can be an easy process. An application can be completed online. Once the account and gateway are set up, your business can begin to charge credit cards online immediately.
What is the average fee for e-commerce credit card processing?
While most credit card processing fees are rather small — measured in single-digit percentages and cents per transaction — they can certainly add up if you have lots of charges in a given month or if you typically process small payments. That’s because whenever there’s a payment to process, you’re paying a third-party for the convenience of processing it for you, and that comes with its own cost.
Typically, these are identified as merchant fees, which may include interchange fees or assessment fees, in addition to the markup defined by your e-commerce credit card processor. Some fees, like interchange and assessment fees, may be set by the nature of the transaction, while other fees are up to the discretion of your e-commerce credit card processor.
While it’s hard to say exactly how much you’ll pay in processing fees across different providers, a typical credit card fee is normally in the range of 1% to 3+%. Swiped transactions tend to be a little cheaper, while keyed-in transactions may cost you up to 3.5% — and you may have additional fees on top depending on your e-commerce credit card processor.
It also matters what cards you’re processing, which means you might pay a little less for processing a Visa or Mastercard (about 1.3% to 2.7%) than a Discover card (1.5% to 2.5%) or American Express (1.6% to 3.3%). Some of these fees are set by the issuer, while a portion comes from your e-commerce credit card processor. Interchange and assessment fees will need to be paid no matter what, so you’ll have to take a look at your processor if you want to revisit your fees.
If you’re interested in reducing your e-commerce credit card processing fees, start with your credit card processor. If you’re being nickeled and dimed to death by fees and you’d like to reduce the share of your income that you’re paying out, switching up your credit card processor is one of the best ways to do that. Give us a call at Charge.com and we can help you design the right credit card processing solution for your needs.
For more information about getting e-commerce credit card processors set up or to sign up for a merchant account, visit Charge.com or call (888) 924-2743. Charge.com can help your online business grow!