All online stores need reliable and fast e-commerce payment processing in order to complete a customer's order. It's often thought of as the most important part of an e-commerce site. Without good merchant processing, your business will result in a loss of customers as well as sales revenue. Selecting the right payment processor is therefore critical for the success of your business.
The purpose of e-commerce payment processing is to verify the payment collected from the customer, and if accepted it will extract the total sum of the order from the credit card and credit your business merchant account. It's role is to act as an intermediary between your online store and the various financial institutions that are needed for the transaction. There are many important factors to go over when choosing a payment processor. Among the most important is its customer service. If you should ever run into the problem of credit card fraud or customer claims of unreceived goods, the payment processor customer service is the first line of defense. Good customer service is needed to guarantee a quick and objective resolution. The remaining details include price and mostly what is written in the fine print, they include:
- Application fees
- Setup fees
- Monthly minimum
- Transaction fees
- Monthly fees
- Terms of payment
- Fraud management
- Discount rates
- Chargebacks
There are a number of reasons for selecting one kind of e-commerce payment processing over another. In most cases, major e-commerce businesses normally would use direct integration, because it seems more professional to let customers remain on your web site, and it also provides more growth. Third party merchant processing is better suited for online stores that are just starting out, have only a few products or sell e-goods exclusively. With this option, not a whole lot is needed and it is definitely less expensive. Third party payment processors usually will not charge for monthly services, therefore it is recommended for businesses that are just starting out and do not have a lot of capital.
An e-commerce solution must be able to work with all of the major payment processors. In addition, it should also use SSL for complete protection of credit card data and can accept other types of payment such as checks, money orders, purchase orders and CODs. Having the right e-commerce payment processing with the right ecommerce solution is the first step towards having a successful online business.
What you need is a full service all-in-one hosting, design, and marketing software made specifically for e-commerce businesses. One that lets you set up your store in minutes, and provides powerful tools to help with not only merchant processing, but also SEO, product marketing and mobile commerce. Check out the best possible e-commerce solutions available at http://www.makeanonlinestore.com and try them out yourself absolutely free, no credit card required!
