In todays economy with all marketing is rapidly turning to the World Wide Web, we thought it would be beneficial to discuss the importance of payment processing for online businesses and the advantages they having by using a merchant services provider that is readily available in contrast to the days when acquiring a merchant account offline was a frustrating experience that required contacting your local bank to arrange a review.
It is now a very competitive industry to cater for an eCommerce sites payment gateway since you must provide all of the necessary security features such as password prompt to give double verification on a customers credit card details and also offer a shopping card system which integrates correctly with this virtual payment terminal.
It is crucial for small businesses to have the most up to date security features for the online shopping cart because there are older generations of shoppers that are afraid of entering their card details on the internet.
As you can see above there is an example of a prompt window such as Mastercard 3DSecure, these act in the same way as a Chip and Pin machine would if you walked into an offline store.
It is important to have a 2 Step process when making payments because the customer will have confirm they are the genuine card holder and the only way to do this is by entering a second password which they received either with their card or by signing up at the Visa/Mastercard security programs online.
While there are some free options available for entrepreneurs to begin accepting cards online these are generally limited to withdrawing a certain amount of cash on a monthly basis and then they charge a costly fee for larger withdrawal amounts. The most professional way for small business owners to get set up online is to get approved for an internet merchant account through a third party provider rather than contact the banks directly.
An eCommerce merchant account is a unique account specifically catering for the needs of a particular businesses payment processing requirements, it involves a small percentage charge for each transaction and the rate is determined based on the nature and value of your services. You can easily find brokers on search engines who will be able to negotiate lower charges because the have been partnered with the acquiring banks for a long time.