Making Online Transactions Easier For You
The biggest deterrent that shoppers have about online shopping is the complexity of credit
card transactions through the internet. Add to that the niggling feeling that you’re posting
confidential financial data online and you might as well tell your customers ‘thank you, come
again’ even before they’ve purchased anything.
What you should remember is that there are numerous options now available when it comes
to making your customers lives easier, beginning with choosing the best merchant solutions
for your online business. The trick is in figuring out which one is actually the best one.
We’ve run down below a list of various factors that online business owners should consider
when choosing merchant solutions:
Pay attention to excessive fees or rates
It is imperative that businesses are informed that Merchant Service Fees or Percentage Fees
deducted from transactions. These are generally charged by the respective banks and all
payment gateways would always work on a minimum monthly fee which also incorporates
or includes several necessary fee transactions. It is recommended that when an online
business owner checks for merchant service fees from banks, he or she already has an idea
on the different payment gateway fees to compare the price differences.
There are numerous banks and payment gateways who charge huge setup fees and high
monthly fees. Some of these banks may even ask for eight percent of the total transaction
Contemplate the long term costs
For a lot of new business owners who are uncertain of their earning potential, they usually
find difficulty understanding the transactions fees allotted by PayPal, PayMate and some
similar sites. These sites are low cost payment gateways which have the ability to accept
payments made online through your business website with the help of credit cards. They
usually do not charge any setup or monthly fees but they charge higher for fixed transaction
Credit cards and overseas buyers
Credit card processing settling is another important factor that a business owner needs to
take into account when choosing the appropriate and suitable payment gateway. For
instance, if your business is open to foreign countries and you receive payments from
overseas buyers in different currencies, then you need to have a diverse system which will
be able to settle multiple currencies. The system used should be able to define the currency
of the end point of the payment and automatically look up conversion rates and fees.
Currency converters differ from multiple currency shopping carts. You should also be
informed that an efficient and effective quality shopping cart system has to be in sync with
the different currencies there are. By providing checkouts in multiple currencies, you are
opening your business to more customers and customers will find it convenient as well.
This, in turn, will encourage them to transact with your business.
The most important thing that payment gateways should be equipped with is a security
system that will be able to safeguard all the credit card details provided by the user. Details
such as these are sensitive information that need to be coded to ensure that data is safely
transferred to the merchant and to the payment processor. Hence, it is desired to carefully
go through each and every detail of the different merchant services providers or payment
gateway processors to land the most suitable payment gateway for your business.