If your online business can’t perform online payment processing of credit cards and other forms of payments, unfortunately your online business is not set up to succeed.
Online retailers would not exist the way they do today if it weren’t for their ability to process online payments.
Considering the majority of the human population owns and uses one form or another of the thousands of different types of payment cards out there, it would be unwise and foolish for any business to not process payments online.
People love convenience! They love that they can sit at home or on the bus and do multiple things at once on their smartphones and tablets. Online shopping is one of those things, as is the ability to pay their bills and manage their finances on the go.
Why not give your customers the ability to reach you and your goods and services no matter where they are on this planet? That is basically what you are doing when you set yourself up to process online payments.
You are giving your customers the power to buy no matter what time of day or proximity to your actual store (if you happen to also have a brick and mortar location).
Many retailers have caught on to the surge in online shopping and have come up with even more efficient ways to get their customers to buy online. Offering “exclusive” discounts or sales to shoppers that sign up to receive emails and special deals is one way.
In order to accommodate this vastly growing upswing in E-commerce, you need to get your business in gear and get a merchant account set up that allows you to take payments online. What a merchant account does is it enables you to accept credit cards and other forms of payments.
Some examples of merchant services that allow you to do this are PayPal, Square and RedFynn.
Those payments go through the payment gateway, are authorized, and then those funds are deposited to into your merchant account or bank account.
Processing online payments costs money, of course. There are always fees that accompany services. Simple fact of life. Nothing is free.
But what you get from this cost is invaluable. Once you are equipped to accept payments online, the sky is truly the limit! The ball is then in your court, so to speak.
Online payment processors will assess the volume that your business generates and also consider the amount of time you have been in business. These factors play a part in the fees they charge.
The fees are typically a set-up fee (although some processors will waive this fee), a per-transaction fee (a percentage plus small fee per swipe/dip of a card), and a monthly fee for a payment gateway.
Of course all of these fees differ and some charge for certain services that others do not. Be aware that many of them charge a cancellation fee. This may not be an issue for you if you find the right credit card processor, but God help you if you get stuck with the wrong one!
The world of credit card processing can be underhanded and deceitful. Do your research and compare companies and the services they provide.
Just be sure to read all the information you can about a credit card processor before you sign up for their services. Some have hidden fees and others change their pricing scheme without notice or warning. All things to be aware of.
Some services not only process card payments online but check payments as well. Not nearly as many people pay with checks as they used to, but there are still a lot of people out there that like to have the option. Especially within the older demographic.
If you don’t want to risk passing up on these customers, there are credit card processors that will get you ready to go.
A lot of them offer user-friendly software that gives the customer easy-response prompts and guides them through the process as easily as with credit card payments.
No matter what the form of payment is that your customer typically uses, you as an online retailer or “brick and click” (physical locations with an additional online storefront) business should be ready to take on all of them.
You wouldn’t want to lose out on that revenue, would you?
The ladies and gents over here at RedFynn have all of your online payment processing and business intelligence needs covered. You’d be doing yourself a disservice if you didn’t give us at least a glance. We have an A+ ranking on the Better Business Bureau’s website for a reason.
Come find out why! Call us at (888) 510-9871