Benefits of Online Credit Card Processing
What is e-Commerce without card-not-present (CNP) transactions? It’s next to nothing. Credit card processors and transaction gateway services make your e-Business stand and prosper. 99% of today’s Internet shoppers actually are credit card holders. Your e-Commerce business will simply stand no chance without a credit card processing system and a shopping cart system working together.
The advantages of having an Ecommerce Merchant Account service will not only make you realize how powerful e-Commerce can be with credit card processing, but will also help you to choose the right and most appropriate merchant account for you basing on some common aspects and some basic rules.
To begin with, there isn’t only one type of merchant account. This is one of the most important advantages of merchant account services – you actually get to choose from a variety of merchant accounts to acquire the best service for you and your business. Specific merchant account types may be of much more advantage and, thereafter more profitable, than general merchant account types. For example, getting a Pharmacy Merchant Account will give you better credit card processing and gateway terms if you own an online pharmacy, than the terms provided even by “The Best Credit Card Merchant Account” around. This advantage gives you the power to strategically choose a merchant account which suits you best, based on such factors such as chargeback rates, returns, monthly minimums, etc. This is one of those moments which have to be carefully thought over before getting a merchant account for your e-Commerce website.
The most evident benefits of Ecommerce merchant accounts are those of credit card processing on the whole. And these are:
- Stability and Safety. Credit card processing gateways are 24-hour stable, i.e. they always function, and server breakdowns occur very rarely. 128-bit SSL encryption and other security technologies make it impossible for hackers to read and modify credit card information on your e-Commerce website. This makes it safe for you and your customers to use your credit card gateway.
- Rapid Transactions. Especially, if your e-Commerce shopping cart is equipped with a ‘One-Click Buy’ function. This means that not only you will save much time with a merchant account; your customers will be able to fill one form upon registration and then start purchasing just by clicking the “Buy Me” button on your website without the hassle of re-filling credit card information forms.
- Fully Automatable. Most e-Commerce merchant accounts let their owners handle all the transactions as well as automatically processing credit card information. Some merchant account automation systems include powerful anti-fraud filters and databases, which significantly reduces the amount of chargebacks and returns.
- 24-hour Support. e-Commerce merchant service providers will usually offer a free client support service, which help you to settle any questions without having to query the processing bank directly. Some companies offer professional help in integrating their credit card processors into existing e-Commerce websites, and even help to setup shopping cart and additional security systems.
- Global Access. You will be able to access your e-Commerce merchant account control page from any country and any computer, letting you review, overview and control your credit card processing. But, as important is the fact that your customers will be able to access your e-Commerce website and your credit card processing service from any part of the world. This is important if you do not want to limit your product or service to one particular location or country.
- Instant Statistics. The control page of most e-Commerce merchant accounts gives you detailed statistical information regarding your consumers (location, age, etc.), your money flow (incomes, gateway expenses, totals, etc.), and other important information, which can be vital when market strategies are being planned. Most credit card processing service providers update the information every minute, others by the hour.
- Visa, MasterCard, etc. e-Commerce merchant accounts are able to process any type of Visa and MasterCards, plus many more other credit card brands (depending on the location and terms of the processing bank). It is important to cover all your credit card holding customers, albeit their credit card brand is a rare one.
- Multiple Currency Support. Depending on the location of the processing bank your e-Commerce merchant account can be able to process credit cards in many different currencies. Your bank will automatically convert to your default or preferred currency (usually USD). This is, again, an advantage with leads us to the global use of your e-Commerce merchant account powered website.
After having analyzed and taken into account all the advantages of e-Commerce merchant accounts you will realize that credit card processing is far better, safer and cheaper than traditional payment methods – checks, money orders, bank transfers.
You may be selling the best products and providing the best services out there, but without credit card processing and an e-Commerce merchant account you will never go far. Look at the massive online shopping resources like Amazon, and find a stable small online pharmacy store – all of the decent online stores process the major brands of credit cards. None of these decent online shops would have gone far without being able to accept credit cards.
Research has shown that most online stores that start to accept credit cards have an overall 40% to 60% increase in sales, thus more profit.
If you plan on building a great and profitable online store, no matter what you plan to sell, credit card processing is your doorway to success and e-Commerce merchant accounts will make this success possible.
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