Your E-Business and Credit Card Processing
When you stop to consider the fees that you pay to some of the big credit card processing services for your online sales or your e-business transactions you may want to consider other payment processing options. With the larger, more well-established companies in that business all too often you’ll find that you need to inspect your monthly report for additional fees and charges resulting from how these payments were processed, what type of card was used, as well as other issues that can affect how much you pay each month for credit card processing.
If you choose to go the route of setting up your own online payment system it can be a relatively simple process with the help of a credit-card processing service of your choosing. In doing so, you will gain the advantage of letting them handle the security and paperwork, and the small price that you will pay for their service is more than worth it, especially for the small business owner, who generally wears more hats than all the clowns in the Ringling Brothers & Barnum & Bailey Circus combined.
These services are similar in that they are usually easy to use for both the merchant and the customer so no one should get lost along the way. Most of these companies will help you to set up a system on your Web site that presents your customer with a route to get from their shopping cart on your site to a secure payment system on a branch of their own Web payment network. Others will simply embed a link to their payment site conveniently on the shopping area of your site so that your customers will have no trouble in trying to pay for their merchandise. You’ll want to make sure to ask them about having secure encryption for your payments, which you accomplish by contracting the work out to a Web developer (perhaps the company that set up your Web site in the first place) or by asking the credit card processing company for assistance. Most if not all of them are well-versed in this area and have customer service representatives ready to answer your questions and provide you with solutions for the security needs of your particular business.
As an online business or one that does extensive online sales you’ll want to make sure that the service that you use is completely reliable because by virtue of them being such an important part of processing the transaction, how well they do their job is a direct reflection on your business. You’ll also want the company to be versatile in accepting a wide range of payments in exchange for the goods you are selling. For example, more and more online retailers are selling their goods to consumers and businesses located in China and the overwhelming payment option of choice for the Chinese customer is a UnionPay card. If you do business now, or have any plans to do business in China, you’ll want to make sure that your processing company is able to accept the UnionPay card.
Be prepared to negotiate with your card processing company for your online payments because it is to your advantage to get the best deal possible – obviously – and with so many of these companies competing for your business you are in a good position to make a deal that is fair to the processor but equally fair and sensible for you. Among the most important fees that you should shop around for are gateway fees, statement fees, and the biggest one, the percentage fee per transaction. Read the fine print and make sure that you know all of the events and circumstances whereby these fees can change, whether caused by you or your customers.
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