Running an e-commerce business is the way forward if you are looking for a way to complement an existing business that traditionally relies on personal contact with customers and clients. Likewise, due to the consequences of the corona virus pandemic, you may simply have had to switch to an e-commerce model for your business.
In both cases, regardless of whether this is intentional or accidental, there are a variety of technologies that you can use to drive your e-commerce business. Going online means that one of the most important considerations is how you process payments to increase sales and hopefully profits. The good news is that there are many options on this front.
Aside from putting together one E-commerce website that can be created in a variety of ways, including using dedicated platforms such as Shopify, Magento, BigCommerce and WooCommerce. You can also build an e-commerce business without using a standard solution. However, these are often the easier ways to get started.
Accepting payments by card, including debit and credit options, is the next job on the list. To do this, you must first have the option of processing the transactions. To do this, you need to set up a merchant account and create a payment gateway.
The merchant account is practically an online bank account where the customer's money is kept until it is approved by their bank. You will find that there are numerous variations of the merchant account that are generally available from major banks. However, it is possible to get a merchant account through an independent source called an independent service organization.
Of course, the convenience of processing payments this way costs money. Transaction fees, minimum monthly fees and authorization costs are an expense for your company.
If the puzzle merchant account exists, the next thing you want to think about is a payment gateway. This is the part of the puzzle that your website can use to fetch transactions over the wire by connecting to a payment processing network. If you're a small business owner, the additional good news in this regard is that you can combine a merchant account with a payment gateway.
All of this is due to the growing number of payment gateway providers, including Adyen, Stripe, Braintree, Worldpay, PayPal, Amazon Pay, Sage Pay, Klarna and Authorize.net. If you look around, you will find a variety of different payment gateway options, all of which are offered by merchant account providers.
In fact, this is often one of the easiest ways to enable your ecommerce business to process a variety of payments. You will often receive additional tools as part of the package, such as: B. a virtual terminal that enables telephone payments.
When it comes to costs, you need to spend some time comparing because different payment gateways can charge different fees. Generally, you will find that there is a monthly fee along with a transaction fee. This is often a percentage of the price you sold something for.
The providers offer various packages for companies of different sizes. Therefore, it is a good idea to find out how many transactions you think you will make per month. However, most vendors also offer the flexibility to ensure scalability when your e-commerce business exceeds your expectations.
There is another aspect to consider, especially if you are a small business that wants to have a lot of flexibility in these uncertain times. The route of the payment intermediary means that you can combine merchant services and payment processing in one package. This so-called aggregated dealer account is often much cheaper for smaller companies because it is an optimized system.
There are other advantages as well, as you basically buy into the package and receive a ready-to-use payment processing solution that complies with the PCO (Payment Card Industry) standards. This is an important consideration because it ensures that your company complies with applicable laws. Ultimately, this means that everything is legal and overboard.
In order to carry out the transactions when customers present their cards based on their debts or credits, there are a number of options that need to be considered. If you are a retailer and want to sell products online, it might be an idea to consider an e-commerce shop that includes the payment system as an integrated feature. Square and Shopify are two perfect examples that are worth a look.
Many companies now need the flexibility to process mobile payments or one-click payments with Apple Pay, PayPal or Venmo. Given the increasing popularity of digital wallets like Alipay, Amex Express Checkout, Apple Pay, Microsoft Pay, Visa Checkout and WeChat, it is a good idea to know that you can accept these payment methods.
As a prime example of a service that offers maximum convenience, Stripe is a payment gateway provider that fulfills many criteria for small business owners. With Stripe, you can safely and securely process all types of payments. The fees are also competitive with a flat fee of 2.9% plus 30 cents per transaction.
However, our purchasing guides have more information that can help you meet the needs of your e-commerce business to be successful in the future.