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Accepting Credit Cards on your Website

lavel

Offshore Agent
Mentor Group Gold
Sep 6, 2012
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Accepting credit card payments on your website is standard practice these days and if your site is not yet doing this, then you will definitely be losing customers and business. Credit cards can ensure business transactions are quicker and easier for all involved and lead to expansion. Online businesses are nervous about accepting credit cards due to the penalties banks charge if credit card fraud occurs, setting up a merchant account can be a simple process that will identify and reduce the number of fraudulent transactions. A little research can find the right merchant account suited to your type of business.

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There are a number of benefits to accepting credit card payments online, first and foremost it will enable your customer base to grow and you’ll never have to turn a customer away again. Many people now use the internet to shop for a wide range of products as it is now possible to purchase items online without ever having to leave the comfort of our homes. The availability of the website will also open up your products to the worldwide market and attract international customers. Credit card payments are more convenient for everyone involved. With the setting up of a merchant account, everything is done automatically so sales will increase due to their availability 24 hours a day, every day of the year.

Merchant accounts provide an anti-fraud and security protection system. Included should be a Verisign SSL Certificate that provides secure e-commerce and communications for web sites and Address Verification Service (AVS) that looks up valuable address and zip code information on the cardholder. AVS is compulsory by Visa and MasterCard on all keyed accounts where cards are not going to be swiped and will help protect your credit card transactions and your site.

When researching merchant accounts don’t just go for the cheapest one you can find. Cheap merchant accounts won’t offer the services that more expensive ones have; check out the features attached to each to see if they are worth the money. Also some account providers will offer a low rate to entice you into choosing their account, but then will increase this rate after a few months. Look out for any hidden fees that haven’t been mentioned or advertised up front by the account provider. Some merchant accounts have penalties if you decide to cancel or increase the rates if volume targets aren’t met. Junk fees can be disguised by using a variety of names, such as security fee, conversion fee, excessive transactions fees, discount rate fees or over the limit fee, so verify what these are before you settle on an account.

Most merchant accounts have a cancellation fee, mainly these are fixed amounts. The costs of setting up and operating a merchant account for a business can be expensive; this fee helps recover some of the losses if a merchant cancels, particularly in the beginning. Providers will offer to reduce or discard this fee should you have unresolved problems or issues; check with them as to their specific policy.

Take notice of how the company treats you. If they are quick and informative in answering your questions then this will probably be how they go about their business; if they don’t reply quickly or answer the questions then try another service, there are plenty out there.

Before you decide on the merchant account suited to your business, understanding a little about merchant accounts should be high on your priority list as monthly fees can differ immensely. The more you know and understand your merchant account, the better you will control your business. There are many factors to consider when looking at merchant accounts, amongst them the ease with which the account is set up, how simple it is to operate and the reputation and professional attitude of the merchant account provider. Never underestimate the importance of an anti-fraud system as chargeback penalties from fraudulent transactions can be high and will cut into your business profits if not controlled. Check out the internet for information on merchant accounts and anti-fraud systems.
 

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