Online Credit Card Payment – How to Accept Credit Cards Online
There are avenues to accept online credit card payment for any business and its needs whether you have an existing website or not. Donations, memberships, invoices, and sales online can all be accepted online without a ton of expense or work.
In this article, you will learn how to accept credit cards online. You will also learn how much it takes to set things up as well as the cost. It is time you join the other small businesses and learn what solution works best for your particular business needs.
Beyond fees, Fraud, and Conversions
Figuring out the best way for you to accept online credit card payment and picking the right processor for you can be more than overwhelming in the beginning. It is the livelihood of your e-commerce business.
If you cannot process online payments, you may not survive in business. Before discussing your options for online payments, here are some crucial details you should know.
- Due to fraud taking place lately with large corporations and credit card use online, consumers may hesitate to do online shopping due to security concerns.
- According to Accounting Reports, small businesses lose on average, 5 percent of their revenue every year to fraud.
- 50 percent of small businesses are a victim of fraud at some point in the lifecycle of that company.
Outside fees, fraud, and sales conversation, your brand capability to grow internationally can be fruitless by the choice you make in a credit card process strategy. You must be confident international buyers trust your choice and that your decision works cross-borders.
After you toss in the provider’s fee, fine print, and contract, you have a complicated decision before you. You should keep in mind many factors and how each will affect your business. The truth is, there is no right or wrong choice—just what will work the best for your exclusive set of circumstances.
Do your homework by doing comparison shopping before deciding on a solution to accept online credit card payment and debit payments.
Three Types of Payment Processors
All-in-one solutions, simplified credit card processors, and merchant account plus payment gateway are the three types of payment processors.
The following is an overview of each.
1. All-in-One Solutions
Services such as 2Checkout and Paypal combine a gateway and an account into one portal, making it easier and quicker to set up. Each typically has a satisfactory rate per transaction and take all major credit and debit cards.
Additionally, most do not charge a setup fee or monthly charge for a basic account. However, you will pay a monthly cost for individual features added to some services. At one time, one of the downsides was they did not always provide a faultless checkout experience.
Moreover, depending on how the solution was set up, customers at times were redirected from the site to pay for the order or service. That is no longer true.
PayPal, being powered by One-Touch and Brain-tree technology, the business owner gets to decide the experience of a customer’s checkout. Moreover, that is why PayPal is so massively popular.
2. Simplified Online Credit Card Payment Processing
Companies such as Stripe and Paypal, began removing much of the complication from taking payments online. From a merchants standpoint, these are similar to all-in-one solutions, except they integrate flawlessly at checkout.
What this means is that the shopper never needs to leave your site, which, makes consumers feel safe. It also indicates that these solutions take less time to set up and the vendor can begin receiving payments in minutes.
With simplified processors, there is no need for a payment gateway or merchant account, and that equals fewer fees. Rates are along the lines of all-in-one solutions, and the new processors do not charge monthly or setup fees.
The experience is uncomplicated. The customer enters his or her credit card information and the payment processes—it is that simple.
3. Merchant Account Plus Payment Gateway
The traditional manner of accepting online payments is the combination of a payment gateway plus a merchant account. Providers such as eWay, Authorize.Net, and Secure Net are all in this category.
The merchant account is a unique type of business bank account that allows you to accept credit and debit card payments. The payment gateway merges your merchant service account with your store and expedites the payment transaction between all parties involved.
Those transactions include the card issuers bank and the business owners bank. You can consider it the digital version of what the brick-and-mortar stores have as POS card swipe machines. Note though, this leaves much more responsibility on you to secure credit card data. For example, you need to be PCI Compliant, here is an overview of latest PCI DSS 3.2 guidelines.
Credit Card Avenues for Your Business
There are many ways you can accept online credit card payment securely without requiring a website or the need to manage a site.
- Square Invoices and Recurring Payments
Square is for service providers, store, and small businesses who are wanting to offer recurring online credit card payment options or credit card payment options to customers. Small businesses can tie in with in store, mobile, and online sales now or in the future.
- PayPal Invoices and Recurring Payments
Any small service provider or small business that wants to offer automatic recurring payment options or credit card payments online has the security with PayPal. PayPal is a popular option for many merchants both online and in stores.
- QuickBooks Invoices and Recurring Payments
Any service provider or small business that uses QuickBooks that wants to offer its customers online credit card payment will appreciate the simplicity of using this module.
- PaySimple Online Payment Forms for Registrations and Subscriptions
PaySimple is perfect for nonprofits, event managers, service providers and small businesses that need to collect online credit card payments as well as customer information through a form-based system.
Accepting Online Credit Card Payments on Your Website
No matter what your particular needs are for an online payment solution, it is vital to take your time and carefully research what all your options are and how each company differs. Be sure you request pricing quotes and read each detail thoroughly before signing any applications.
It is imperative that you choose the best company for your online credit card payment processing company. Do your homework and take the necessary for your business to make the right choice.
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