Are you thinking of expanding your business to a store on the internet — or starting one from scratch? If so, you’ll need an online payment processing company that can handle credit and debit card payments. Payment processing online is different from how you accept credit cards in your brick and mortar business, however, so it’s important to find payment processing solutions that fit your needs.
If you’re thinking of expanding your reach into the world of eCommerce, here are some tips for how you can choose the right company to do your payment processing online:
1. Find out what the company offers. When you are looking into an online payment processor, you’ll want to know just what they do and what they can provide for your business. Be sure to inquire about the rates and fees they charge, and ask about how long it takes for transactions to complete, too. Make sure you know which cards are accepted, too: Visa, for instance, is the most widely accepted card in over 150 countries, but see what else your payment processor can accept, too.
2. Ask about international payment processing. One of the great things about expanding your business to the internet is that it really is global. You can sell products and services to anyone in the world. When talking to a payment processing company that handles online transactions, ask to see their full list of international currencies, so you know which payments they can accept and convert.
3. Inquire about high risk merchant services. It’s an unfortunate fact that, just like in a physical location, stores on the internet are subject to fraudulent transactions every now and then. Where stores could risk taking a bad check, on the internet there’s also credit card fraud to deal with, too. See what kind of protection a payment processing company can offer in case you are in one of these situations.
4. See what other payment processing solutions are available. If you also have a physical location, you can also ask if your payment processor can provide you with some new solutions. For example, mobile payment processing is becoming especially popular in retail and restaurant locations. These types of payments can be made on a device that connects to a smartphone or tablet, and they are very convenient for you and your customers. Payment processors can accept a variety of payments — some more than others — so if your current solution doesn’t take certain debit and credit cards or checks or charges you a higher fee, it may be time to switch!
Have more questions about services that handle payment processing online? Have you used one before? Leave a comment to ask or tell us about it.