There are over 200 million online customers in Europe alone, so the number of people using credit cards for the transaction is really high and as they are comfortable with the usage of the card the proportion is continuously increasing. As a result, merchant often appoints a processor to handle transactions of credit cards for merchant acquiring the bank.
As business depends on credit card processor to handle all the detail related to credit card it becomes very difficult to categorize processor but, some of the criteria which help to define the quality of credit card processing are:-
Speed of transaction – As customers love to pay from their cards and even a short delay can create a big problem so, it is always suggested to the provider in order to make the customer happy they should always increase the speed of transaction.
Security of transaction – Speed is one of the important criteria but not the only criteria along with speed customer wants the security of the transaction and provider should try their best to make a customer feel secure about the transactions.
Strong uptime record – Credit card outage makes a business untrustworthy and inconvenient. However, credit card processing outages are rare, but all complicated interdependent system is vulnerable to downtime.
Transparent rate structure – Though rate and fees vary with the category applicable to business but processor must make sure they have quoted and charged appropriately without tricking the customers as it is unethical.
Customer support – In today’s era of online payment customers are king of the market and in order to stay for longer period in the market, the processor must try to win the heart of customer by providing best after service to the customer because happy customer makes a business happy.
Payment processing is necessary for the success of any online business. There may be a perfect business but if a customer is not able to purchase product or service quickly that means business is not running properly. Unfortunately, many businesses try to put resources and time to put the business run is finding a correct merchant account solutions and credit card processing system. This offers the simple payment option because most of the online businesses accept payment with credit card or debit card.
These are wireless system of accepting money and it is necessary payment processing system. Hence, get the perfect merchant account solutions according to the target market and implement them with credit card processing company.
What Is Credit Card Processing Merchant Account? The merchant account solutions and credit card processing is an agreement between the credit card processor and seller for establishing the rule of accepting credit card payments on every purchase. Now, it has become a major portion of every online business including, pizza hut, clothing industry, gaming, and so on. If carries the ongoing electronic dealing of money in fast and easy way. With the help of this method, online business are growing and getting the absolute transactions and payment is few seconds.
For this, many merchant account solution companies offers credit card processing. If your business is establish and there is less risk of chargebacks and you can shop with lowest rates.
Working process of merchant accounts Traditionally, in an online store, owner is allowed to accept the credit card payment must grant through the merchant account by major bank. When the credit card details is entered the merchant account verifies the customer information like—checking the details entered and correct address, card number, whether the card is stolen or have enough funds etc.
For the overall processing, the bank will take charge either monthly or yearly. Monthly charge is applied for processing card details over phones. Means, the person availing the merchant account solutions and credit card processing will pay the some service charge as well as customer. Every transaction is charged some percentage of total amounts paid. If you have minimum monthly business, in this case you need to pay extra security or bond.
Secure gateway for accepting payment online A payment gateway is secure but different from merchant account. It acts as interface between website and banking system. It is seamless process and customer does not interact with it directly. Means the credit card details are submitted via this gateway that securely sends the card details through the appropriate financial network to the merchant account.
For online transaction and payment, merchant account and payment gateway is required to process the payment online. However, owner of the company have to find this separately. Other steps for credit card processing:
Credit card holder who swipes or enter the card details
Merchant account holder
Merchant account bank who hold the payment and process it
Service provider who allows merchant account to accept card payment
Credit card network who operates the credit card payment
Issuing bank of credit card
Merchant account solutions provider Online research proved that many companies are there offering credit card processing. Hence, choosing the right merchant account solution and credit card processing need proper research for minimal amount and require less charge back.
Merchant Account Solutions accept credit card payment anywhere anytime globally. Choose the right processor with minimal amount and less chargeback
Like brick and offline shoppers, online shoppers also want to get some benefit from online shopping. Getting the product quality is icing on the cake but having a wide range of payment option make the customer comfortable and safe and hence, they increase their online shopping. Accepting credit and debit card on an online store increase the sales because it is more convenient to use rather than cash on delivery. It provides easy credit card processing. However, many business owners face some problem—confusion has arisen due to different choices available for payment.
Let me explain two methods of credit card processing:
Real-Time Online Credit Card Processing
In this method, the customer enters the card details and other payment information and it is processed through an online payment gateway. It takes few seconds for processing and payment deducts from a debit or credit card right away. It requires a high cost for credit card processing.
Card Present or Swiped
There is a credit card terminal or mobile card reader available at the retail shops where merchant collects the card details by swiping the card through it. Generally, people card swipe for a lower amount than an online transaction.
How Online Business Can Access Payment
For an online business, they need to have an online payment gateway and merchant account to accept the online credit and debit card. Moreover, just like other business owners, must research about the merchant account provider and select the one that feels right for you. Many local banks also provide merchant account facility, moreover, if you already have credit card processing machine, just ask the account provider to add this facility to an online store. With credit card processing, you can shop at almost all the online stores and pay online bills.
Considering credit cards it has been the most increased and convenient mode of payment in today’s world. If you have your own website or thinking to build a website and not yet had fixed the option for accepting debit and credit cards then you should, because you can’t think how much sales you will be losing not keeping this option as most of the customers pay online and think this is a secured mode of payment to pay for goods and services.
Why to do it?
In today’s world credit card has become the reliable and trust-able mode of payment to pay for goods and services. The development of technology has drafted changes in the minds of customers as well as the vendors, as discussed earlier by fixing the option of accepting debit and credit cards online you will not lose the current customers as well as the upcoming/future customers.
Just in terms of websites, debit and credit cards allow the vendor to take care of three type of customers.
1. The general customer: This is the average customer who wants to shop online goods and services from his desktop. After all, why to stand in a long queue in a retail or mortar store when there is option to pay online itself.
2. Impulse buyers: After stumbling on the website the visitor finally decided to buy the product which are in front of him/her. The plastic card seals the deal of the purchase he/she will make.
3. International customers: The internet has brought the world closer as well as your customers at doors, even if your customer is overseas. Initially differences in currency was the major issue in the past, but now why to wait for a check being cleared from your customer side when there is an option of paying it online on your website. This helps in not losing the customer just because he/she is residing in abroad.
Opening your business to debit and credit card payments
There are two ways of accepting plastic money on your website.
Using the merchant account: The merchant account helps you to accept payments from your customers via debit or credit card. Whether you create your own merchant account or enter into an agreement with a payment processor, who in turn operates merchant account, but you still need to have a business bank account. However, you need to have your merchant ID. Actually it will become the portal which will allow you to accept or decline your customer credit card payment. In essence it will become your virtual vendor terminal.
Using payment gateways: There are various independent companies who will accept credit and debit card payments from your customers on your behalf but take a percentage or charge a fees. They are also called third party merchants.
Which is the best method for you?
The methods of accepting credit card payments is entirely up to you, because both the methods has its own advantages and disadvantages. The cost of setting up a merchant account with a credit card processing is much higher. In fact, to use their services as an added incentive most of the third party merchants don’t have a setup fees at all.However, the transaction fees is much higher in third party merchant than merchant account.
If you are not sure how much money you will make on website, then the best method is to choose third-party merchant account. To just “test the water” third-party merchant accounts is the great way to go. However, this method involve the merchant also as it will be a time saver. The involvement of the merchant will be at the end of each transaction just receiving the payment. These merchants include PayPal, Digital Rivers and others.
The online business owners need the perfect solution for the transaction purpose. If you are looking for the great payment solution, we are the perfect choice for you. We provide the tips and tricks to make the transaction in a simple way without any hassle. We know the way to boost up the processing performance of the transaction. It is an important service for every business owners in the world of the online payment. The online is convenient choice for all the people to do the transaction quickly without any delay.
You can make the right decision before using the using the company for boost up the payment processing. This one involved several things that everyone must understand. We handle different transactions from the different channels. This is a beneficial option for the people to utilize the best services with us. We have blessed to provide the right services at the right time to the right customer.
Get the processing details:
It is advised for the people to get the perfect details about the payment processing. The users must set up the correct payment processing. In order to improve the payment processing, you must avoid the chargebacks and disputes. We make the transaction very smoothly and you don’t need to spend enough money for our services. You can just call us for this service and get it quickly at the possible time.
We offer the credit products to improve the processing. We give the full access to the customer to use the credit. You can get the financial offers with us that give more purchasing power. This is very helpful for enhancing the drive sale and purchase value. We provide the complete details of sales fund upfront within a minute. You can get the enticing offers for using the special financial system.
If you’re a merchant who accepts payments from customers through credit cards, there is no way for you to completely stop payment processing costs. However, there are many ways in which you can reduce the payment processing costs to the bare minimum. Let’s not discuss ways in which you can reduce your payment processing fees:
Credit card companies often have additional charges for terminal functions that they provide. If you’re certain that you will never use such terminal functions, avoid paying extra for such functions. You can end up saving a lot of your hard earned money by making sure that you don’t subscribe for terminals that you will never use.
It is recommended that if most of your business is conducted telephonically or online, opting for a processing software over a terminal is much more financially beneficial.
Reprogramming of the existing terminal by the service provider can help in saving your money.
If you’re planning on leasing out your terminal to reduce monthly costs, you need to be extremely careful. Long term contracts and extremely high cancellation fees may end up costing you much more than you can imagine.
Compare credit card company payment processing prices before you get a specific credit card company on board. Not all credit card companies offer the same payment processing prices. While some credit card companies may have higher processing costs, others may offer a more affordable and budget friendly cost.
When deciding which credit card company to get on board, make sure that you discuss the waiver of cancellation fees. Credit card companies end up charging you a decent chunk of money for cancelled transactions. You need to strike a deal with the credit card company and make sure that they don’t charge you any money for cancelled transactions.
Any merchant or online seller is well aware of the payment processing cost that he has to bear in order to accept credit card payments from customers and buyers. Typically any credit card processing fee snatches away almost 2% of the total sales value of the merchant. This fee often differs from one credit card Company to another. For a merchant who is selling products with limited profit margins, giving away 2% of the sales value can prove to be costly. While there are a lot of ways to tackle this menace of payment processing fees, a lot of merchants are still oblivious to the payment processing amount of money that they end up shelling out to the credit card companies.
If you’re one such merchant who’s successfully running an online store, or even just running a regular store that accepts credit cards for payments, you need to understand and be aware of the number of funds you’re giving away annually towards payment processing fees. Once you realize and are made aware of the amount of your hard earned money that is being given away to credit card companies, you will probably want to do everything in your power to reduce the payment processing costs that you’re paying.
One thing that is recommended to every merchant who accepts debit and credit cards as payment is that he should keep a proper record of all the processing costs that he ends up paying. Don’t just go about paying payment process costs blindly without getting educated on the matter. There are countless ways that one can actually tackle and reduce the payment process costs that they are paying. Find credit card companies that charge lower payment processing fees. Always keep in mind that the profit you make from your sales is your hard earned money and you should do everything you possibly can in saving a large chunk of it.
When you signed up for card processing service for your company, you might have thought the only benefit was being able to process card payments. Actually, there are a lot more advantages than that.
There’s no doubt that card processing is vital for modern business. Customers do want to be able to charge their purchases.
What are the advantages of card processing? Almost all consumers nowadays prefer to pay with a card for convenience. Whether your customer selects to purchase from the internet or personally visits your store location, providing them with money or card payment options will surely give you the edge over your competitors. Just imagine how much sales you may lose if you only accept cash payment.
If you are a wholesale supplier, accepting card payment from business-to-business clients is also advantageous especially as more and smaller enterprise entrepreneurs nowadays use business credit to make corporate credit history.
Why Should You Hire a Card Processing Service? Card Processing services in UK offers merchants a bunch of value advantages for their merchant accounts. Choosing a well-known and experienced card processing service provider can be very beneficial to your corporation. The biggest advantage of hiring card processing company to manage payments is the freedom it allows you to focus completely on expanding your company.
You need to explore the different services offered by card processing firms. Find one that’s right for your business today.
Website Integration: Direct Post/ API / All Shopping Carts Compatible
Mobile Solutions: Process with Your IPhone/IPad or Android Device
Simplicity: We make it easy and simple to process transactions
Important Note: We generally have a service provider answer for almost every sort of enterprise which includes each low and the highest hazard merchants. There are No Application Fees. It is a hundred% unfastened to use and be approved! This is because the credit card processing enterprise is a low margin, high quantity enterprise whose primary worry is the threat of chargeback’s. Certain categories of groups have a historically high chargeback fee, and due to the fact credit score card processing is one of these low margin enterprise, service provider account companies are forced to color with a large brush, and normally deal with any enterprise in a “excessive danger enterprise” as high-danger, irrespective of the man or woman agencies real chargeback or regulatory hazard. Consequently, in case you’ve already implemented for a service provider account in your enterprise that operates in an excessive-hazard category, it’s quite in all likelihood which you’ve been rejected by using a conventional low hazard credit card processing corporation. Thankfully, but, there are some correct corporations specializing in excessive danger merchant bills.
Domestic and Offshore Options
It works with a number of sponsor banks that offer each domestic and offshore excessive threat service provider accounts. Our companions and sponsor banks can offer your enterprise with high danger merchant offerings for domestic and international companies. If you’re searching out an excessive high risk merchant account, the primary component you’ll notice is that there are considerably fewer alternatives and that those options range from slightly luxurious to very high priced. If you’d want to higher recognize your options touch us thru electronic mail we today for an unfastened consultation to speak about your high-quality alternatives for setting up a merchant account for your high-risk enterprise. We’ll discuss the subsequent:
The word Pay by selfie is hitting the commercial global markets. The FIDO Alliance and card issuer consortium EMVCo have decided to bring into line their efforts to produce a new mobile payment specification. Selfie pay is totally new and innovative method for customers and merchants to pay and accept payments by verifying the identity when making transaction online with no spamming and fraud.
This allows card holders to verify the identity by using biometrics through selfie scan and finger prints – at the end the user require taking selfie. The only aim to develop a way to use secure nature of password. The update will introduced in certain countries the UK, Germany, Spain, Belgium and Sweden, following a series of successful trials in the US, Netherlands and Canada.
Finextra reports that the trial in the Netherlands proved very popular with 750 ABN Amro secure credit card users taking part. Over three-quarters of those involved stated that they would continue using a fingerprint scan or a selfie to purchase items. While nine out of 10 said they would replace their password with this new technology.
According to Mastercard nine of out ten people it tested in its Dutch pilot said they would like to replace their password with biometric identification definitively, while 75% of users said they are convinced that biometric payments will decrease fraud.