Ecommerce: How to accept credit cards on your site
So you want accept credit card payments in your online store
Accepting credit card in your web store can increase sales. However many new internet store owners are baffled by the choices and don't know how to get started.
Realtime online credit card processing
Customer submits the payment information and payment is processed right away. Advantage: Payment is processed right away. Disadvantage: Costs could be higher.Collect credit card information and process by hand.
Merchant collects the credit card info in a secure form then needs to submit it manually to the credit card processor. Advantage: Costs could be lower, Disadvantage: time spent processing orders is a real drag.
With either method, you will need a secure web space for customers to securely enter their payment information. Then you need a link to get the pament info either to you, if processing by hand or the credit card processing service which handles the actual credit card transaction.
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Realtime online credit card processing. It is not difficult to set up and easy to use once it is set up.
2 Types of Online Credit Card Processing Options
All-in-one online payment service:
Examples: PayPal, 2CheckOut.
Set up is easy and inexpensive. Typically, the only fees you'll pay are a small fee plus precentage for each transaction your customers make and, in some cases, an initial set up fee. When a transaction has been processed you and your customer are each notified by e-mail.
Because these all-in-one services use their own accounts to process customer credit card data, you do not need to have a merchant account of your own.
The service also provides a secure interface for clients to enter their personal data so you do not need to purchase and host your own secure server certificate.
You'll have a secure interface for yourself to view a record of all transactions on your account. You can arrange to have the proceeds of your transactions deposited into a bank account of your choice.
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The all-in-one payment service is often the best choice for businesses just starting out or those with low volume. It is the least expensive for both set up and month-to-month operating costs are much lower.
Merchant Account
A Merchant Account is a bank account established specifically to process credit card transactions. The advantage over all-in-one payment services is that the per transaction fees are often substantially lower.
However, a Merchant account will usually have a significant application fee and a set-up fee, plus a minumum monthly fee and/or per transaction costs. It may take a month or more to set up your account. Unless your gross sales are over $1000/month, a merchant account may not be the most cost effective solution for you.
You must apply for a Merchant Account. Depending on your credit history, you may or may not be approved. You'll need to estimate your business volume — how large each transaction will be, and how many transactions you expect to have per month.
When shopping for a merchant accounts, start with your bank first. They already know you and may offer you a good solution. Check with other providers, too, to get an idea of the range of costs and features available.
Be sure to specify that you want an Internet Merchant Account. Ask about upfront and recurring fees. You'll also want to make sure that the catalog or shopping cart you want to use is compatible your merchant account provider's payment gateway.
You may also need to purchase a secure server certificate to install your site if your payment gateway does not provide a secure server for you to use.
Want more information?
See related article: Undertanding your Online Store
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