How To Accept Credit Card Payment Online
Not accepting credit card payments online can break your business
. This is a proven fact.Nowadays, the majority of transactions online are made through credit cards. This is why accepting credit card payments are one way of guaranteeing your online business success. Although people will still purchase what you are offering even if you do not accept credit card payments, closing a sale with credit card acceptance is much more easy.
Now that you know the importance of credit card payments online, you may want to understand the intricacies of these kinds of payment.
How does the process work?
First and foremost, you need to have a merchant account. This is not any ordinary merchant account. For online businesses, it is called an Internet merchant account. For those who do not have one, you can still accept credit card payments through special banking accounts that entitle you to process payments from customers.
Credit card payment is basically a process of transferring funds from the customers cards to your bank account.
When customers decide to buy from your site, they need to enter credit card details into a secure order form that is on a secure server. What follows is a series of validation and verification of the card information for fraud avoidance purposes.
The information will then be forwarded to a payment gateway. An example is MasterCard or Visa. This gateway will be the one transferring card details to the processor for you to get paid.
The transaction will be confirmed or declined based upon the card status. Important things like if the card was stolen, credit limit and available funds are considered before the transaction is finalised. The results will be forwarded to you.
After that, the customer will be led to the page where they will be assisted in downloading the product or service they have paid for. Transaction is completed at this stage.
But before you begin accepting credit card payments online, there are a few things you have to consider first. These are important things that you should know and understand beforehand.
What are these?
1. Merchant account application.
This can be done through companies that are offering payment-processing services. They are the merchant services providers. You can get hold of them through your local bank.
Take note that banks and financial institutions of good standing and reputation are very selective of the merchant account they give out. You will not be able to open your own if you are just a beginner in the online business or if your business is small.
The process of setting up an account is not that easy also. It can get expensive and too complicated also. For this reason, there are companies offering service packages that you can avail for easy processing.
For small businesses, you do not really need to have a merchant account to be able to accept credit card payments online. You can opt to get the services of third party processors to do the job for you. Even if the percentages are high, this is the best option for those who are just starting.
2. The issue of security.
Make sure that your order form is secure. Some people are wary of giving out credit card details because they think these things are not reliable. Erase their doubts by placing order forms on a secure server.
In a secure server, credit card details are sent in encrypted texts. A SSS encryption should be set up to avoid unauthorised decoding of the information given.
When the customers are aware of your secured server, they will be more than willing to use their credit cards and give details about them.
3. Refund capabilities.
Apparently, you cannot please everyone. There will be customers who will not be too happy about what they bought and will probably want a refund from you. No matter how good your products are, expect to receive some refund requests sooner or later.
Set up a refund plan. Decide on how you will be able to return the money to unsatisfied customers. You have three choices; you can do it yourself, an employee can do it for you or have a company go through the hassle.
To start accepting credit card payments online, understand these basic things and you are on your way to closing a sale.
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