Online sales are one of the best ways to ensure your business will be successful. Digital is king. There’s no limit to online growth, and being able to accept online payments is a must. While some merchants may be hesitant to invest in online shopping due to security and fraud concerns, it is important to recognize trends before you get left behind. Having the best credit card payment service and payment processor is crucial to meeting your sales needs. Sekure Payment Experts can help you streamline online payments.
Another evolution is the emerging digital payment services. From mobile wallets to the buy now pay later model, merchant services in the online payment sector continue to give consumers options that work best for them.
Online consumer spending is continuing to soar. One reason for the growth has been the COVID-19 pandemic which has altered how many businesses operate. Another part of the exponential growth stems from the constant evolution of only sales that makes it easier and easier for consumers to gain knowledge and access to products. Take video shopping as an example. According to Forbes, “the average person spends an estimated 100 minutes watching online videos per day.” With so many consumers engaging with videos using video shopping, using video content to promote and bring brands to life will be a trend moving forward.
Factors to keep in mind before accepting online credit card payments
There are a few key points to remember before selecting the best merchant service for online credit card payments. Of course, provider fees and contract terms need to be kept in mind, but you should assess how you will sell products.
1. Ensure your website is ready to sell products and services. If your website isn’t quite ready to manage sales, consider hiring someone to create or manage your website.
2. Take time to create a budget. Be prepared for various expenses, including web developments and Merchant Processing Rates. Ensure you have a financial forecast in place.
3. Choose the service provider that meets your needs. There’s no such thing as a one-size-fits-all model when it comes to online payment processing. Choose a merchant service that fits your specific industry.
4. Prioritize security. A major element to consider when it comes to online payment processing. You’ll want a payment processor that is payment card industry (PCI) compliant.
Types of digital payment services
Once you’ve answered the initial questions, you’ll be ready to find a payment processor. According to BigCommerce.com, here are two types of payment processors to consider:
- Merchant account and payment gateway
- Payment Service Provider
Merchant Account and Payment Gateway: Businesses have the option to open a merchant account and then choose a payment gateway that will facilitate payment. A payment gateway is a third-party organization that connects merchants to customer bank accounts to make payments online using credit cards or debit cards.
Payment Service Provider: Payment service providers are third-party organizations that process debit and credit card transactions without requiring a merchant account. In fact, they combine a merchant account within their services. Well-known payment service providers include Stripe, Paypal, and Square.
Streamline online payment processing solutions
Sekure Payment Experts will ensure you understand credit card payment services and online payment processing. Choosing the right solution is vital in order for your business to grow. Luckily the payment experts at Sekure can help streamline the process. Give our experts a call to discover your options. We’re always happy to find the best solution to fit your needs.
