When your business decides to accept credit cards online, it is important to discover your options for online payment solutions. Online payment solutions allow businesses and consumers to exchange money electronically over the Internet. With an online payment solution, your business can receive payment from virtually any customer with an email account. Online payment solutions have recently become very popular with businesses and consumers.
Advantages of Online Payment Solutions
Online payment solutions can either replace or supplement your decision to accept credit and debit cards. Opening an online payment account is often faster and easier than setting up a merchant account (which is required to accept credit and debit card payments). Online payment accounts typically incur smaller fees than a traditional merchant account, which can have a big impact on businesses with many small transactions. From a customer-service perspective, it’s beneficial to have multiple payment options available. Online payment solutions are also user-friendly and can simplify the payment process by storing customer card information or billing customers at a later date.
Major providers of online payment services have developed features like two-factor authentication to help businesses enhance eCommerce security. Two-factor authentication requires businesses to enter a six-digit code in addition to their password, making third-party scams rare. As eCommerce becomes more popular, security features will continue to evolve. Be sure to look into merchant service providers who offer secure, PCI compliant online payment solutions.
Shopping Cart Services
Online payment solutions require a shopping cart integration. A shopping cart integration allows businesses to accept orders on multiple products from their website. A shopping cart can calculate the total, tax, and shipping costs of an order, in addition to collecting customer account and shipping information.
Some online payment solution providers offer free shopping cart integrations to businesses, just for processing online payments with them. Looking into an online payment solution will help your business, just from increasing customer satisfaction alone.