The Ideal Website Merchant Account – All In One Merchant Services
Is your current retail business approach limiting your growth? Does your business need a tweak? In today’s competitive world, every business needs change, and changes are the opportunity to thrive. A wise businessman is one who adapts the change to empower the business. Let your retail shop go online and expand your geographical reach. Doing an online business opens the door to many opportunities. To let your website open 24×7 and your customer can pay you online, all a merchant need is a payment processing solution. It helps the business to accept credit/debit cards payment online. For your eCommerce Website, Merchant Account Providers is the entity or financial institution who help you with online payment processing solution. Online business is a pool of opportunity waiting for you. In a report, it is anticipated that Online sales will reach $645 billion in 2020.
We at Quadrapay help merchants from retail to online eCommerce store with top-rated merchant services for progressive merchants! In this article, we will discuss what merchant services you will require for your eCommerce store to accept payments worldwide.
What Services Are Offered By Merchant Account Providers For Online Website?
If you are an eCommerce business going to set-up your online store, then you must be aware of merchant services required by your online business. The merchant account provides or payment processors help business with all the hardware or software need to streamline their payment processing.
- Payment Gateway: If you want to accept payments online, then there should be a software service between your website and processor that streamline the flow of information between them and the next link in the chain involved in payment processing. In easy words, a payment gateway is a technology or software service which integrates with your eCommerce website. It captures the credit card information or data and encrypts it. The encrypted information flows from the merchant’s site to the payment processor. The processor acts as a direct connection to the card network and the issuing bank and collects the information whether the transaction gets approved or declined. It sends the transaction back to the payment gateway, and the customer gets notified about the transaction. And hence the money gets deducted from the customer bank account and settled into the merchant account. Thus a payment gateway streamlines the transactional data and authorizes the transaction.
- Merchant Account: Where all the funds go after receiving from your customer? Does it directly go into the merchant’s business bank account? No, the funds collected go to Merchant Account for a certain time period usually 2-3 days. A merchant account is a holding account provided by the merchant account provider or payment processor. An online merchant account is a special type of bank account, but unlike traditional account, merchants have no control over the merchant account. It means a merchant can not deposit or withdraw money from it under its own will.
- Virtual Terminal: A virtual terminal is an additional service provided by the merchant account provider on demand. It helps the online business owner to accept payments over the phone call or via mail or fax. The virtual terminal is also known as Mail Order Telephone Order. If your business also requires to take payment over the phone, then a virtual terminal solution is the best for you. With Virtual Terminal, a merchant can process credit/debit card as well as eCheck and ACH. It can be used for both ‘card-present’ transaction and card-not-present transaction. For the card-present purchase, you will need a card terminal to process the cards.
How To Ease Your Online Payment Process?
To convert your leads into conversion, you must make the online payment processing easy and convenient. If you want to increase the sales and avoid customer distraction, follow the quick guide.
- Diversified Payment Options: It is better to have more payment options to choose from. Your customers like to pay via the options they love. Only credit card payments are not enough; accepting payments via eCheck, ACH, Online banking, e-wallets, mobile payments are also crucial. It’s not possible to have each and every payment solutions, because there are hundreds or thousands of payment instrument worldwide. Adopt the payment solutions that are m at your target locations. Let’s say, most of the customers are from the USA, then eCheck and ACH can be a good option for you to target the USA’s.
- Don’t Redirect Your Customers: There are payment gateways that redirect your customer from your site to another while checkout. As the checkout page is external to your site, you cant have full control over your customer experience. Some of the customers quit the final checkout process, just because they get redirected to another website, and they feel insecure.
- Don’t Ask Too Much Information While Checkout: The thing that kills the most to the customers is to fill a long-form. Always ask the information that is necessary to process the transaction.
With these quick tips in mind, a merchant can really bring a significant change. Apply today with Quadrapay to get a diversified payment solution as per your business needs. We will help you to get one of the best merchant services for your eCommerce website.
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Happy Processing !!!