I'm sure you've heard the phrase: "If you don't accept credit card payments you're losing 80% of your potential sales ! ".
I wish to accept credit cards for my online business but I'm just a freshie to online business, I can't afford to pay hundreds or thousands for a merchant account...
This is where the 3rd Party Payment Processors come into 'rescue' ...
If you plan to do any kind of business online you need a reliable service to handle both your credit card and online payments. In order to process payments with credit cards, payment gateways are required for these transactions to go through the system. This process allows information to be transmitted from the cardholder to a clearinghouse, which acts as a communicator between the two, telling the cardholder whether the proposed purchase is approved or declined and sometimes other important information.
So what do we look for?
Here are the 5 best things to keep in mind when choosing a payment processor service for your website:
1. Merchants acceptance.
Some payment processing companies accept clients only from the US. Others have list of specific countries from which they accepts customers. Yet others accept clients from all over the world with no restriction on region.
2. What are the fees they charge you ?
Initial Setup Fee, Monthly or Annual Fee, Per Transaction Fee or any other hidden fees involved ?
3. What is the payment frequency ? Is it every week or two? A month or longer? How long will it takes to get your money ? Is there a delay in making your payment to you ?
The payment frequency for all companies is also different. Some pay as soon as the customer makes the payment (very rare), others may make weekly, bi monthly or monthly payments to their clients. Some may hold your funds for 2-3 weeks or even 1 month to prevent chargebacks. Ideally you want a service that will let you wire your money directly to your account or at least pay you quickly.
4. What is the payment method ? Or, how will the payment processor pays you ?
Different payment processing companies have different methods of transferring payments to its clients, and charge varying fees for this service. You can get a check mailed to you, or you can request an ACH transfer to your bank. If you are international client, some companies will also arrange for an international wire transfer. Some may allow you to have a Master or Visa prepaid/debit card, so you can withdraw your funds from any ATM machines worldwide.
5. Customer Service.
It is essential for a payment processing company to respond promptly to inquiries and to be customer friendly and reliable. The company should preferably have a reliable support system in place and respond to enquiries within 24 hours.
Review the service terms of your payment processing company carefully to ensure that you are getting a good deal and would have no problems in the future.
Are you willing to spend months wading through hundreds or thousands of 3rd Party Payment Processors out there to just get one which suits you the most ?
Or by paying us a small fee to have us recommend & perhaps set up one for you according to your needs, save you tons of time & money ?
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3rd Party Payment Processors