Whether you own thousands of dollars or just a few
hundred-at least two hundred, and you are providing a service, it may be a good
idea for you to check into accepting payment online from your customers. This is a
type of merchant status and the first place for you to look to achieve that
status is the bank you do business with. Just because you may have been doing
business with them for a long time doesn't mean they will automatically give
you merchant status though, and if they turn you down, don't worry, you have
other options. You can try a couple of other banks or you can try other
companies that specialize in issuing accounts to online merchants. Do a Google
search and type in credit card processing, you will find many outfits looking
for businesses seeking merchant accounts. This will not be a cheap endeavour
either; start-up fees to accept payments online can amount to around $200 and
monthly processing fees of around $20 dollars.
While searching for your merchant account so you can accept
payments online, you should also realize that you are going to have to make
your customers feel safe while doing business with you online. Wherever you buy
your credit card processing should also supply you with a secure transaction
environment if they don't find one somewhere else before you start accepting
payments online. Despite what you may have heard about accepting payments
online, credit card payments are still one of the safest payment methods
available online. There are many fraud-prevention tools out there so check them
out and get one that will suit your needs. You can also protect yourself by
using the card validation code 2 {CVC2} and the card verification value {CVV2}
verification systems of MasterCard and Visa, respectively. These verification
services use the three-digit codes printed on all MasterCard and Visa cards to
help you determine whether your customers are using legitimate cards. Also, you
may want to ask prospective processors about the costs of storefront solutions
that you should have to make your website a success, things like shopping
carts, Web hosting, online payment gateways, virtual checks, customer tracking,
databases for your orders, and a way to calculate tax and shipping charges.
These are all the things you need for a successful Web site business.
Shop around for a credit card processor that best suits your
needs. Talk to several different processors and don't be afraid to ask
questions. Find out about:
The discount rate: The percentage of each
transaction paid to the merchant account provider. If your monthly charges are
less than a certain volume, the processor may charge a higher percentage. Just
make sure you read all the fine print before you start doing business with the
services you need to run your own business. You want your customers to feel
secure in all aspects of doing business with you, so they will keep buying your
products and you can accept payments online.
Comments