Choose the Right Merchant Processing For Your E-Commerce Site

All online stores need fast and reliable e-commerce payment processing in order to complete a customer’s order. It is often considered the most important part of an online retail store. Without good merchant processing, your business will end up losing customers and sales revenue. Choosing the right payment processor is therefore crucial for the success of your business.

The purpose of e-commerce payment processing is to collect payment from the customer for verification, and if accepted it will deduct the total amount of the order from the credit card and credit your business merchant account. It acts as an intermediary between your online store and the various financial institutions that are involved in the transaction. There are several important factors to look for when selecting a payment processor. Among the most important is its customer service. If you were to ever encounter credit card fraud or customers claiming not to have received their packages, the merchant processing customer service is the first line of defense. Good customer service is needed to ensure a quick and reasonable resolution. The rest comes down to price and a lot of what is written in fine print, they include:

  • Application fees
  • Setup fee
  • Monthly minimum
  • Transaction fees
  • Monthly fees
  • Terms of payment
  • Fraud management
  • Discount rates
  • Chargebacks

There are also two major types of e-commerce payment processing which your e-commerce solution should be able to offer. They are known as direct integration and third party e-commerce payment processing. Direct integration is the more common of the two, it seamlessly integrates your store checkout with the payment processor. The customer stays on your site the entire time that the payment is being processed. With third party merchant processing, the customer actually leaves your site to complete the order on the payment processor’s website and after the payment is accepted, he or she will be redirected back to your site.

There are different reasons for choosing one type of e-commerce payment processing over the other. For the most part, an established e-commerce business typically would use direct integration, because it seems more professional to have customers remain on your site, and it also allows for more growth. Third party merchant processing is more suitable for e-commerce businesses that are just starting out, have only a few products or sell e-goods exclusively. In this case, not a whole lot is required and it is the less expensive choice. Third party payment processors generally do not charge a monthly fee, therefore it is recommended for businesses that are just starting out and do not have a lot of capital.

An e-commerce solution must be able to work with all of the major payment processors. In addition, it should also use SSL for full protection of credit card data and be able to accept other forms of payment such as checks, money orders, purchase orders and CODs. The right merchant payment services [] with the right e-commerce solution is your winning combination.

Core Commerce is a full service all-in-one hosting, design, and marketing software made specifically for e-commerce businesses. You can set up your store in minutes, and with powerful tools to help with not only merchant processing, but also SEO, product marketing and mobile commerce, it’s no wonder why it has been rated one of the best e-commerce solutions. [] to try it absolutely free for as long as you need to, no credit card required!

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