Cash is still a well-liked manner of exchange, but it no longer enjoys the reign it once did. In its place are more convenient payment options such as credit and debit cards. In fact, roughly 80% of U.S. consumers prefer using plastic over cash.
So if you don’t already accept credit cards online, you’re likely leaving money on the table.
Getting started isn’t automatic, however. Below are some of the observations to factor in as you begin investigating what you need to accept credit card online.
1. Payment Security
Although credit cards are both fast and convenient, they are also susceptible to mishandling. Every year, criminals rack up an estimated $16 billion in fraudulent charges. By 2020, that figure could grow to $35 billion.
Therefore you want a payment processor that specializes in PCI-compliant data security. Preferably, it should offer other fraud prevention tools to help preserve your customers’ sensitive credit card information.
2. Processing Fees
All credit card transactions carry fees. They’re just the cost of doing business. However, not every fee is required. For example:
- As an online merchant, you don’t need to lease a POS terminal.
- As a brick-and-mortar retailer, you don’t really need a payment gateway.
3. Benefits & Perks
Some fees are preventable, but others may be worth paying extra. For example:
- Payment integration can minimize time spent balancing books or revising CRM records.
- Advanced fraud protection tools can help reduce your exposure to identity theft and cyber-crime.
Which Credit Card Processor Is Right for You?
Every merchant’s payment needs are unique, so it’s worth shopping around for credit card processing solutions that fulfill your business requirements. With so many options out there, making apple-to-apple comparisons can be pretty challenging.
- How do you know you’re getting the best probable deal?
- What add-on are worth eliminating or incorporating?
- How can you tell whether a processor is right for you?
To answer these questions (and many more), be sure to read this checklist created by BluePay, a payment processing company. This resource walks you through the most important contemplation’s as you begin exploring what you need to accept credit cards online.
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Author bio: Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm. She has more than 20 years of experience in the bankcard industry in direct sales, sales management and marketing. Follow her on Twitter at @BluePay_CMO.