It is now widely known that ecommerce is one of the fastest growing channels of new revenue growth for businesses. Selling online presents opportunities for businesses to connect with new customers that were previously unreachable and allows them to do so spending less.
One of the most important factors that a business needs to consider when accepting payments online is choosing their payment processing vendor. Businesses will need two things to accept online payments: a merchant account and an online payment gateway.
There is no shortage of providers in the industry so the trick is picking the right one for your business. One of the most critical things to consider is the secure handling, processing and storage of credit card data. This is important for two reasons: first, because data breaches are on the rise and the consequences of getting breached can be substantial. Second, every business, regardless of size, must be PCI Compliant, which is the industry standard for credit card data security. This process can take months and depending on the business environment, can cost thousands to hundreds of thousands to achieve compliance.
Online businesses can benefit by choosing to work with online payment providers that eliminate the handling, processing and storage of credit card data without changing the user experience and providing the merchant with full control over using the credit card data.
With this type of solution, a business never has any sensitive data passing through their environment so that nothing is present to be stolen if they're breached. Secondly, if no credit card data enters the business environment, the scope of PCI Compliance is greatly reduced which can allow a business to become compliant by spending 10% of the time and money.
In addition to credit card data security and PCI Compliance, a good online payments partner will be competitive in pricing and be able to bundle both the merchant account and payment gateway. There are quite a few challenges trying to buy services from multiple vendors.
Finally, it is essential that the partner you choose provide exceptional integration and ongoing support in your business endeavors. Getting signed up and then getting an 800 number for customer support and tech support is not sufficient. The best online payment processing providers will provide expert consulting and advice to help online businesses succeed.
With the rapid growth and changing of the way that people do business on the Internet, one of the biggest decisions an online merchant has to make is deciding which on-line payment company is going to best suit your needs.
First, you may ask yourself why you would need to use a 3rd party payment processor. The answer is simple: outsourcing your payment processing is the simplest and easiest way for a merchant to ensure the safety and security of your customers, and your business. In this article, we will be covering the basics of what you need to know as you are researching your payment processing options and the things to keep in the back of your mind when trying to choose.
One of the first things that you should always pay attention to when researching any partnership with an on-line payment processing company, is their knowledge and experience in the industry. There are many 3rd party payment processors who are simply resellers and compete mainly on price. They lack the expertise it takes to solve the issues you face processing payments. Take a look at who runs the company and their background, as well as the products and services they offer.
A hot issue right now for online merchants is PCI Compliance. The Payment Card Industry (PCI) had mandated a set of requirements to protect your customer’s credit card information. A good outsourced payments provider while have solid expertise in this area. Tackling PCI Compliance in house is risky, as there are over 200 controls to implement, and the process can drag on for months.
Furthermore, if the data is breached, you can face stiff fines. Anytime you can place the burden of data security on a 3rd party, it’s a good idea, because it frees up time for you to run your core business, and takes liability out of your hands. Experts in PCI Compliance have solutions that enable you to reach compliance in as little as 60 days. Additionally, your payment processor should offer fraud and risk management services, the ability to process payments in multiple currencies, and echeck and ACH transactions.
Lastly, you want long term solutions from your 3rd party payment processor, and great customer service. For the long term, look for online payment solutions that can be customized to suit your needs, and can adapt to new technology. Threats to data security are constantly evolving, so it’s important that the payment processor continually update their systems. Additionally, you are going to want to make sure that they have a great customer service department that offers a comprehensive range of practical and technical expertise.
Knowing you have the backing of a good partnership with your payment processor, and the feeling of security that both you and your clients are protected, makes outsourcing payment processing one the smartest moves you can make as an online merchant.
0 comments:
Post a Comment