Why Online Sellers Need Card Processing?
In this technology age card processing is a must have for online sellers and merchants as buyers opt to pay with their debit or credits cards. Accepting card payments allows companies to cater to customer preferences and provide a convenient and widely accepted method of payment. Also, by accepting card payments, companies can tap into a larger customer base.
In addition, card processing enables companies to accept payments from customers around the world. International customers can use their cards to make purchases, which facilitates cross-border transactions and expands a company's reach to a global audience.
Moreover, card processing services often offer integrations with other business systems such as point-of-sale (POS) systems, inventory management, and accounting software. This integration allows for smoother operations, automated reporting, and improved overall efficiency.
How To Set Up Card Processing For Online Business?
There are several steps required before any online business can start accepting card payments.
First and foremost, your business should have a bank account that will be able to receive settlements from card processing company. You may find a full guide on opening a bank account here.
Secondly, you will have to choose a payment gateway or card processing company, that will enable you to collect payments from your customers. There are plenty of processing companies available and we collaborate with a few best, get in touch with us and we will share a list based on your business profile and jurisdiction.
A few key features to consider when selecting a Payment Gateway or Card Processing company:
Payment Methods: Determine which payment methods the processing company supports. In addition to credit and debit cards, consider whether they support alternative payment methods such as digital wallets (e.g., Apple Pay, Google Pay), bank transfers, or cryptocurrencies. It's important to align the available payment methods with your target market and customer preferences.
Integration: Look for compatibility with your e-commerce platform, point-of-sale (POS) system, or any other relevant software systems you use for your business.
Security: Consider the security measures implemented by the processing company, such as encryption, tokenization, fraud detection, and compliance with industry standards like the Payment Card Industry Data Security Standard (PCI DSS).
Pricing: Understand the transaction fees, monthly fees, setup fees, chargeback fees, and any other costs involved.
Customer support: Reliable and responsive customer support is crucial when dealing with payment processing issues or inquiries.
Analytics: Look for features that provide detailed transaction records, sales reports, reconciliation tools, and insights into customer behaviour.
Scalability: Consider factors such as the ability to handle increased transaction volumes, support for multiple locations or online stores, and flexibility to adapt to changing business needs.
Once you have selected on or a few payment processors, next step is to open and account with them. This will involve a standard due diligence procedure, where payment partner will need to collect information from you such as company documents, bank account information, line of business and similar.
Once the above is done, integration will begin. Integration of the payment gateway into your online store or website should be straight forward. Most payment gateway providers offer integration options such as APIs (Application Programming Interfaces) or plugins for popular e-commerce platforms like Shopify, WooCommerce, Magento, or custom-built websites. Follow the integration instructions provided by the payment gateway provider to set up the necessary code or plugins.
Once integration is completed, you will need to set-up payment settings within your payment gateway account. This includes specifying the currencies you wish to accept, configuring tax and shipping settings, and customizing the appearance of the payment page to match your brand.
Testing. Before going live with a new payment partner, it's important to test the payment processing functionality to ensure everything is working correctly.
Moreover, do not forget to familiarize yourself with the legal and regulatory requirements related to online payments, such as consumer data protection, privacy laws, and any industry-specific regulations. Ensure that your business operations align with these requirements to maintain compliance.
And lastly, we would like to advise to regularly monitor your payment processing system to ensure it is functioning properly and to address any issues promptly. Stay updated with the latest security patches and updates provided by your payment gateway provider to maintain a secure payment environment.
In today's digital landscape, selecting the right payment processing company is vital for the success of any business operating online. With numerous options available, considering key features becomes essential to ensure a seamless payment experience for customers while meeting the specific needs of your business.
If you would like to get some help while selecting a card processing company or opening a merchant bank account, do not hesitate to get in touch with us.