Accepting Credit Cards Through A Website
For those of you who are unfamiliar with how an internet merchant account actually works, I thought I would provide a short explanation of what is involved in accepting credit cards through a website.
An internet merchant account is an important component of a functioning business website. Without a merchant account, your options to accept payment from your customers are extremely limited and will have an adverse effect on sales. However, selecting a service can be a headache. A quick search online turns up thousands of results for “merchant account.” With all that, how can you know which credit card processing company to choose? Knowing how merchant accounts and online processing work can help you make an informed decision.
There are actually two components to accepting credit cards though your website. The first is the merchant account, which is really just an account with a bank or other financial institution. Most local banks don’t provide this service, due to the risk of credit card fraud. Because of this, it’s usually necessary to use a specialty provider of accounts for the Internet.
The second component you’ll need is a payment gateway. While the internet merchant account allows you to accept payments, the gateway is what actually transmits the customer’s order. It permits you to accept the customer’s actual billing information and do all the validation that’s required to avoid fraud.
To make sure things go smoothly, ask any prospective internet merchant account provider about compatibility between your shopping cart and the payment gateway. Not all of these are easily compatible, which can cause problems or delay. Also look for AVS, or Address Verification System, protection. This verifies the billing address with the owner of the credit card. You should also ensure that your prospective merchant account provider has adequate security precautions in place.
In the second part of this article, we’ll go through the process of what actually happens when a customer orders a product or service from your website.
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Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
Why do businesses choose to work with The Transaction Group?
- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
- We offer a FREE rate analysis to every business. In most cases, we can save a business up to 25% on existing rates and fees. But if we can’t beat a customer’s rate, we’re upfront from the start. We don’t waste the customer’s time.
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- We don’t believe in one-size-fits-all.We provide solutions based on the specific requirements of each and every business. What’s best for one small business may not work for another.
- We have a fast & easy setup process. In most cases, we offer a fast and easy approval and set up. While some high risk businesses can have longer underwriting times, we keep the customer informed throughout the process and work for fast approvals.
- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.
