Tips to Choose the Right Payment Processor for Your Online Business
eCommerce storefronts and retail outlets have tremendous business prospect. Thus, it is the right time to launch such virtual business outlets across the web. But, it is important to remember, ecommerce is not just a bandwagon to success. You’ve do considerable spadework if you want your eCommerce store achieve succes. Moreover, you also need to get even with various technical terms and their meanings before launching your online business.
You must’ve heard everyone around saying how very crucial the payment processor is for small businesses. But, do you know what the importance is? Even before knowing the importance, it is crucial to understand the difference between a merchant account and a payment processor.
Merchant account vs. Payment processor
- Merchant account/Payment gateway: A merchant account is also known as a payment gateway. It is the bank account of a businessman or a retailer that permits payment from customers, either through credit or debit cards. A payment gateway or a merchant account securely authorises eCommerce monetary transactions or payments from the customers on behalf of a retailer’s website. These accounts are usually capable to accept payments in various forms and basically, act as the gateway between a merchant and the actual electronic payment processor.
- Payment processor: First, a transaction has to be accepted at the retail business’ end. Then, it has to pass through a verified payment processor. A payment processor for a website transmits data in between a merchant, his bank, a consumer’s card and his bank.
Choosing the right payment processor is important for any online business. Now, how do you choose the right one from a long and cluttered list? Here’re some effective tips to cater to this aspect.
Tips to choose the right payment processor:
- Make sure that you payment processor is PCI compliance: Payment gateways store sensitive information for the time being, like a customer’s credit card details, while processing a payment. eCommerce business-owners need to choose an accredited processing partner in accordance to the industry compliances.
- Software compatibility: Make sure that the chosen payment processor has smooth software compatibility to make the overall operation ceaseless and hassle-free.
- Prevention of fraud: In lieu of the latest happenings related to fraud in payment gateway integration, it is important to choose a payment processor that emphasises on information protection and security. There’re fraud-preventing payment gateways that use automated tools to not only prevent credit card frauds but also to recognise and stop transactions that are suspicious.
Follow these tactics and you’ll experience smooth, ceaseless payment processing in your online business. For more information visit our website: http://www.indujitechnologies.com/payment-gateway-integration