The explosive growth of eCommerce presents immense opportunities for an existing brick-and-mortar company, as well as online stores with no physical presence. Therefore, as internet access and digital solutions expand across the globe, entrepreneurs have gained access to millions of potential customers making eCommerce payment processing is now considered an essential part of their business.
Statista reports an estimated 1.92 billion people purchased goods or services online in 2019. However, some of these successful entrepreneurs are finding that one of their biggest challenges is accepting e-payments in a safe and secure fashion on their site.
Here is where the important choice of an eCommerce merchant account provider comes in. Read on to learn why online businesses turn to merchant accounts for credit card processing payments and what to look for in merchant accounts for eCommerce.
An eCommerce merchant refers to a business that sells its goods or services online. To do this, they require a method to receive online payments.
Similar to a point-of-sale (POS) solution found in a brick-and-mortar business, an eCommerce payment processing platform enables an online business to accept credit cards, debit cards, and sometimes Automated Clearing House (ACH) payments online.
eCommerce merchants accept these online payment gateways through a merchant account which they obtain from a merchant services provider.
Customers place their order via shopping carts, make a secure payment via credit or debit cards, then the funds are transferred into the merchant account. From there, payments are deposited into the merchant’s bank account in one to two business days.
A company without an online presence is missing out on an incredible income stream. Global retail eCommerce sales surpassed $3.5 trillion in 2019.
Fortunately, developing eCommerce businesses is relatively simple. All you need is a website, Secure Sockets Layer (SSL) certificate, shopping cart, payment gateway, and an eCommerce merchant account.
In today’s economy, businesses without an online presence are missing out on a growing market that is estimated to take over traditional in-store sales. By 2040, a projected 95% of all sales are expected to be online.
Those that have a store know all too well that getting customers to the site is only the first half of a lengthy equation. From there they need to fill their shopping cart and then pay for the purchased items. Unfortunately, the average cart abandonment rate is almost 70%.
Without the right payment gateway, consumers simply won’t buy.
Some eCommerce sites concerned with eCommerce payment processing fees or those turned down by low-risk merchant account service providers are turning to PayPal. Unfortunately, this payment method is not available in all countries, nor do all customers want to use this method.
One survey found that 56% of shoppers wanted more than one payment gateway when doing their shopping online.
Security is becoming increasingly important to eCommerce shoppers. A recent survey conducted by Sapio Research found that online shoppers’ major concern was security and fraud protection. In fact, 56% of those interviewed reported fraud protection as more important than privacy.
eCommerce merchants need to make sure their eCommerce credit card processor uses secure detection systems to stop theft and protect consumers.
eCommerce merchant accounts provide the solutions needed by online stores. From providing multiple secure payment options to creating a seamless shopping experience that drives sales, merchant services are the answer to many of the challenges faced by an online company.
But all eCommerce merchant account providers are not created equal. Make sure the one you choose has the following.
Merchants consider their payment service provider a partner. That’s how crucial this business is to the success of eCommerce platforms. The following are services the best-in-class provide.
This is, of course, the number one reason online merchants turn to merchant account providers. Unfortunately, eCommerce companies can be considered high risk when it comes to obtaining a merchant account.
This is due to a number of reasons including an increase in chargebacks and the reduced security inherent in online purchases.
If you’ve been classified as high risk and turned down by service providers, there are merchant accounts for eCommerce that provide services to high-risk merchants. Payment processing is essential to the success of your eCommerce business to give up on a payment processing solution.
Encrypted payments are mandatory in today’s fraudulent world, and customers demand them. If shoppers don’t feel you have a secure payment gateway, they will abandon their carts.
Make sure your merchant account partner uses SSL, a cryptographic protocol that provides security for eCommerce payment solutions.
If you operate in-store as well as online, it’s important to note that there are some eCommerce merchants that work with POS systems.
Easy-to-use software and payment processing make all the difference when it comes to tracking payments and issuing refunds.
What’s just as important these days is the data that drives decisions. Being able to track an online payment and obtain payment analytics helps you keep track of your consumers.
Knowing which credit and debit cards processing solutions your customers prefer and which ones present difficulties can allow you or your IT department to make necessary changes. The result is more conversions and fewer abandoned shopping carts.
You’ve got your customer’s interest and now they’ve taken action, placing multiple items in their shopping cart. When half of those come back abandoned, you know you have some work to do.
According to 85% of retailers, a poor payment experience is the main reason for the high volume of lost sales.
Streamlined service for eCommerce payments involves an easy checkout process, keeping consumers on your site, and providing excellent customer service rather than directing them to a third-party for processing.
At High Risk Pay, our payment gateways connect high-risk merchants to payment networks. We ensure multiple payment methods in addition to credit card transactions using Visa, Mastercard, and American Express.
Our payment process leads to easy transactions and full service that will let your customers know the information they give about their credit card payments is secure.
To discuss your payment gateway providers’ needs, contact us at High Risk Pay today!