A store accepting credit card payments online would be the obvious favorite for buyers due to the flexibility for purchasing. However, an online store owner would have doubts before setting up credit card payments. The security concerns associated with online charges and transaction fees create apprehensions regarding adopting credit card payments. Let us learn about the advantages of credit card payments for online stores and how to set them up on your online store.
How To Set Up Your Online Store To Accept Credit Card Payments?
The first thing you would need for setting up credit card payments in your store would be a payment processor. You can accept credit card payments online by using one of the three distinct payment processors such as:
Merchant account and payment gateway
The merchant account and payment gateway combo have served as a traditional method to accept credit cards online for stores. Some notable providers in this category include eWay, SecureNet, and Authorize.Net.
The all-in-one solutions offer a combination of merchant accounts and a payment gateway for credit card payments in a store. One of the most notable examples of all-in-one solutions in payment processors refers to the PayPal Commerce Platform.
What Are The Benefits Of Accepting Credit Card Payments Online?
Selecting a payment processor can help you set up credit card payments for your online store. What do you have to gain from such a move? Here are some benefits of setting up online credit card payments in your store.
A Broader Consumer Base
There are many benefits to accepting credit card payments online. Perhaps the most obvious benefit is that it allows you to reach a broader range of customers, as more and more people use credit cards for online purchases. In addition, accepting credit card payments can help to boost your sales, as studies have shown that customers spend more when they use credit cards.
Builds Customer Trust and Confidence
Another benefit of accepting credit card payments is that it can help to build customer trust and confidence in your business. Customers are likelier to purchase from companies that offer a safe and secure payment process. By accepting credit card payments, you can show them that you take their security seriously.
Limits Need for Payment Checks
Another advantage of accepting credit card payments is that it can lead to a more efficient and uninterrupted cash flow for your business. When you accept credit card payments, you don't have to wait for customers to send in prices or for checks to clear before you receive the funds. This can help keep your business running smoothly and avoid payment delays.
How To Process A Payment Through Your Online Store?
The advantages of online credit card payments prove how urgently you need them for your eCommerce store. On the other hand, you must clearly understand how to accept online credit card payments and ensure processing. Here is an outline of the critical steps in processing credit card payments.
Customers enter their credit card numbers and other relevant information into the payment processor.
Payment processors contact the issuing bank for the concerned card and check for credit limit or available funds.
Upon approval of the transaction, the payment processor credits the transaction amount to the merchant account.
So how do you go about setting up your online store to accept credit card payments? Below we've outlined some essential steps that you'll need to take.
Choose A Credit Card Processing Company
The first thing you'll need to do is choose a credit card processing company. There are many different companies, so it's essential to research and find one that offers the best rates and terms for your business. You can compare other companies by looking at their fees, contract terms, and features.
Set Up An Account With Them
Once you've chosen a credit card processing company, you'll need to set up an account with them. This usually involves providing some personal and business information, as well as setting up a payment gateway.
Add A Payment Form To Your Website
Once your account is set up, you can start accepting credit card payments on your website. You'll need to add a payment form to your website, and customers can enter their credit card details when they make a purchase.
Keep Your Customers' Information Safe And Secure
It's essential to keep your customers' information safe and secure, so choose a reputable credit card processing company and set up a secure payment gateway. You can also take steps to protect your customers' data, such as using SSL encryption on your website.
Tips For Keeping Your Customers' Information Safe And Secure
The simplicity of the steps for credit card payment processing should not confuse you. Customers trust an online store with their valuable financial information while making online payments with credit cards. You can try the following tips for safeguarding your customer's information.
It's essential to keep your customers' information safe and secure, so choose a reputable credit card processing company and set up a secure payment gateway. You can also take steps to protect your customers' data, such as using SSL encryption on your website. Some tips for keeping your customers' information safe and secure include:
Use a Reputable Credit Card Processing Company
When accepting credit card payments online, choosing a reputable credit card processing company is essential. A secure payment gateway is critical to keeping your customers' information safe. When choosing a credit card processing company, there are a few things to consider. Ensure the company complies with Payment Card Industry Data Security Standards (PCI DSS). Also, check if the company offers fraud prevention and data encryption services. By taking these precautions, you can ensure that your customer's information is protected.
Use SSL Encryption
When you run a website, it's essential to take steps to protect your visitors' data. One of the most effective ways to do this is to use SSL encryption. SSL, or Secure Sockets Layer, is a protocol that helps encrypt information sent between a web server and a web browser. This means that if someone were to try to intercept the data, they would not be able to read it. In addition to protecting sensitive information, SSL encryption helps build trust with your customers. When they see that you are taking steps to keep their data safe, they are more likely to do business with you. If you are not already using SSL encryption on your website, now is the time to start. It could make a big difference in how your customers perceive your business.
Keep Your Software Up-to-Date
For businesses that accept credit card payments online, it's essential to keep their software up to date. Installing security patches as soon as they're available helps to protect businesses and their customers from potential hacking threats. In addition, keeping software up to date can help enterprises to take advantage of new features and functionality. For example, a company may want to install a new payment gateway or start accepting Apple Pay. By keeping their software up to date, businesses can ensure that they're able to take advantage of new opportunities as they arise.
Educate your Employees
Make sure your employees understand the importance of keeping customer data safe. Educate them on the steps to protect data, such as encrypting information and storing it in a secure server. Let them know what they can do to help, such as never sharing passwords or PINs. By taking the time to educate your employees, you can help reduce the risk of a data breach and safeguard your customers' information.
Use Access Control to Complement Encryption
Encryption ensures that information is unreadable if it falls into the wrong hands. However, encryption alone is not enough. You also need to implement user access control, which limits which employees can access customer data. This way, even if someone bypasses your encryption, they will still be unable to view or modify sensitive information.
Conduct Regular audits
There are several ways to conduct an audit, but the most important thing is to be thorough. Review your system for potential vulnerabilities, and make sure you have the latest security patches installed. It's also important to check that your payment gateway complies with the Payment Card Industry Data Security Standard (PCI DSS). By conducting regular audits, you can help ensure that your system is secure and compliant, giving your customers peace of mind when they purchase from you.
Have a Plan
If you accept credit card payments online, it's essential to have a plan in place in case of a security breach. By taking steps to contain the damage and protect your customers' information quickly, you can minimize the impact of a security breach and reduce the risk of future incidents. Here are some critical steps to take in the event of a security breach:
- Notify your payment processor immediately. This will help to prevent further unauthorized transactions.
- Change all passwords and update your security measures. This will help to prevent future incidents.
- Notify your customers. This will help to build trust and transparency.
- Offer customer support. This will help to build customer loyalty.
By following these steps, you can quickly contain the damage from a security breach and protect your customers' information.
The Best Credit Card Processing Companies For Small Businesses
A few different credit card processing companies are popular among small businesses. Each has its pros and cons, so choosing the one that best fits your needs is essential.
Square is a good choice for businesses that don't process many credit card payments, as there is no monthly fee. You simply pay a per-transaction fee of 2.75%. For companies that process many credit card payments, however, the per-transaction cost can start to add up.
PayPal is another popular choice for small businesses, as there are no monthly fees. You'll pay a per-transaction fee of 2.9% + $0.30, slightly higher than Square. PayPal offers other features that might benefit your business, such as invoicing and easy integration with popular accounting software.
Stripe is a good choice for businesses that process many credit card payments, as there is no per-transaction fee. Instead, you pay a flat monthly cost of $29, regardless of how many transactions you process. This can save you money in the long run if you're processing a lot of credit card payments.
Intuit Merchant Services
Intuit Merchant Services is a good choice for businesses that use QuickBooks, as it integrates seamlessly with the accounting software. There is no monthly fee, but you will pay a per-transaction fee of 2.75%.
Choosing the right credit card processing company for your small business is essential. Be sure to compare the fees and features of each one to find the best fit for your needs.
Now that you know your payment processing options, it's time to start! And don't forget, once you have everything set up, our team can help with fulfillment. We'll ensure your products are shipped on time and to the right place. Thanks for reading, and we hope this post enables you to grow your business!