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www.elesclothing.co.uk
It is extremely
important to choose the right payment processor for your business. It has to
meet your requirements and the requirements of your customers. Each day, the
number of people shopping online is increasing. There are a number of
significant advantages to having an ecommerce website and selling your products
over the internet. However, you will find it very difficult to sell many
products if you don’t have an excellent payment processor in place. A payment
processor’s role is to process and handle the sensitive financial data (usually
credit card details) that the customer provides. They use this data to transfer
funds over to the seller.
Payment
processors vary quite significantly, but here are a few factors that you should
take into consideration:
Reliability
Reliability is a
key factor in choosing the right payment processor. This is important for both
you and your customer. Look at how good the network is and how often it goes
down.
Flexibility
The payment
processor should accept all major credit and debit cards, to prevent the risk of
customers not being able to pay because they have not got the right
card.
Rates
Rates differ
dramatically between different payment processor services. Many providers have
low rates on certain aspects of the service, and high rates on others. For
example, monthly fees may be high but chargeback fees may be low, or vice versa.
See if you can find a provider that offers low rates across the
board.
Laws
It is essential
that payment processors are in accordance with financial laws both in the
country that your business operates in, and in the countries that your customers
purchase from. Be sure to check this out before taking on a payment processing
system.
Security
Online fraud is
still a significant issue. Many payment processors will be built on a very
secure system. Additionally, be sure to choose a provider that prides themselves
on good security and is permanently striving towards improving the security of
their systems.
Chargebacks
If the
transaction is cancelled (usually by or through the customer’s bank), what is
the charge for sending the money back? Chargebacks can be quite costly, and
unfortunately occur in every industry.
Fraud
We’ve
established that fraud is still an issue on the internet, but what anti-fraud
measures does the provider have in place? The provider should be proactive and
efficient when it comes to dealing with fraud.
Support
If there are any
issues with your payment processor, the provider should have an excellent
customer support system in place, meaning that problems can be solved very
quickly. If your payment processor stops working whilst many customers are on
your site, you could potentially lose a great deal of
money.
Industry
Specific
Are there
payment processors just for your industry? What are other people using on their
sites? What are your competitors using?
Reports
Keeping a firm
handle on your finances is essential in the correct running of a business.
Detailed reports that you can access any time will help you to keep track of
what money you have received from customers, and how much has been paid out to
your processor as fees.
Alternatives
Alternatives
include systems such as Paypal – they are fast, easy and secure and have already
been established. Using one of these may save you a great deal of hassle and
expense. Systems like Paypal can only be used online. Other options include
WorldPay, No Chex and Google Checkout.
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