Different Options of Payment Processing for Merchants to Consider
If you’ve recently stepped into the world of ecommerce and require a payment processing solution for your website, this article will be of immense help to you. There are many different techniques to process payments for your online business. We will describe briefly each of the options accessible to you so you can choose one that is suitable for your specific business.
In case you’re owner of a store and just launching a website to give your customers the freedom to buy your offerings online, then you might already have a merchant account that you can put into service for processing credit card transactions. If this is the scenario, you do not actually have to process payments of customers through your site. Posting an order form on the site can serve your purpose as customers can simply print the form, fill it in and send their orders via the fax machine to you.
Subsequently, you would do payment processing by inserting the orders into your credit card terminal. Nevertheless, if you seek to perform processing of payments via your website, there are a number of methods to do it.
The most widespread method employed by online merchants for processing payments is by joining one of the several third-party payment services. You simply need to register yourself for an account with the service provider and after that, establish a link to their order form from your site and they carry out the processing work on your behalf securely.
The payment services levy a fee for every transaction, according to the service provider and the transaction amount. The majority of these service providers offer recurring billing and subscription management facility too. It is required if your website provides a membership for which you have to charge your clients on an ongoing basis.
Some of these third-party payment services also boast the capability to process your orders with the help of an automatic telephone system. Using this technique, your customers can make a call to a particular phone number to place an order and are subsequently prompted to insert a specific code. Ultimately, the phone bill of the customer bears the charge of the order.
In addition, a number of third-party services provide an internet-based check payment facility. This allows your customers to make payment for their orders by inserting the account number as well as the routing number of their checking account on the order form. Subsequently, their account is debited automatically. This facility can be beneficial for customers since not all have credit cards. Hence, providing check payment processing on the internet will assist your business in improving sale conversions.
Anthony Taylor - About Author:
Anthony Taylor is an expert in Internet security issues and has been associated with AlgoCharge, which is one of the leading online payment services in the world. The company offers an integrated solution to payment processing, bank transfers and other alternative payments using advanced algorithms.
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