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Accepting credit cards online for E-commerce
Most of the websites now a days started to conduct transactions through their websites. Whether it be some kind of revenue generation or purchase of products that they offer for sale through the site. These online transactions are facilitated by credit cards online for payment. The obvious reason of accepting credit cards is that it makes the transaction fast and huge business can be generated within a very small spell of time.
The growth of online transaction was breathtaking within last few years specially after the advent of e-commerce. According to Forrester Research business to consumer e-commerce will hit US $230 billion by the year 2008 and above that two thirds of all US households will buy some kind of products and services online.
There are two basic options of taking credit cards online. They are following:
1) Bank Merchant Account:
If you have established business offline, you might be already accepting credit card transaction and have merchant account in some bank and have some kind of electronic terminal in your shop/workplace for swiping credit cards through. If you already have a merchant account, you will need to apply for a new, separate Internet merchant account. If you don't already have a merchant account, the system works like this - you apply for a merchant account from a bank (doesn't have to be the bank you currently bank with, but that is of course helpful) who supply you with a merchant account. This is just an ID or account number, but without it you can't take credit cards. Apart from this you will require a credit card processor(generally the banks provide this) who will then look after your transaction details. They usually charge some fee as the setup fee and then some monthly minimum charges and some percentage of each transaction. These all depends on the bank with whom you are dealing with.
Note: It might be difficult to get a merchant account for a startup company. But still small business do get merchant account with a great deal of security and very high initial fees.
2) Payment Processors:
This is the best option for a startup company doing business online. They essentially allow the users to use their merchant account for a fee(which varies) and in most of the cases it helps to setup within hours and taking credit card informations right away. Commonly used Payment Processors is "Paypal" and it is build for the business that are carried out at Ebay.
Note: Easy and fast to setup, fee's vary but are very competitive, good support and most shopping cart software is catered for. On the minus side you have far less control over pricing, discount etc than you would with a merchant account.
Following are some of the informations regarding the Payment Processors:
Paypal:
It is the simplest and the fastest Payment Processors available in the market. This includes "button maker" so you really don't need to know or learn any of the complicated in and outs of how to use it. It uses something like "Pin System" which provides a powerful backend to communicate with the database. Paypal became the first choice for e-commerce users after is has scrapped the system of allowing customers to make credit card payments after they had authorised their account. Please visit their website in order to get more details on this.
2checkout:
This is also an effective payment processor but expensive rates, dreadful support, slow fraud checking (usually days) and the fact they honestly couldn't care less about their vendors is enough to put anyone off. They recently upgraded themselves(from version1 to version 2) but since documentation differs from one page to another they are hardly able to capture the e-commerce market. But since this provides with the opportunity customisation by putting headers and footers so it is still widely used.Signup costs just $49 and cms rating-1/10. Please visit their website in order to get more details on this.
WorldPay
This is part of Royal Bank of Scotland and ideally made for UK businesses. This is widely used payment processor and money shed at the start can be quickly recovered. Due to its widely usage, customers feels comfortable using this. The features that the Worldpay provides can easily overshadow the other two payment processors. Please visit their website in order to get more details on this.
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