As ecommerce continues to grow in scope, with the latest figures indicating that in 2014 total online sales were $304.91 billion, having a top ecommerce credit card processing system in place is critical.
There are many different options to consider from solutions that can run on an iPad or a tablet to both process cards and allow online sales to gateways that can accept credit cards and even electronic checks from multiple sites through your system. Choosing the right system for your needs really starts with evaluating what you will need and how you see your ecommerce business growing over time.
If you are just getting started in the world of ecommerce, there are a few things to keep in mind to make the right choice. By understanding what works and which systems are not as secure, reliable, and flexible, you can quickly narrow down your choices.
Read the Merchant Agreement in Full
At MBN, we have worked diligently over the last 20 years to create user-friendly merchant agreements that are clear, concise and spell out all the terms of the agreement, including rates and fees.
However, not all merchant agreements are easy to read, and some may have language that is challenging to work through, especially if you aren’t familiar with all the terms. It is always recommended to ask questions and make sure you are very familiar with what you agree to when you sign on the dotted line.
Know the Language
There will be two types of transactions that ecommerce credit card processing will list. One will be the swiped transaction, which is really the manual entry type of system from a terminal. If you have a retail outlet or store then this is important, but if you are online doing online sales you will never have a swiped transaction.
Often transactions entered by the customer will have a slightly higher rate than the swiped transaction. Make sure you are clear and are reading the right quote for your comparison with other agreements.
Understand Volume Requirements
It is also essential, and we often hear from clients who have made this mistake in the past, to consider volume requirements for specific rates or to avoid paying extra fees, which are almost like a penalty for not doing enough business through the site.
Ideally, talking to the ecommerce credit card processing company and making sure you have the right information will be critical. Our goal is always to do just that; ensuring you get the service you need without any of the extras you don’t.