More and more people are starting to shop via eCommerce solutions and online retail websites; this directly affects the increase in electronic fund transfers and the issue of credit card processing.
What Is Card Processing, And Why Is It Important?
Each time a customer makes a purchase there is an immediate transfer of money between customer, business and bank. This payment is usually performed via a credit or debit card. The effectiveness and handling of this process can vary dramatically. Below are some essential guide points about Card Processing.
- Research into various types With the access to the internet researching into different Credit card processors couldn't be easier. There are hundreds of different companies each offering different pros and cons. Now its up to you to find the best one that will suit your style of ecommerce solution.
- Reduce Rates Understanding your pricing structure is very important. By doing so you can spot hidden fees, processing fees and percentage fees. Which will equate to loss of profit for your ecommerce website.
- Sneaky Fees As mentioned above look out for hidden fees and find out what exactly you are responsible for as the merchant. Hidden fees can seriously damage profit so they are well worth an investigation.
- Website development Although not an easy thing to do, feel free to change card processors from time to time even if your business has been up and running for some time. Remember there could be money saved in switching.
- Are you high risk? Higher risk companies that deal with adult entertainment or gambling are deemed 'high risk' by many card processing companies. If you believe your ecommerce website could be classed as high risk try and find a processor that specialises in that area to lower your costs.
If you're looking for more information, then please don't hesitate to get in touch with our team today! Contact us at Advansys Limited Building 4 Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD Telephone: 0845 838 2700 Fax: 0845 838 2701 firstname.lastname@example.org