7 Tips for choosing the best e-commerce merchant account
Here are some key tips by 5 Star Processing to keep in mind to make the right choice to take best ecommerce merchant account.
Integration with your shopping cart
Choose a merchant account provider that offers seamless integration with your shopping cart. Some platforms will require you to have developer-level skills to be able to set up and integrate your shopping cart with your merchant account. This should not be the case. You want a provider that offers a seamless solution that allows you to spend less time configuring your account. A hassle-free setup like this will save you a lot of time and stress.
Customers that buy from you are entrusting sensitive financial security details into your hand. As a merchant, evaluate the security measures put in place by the merchant account provider you are choosing. Not all providers have the same security mechanisms in place so you should specifically ask about what data security protocols the providers you are considering employ.
Go for providers that have measures in place to protect your business
Online transactions open your business to the risk of fraudulent transactions and chargebacks if not handled properly. Your merchant account provider is an essential partner that can help reduce the risk to your business from potentially fraudulent transactions. Go for providers with features like an Address Verification System, CVV verification, and ones that capture the signature of the customer remotely as this helps to protect you from fraudulent transactions.
Understand interchange pricing
Online sales are subject to interchange fees which are the amount charged by the provider for processing a transaction. How much you have to pay for this varies from one card provider to the other and the payment model depends on your merchant account providers. The three main models of interchanging fee pricing include flat-rate pricing, tier pricing, and interchange-plus pricing. Therefore, these are the most transparent of the three models. Hereafter, grab 7 Key Tips for Choosing the Best eCommerce Merchant Account.
Go for an all-in-one provider
There are many steps in processing an online transaction. One of the key components is a payment gateway. This is typically a separate service that acts as an essential middleman to help you receive online payment. But finding a merchant account provider that can also act as a payment gateway provider can reduce some of the charges you need to pay on transactions
Customer service is important
Online payment processing is a complicated technology. Once in a while, things can go wrong. You may end up with mysterious charges on some days or payment terminals may not work. You need your service provider, to be as available as possible to attend to all possible issues that may arise. Ensure that your merchant account provider offers solid customer service before committing to the service.
Don’t get stuck with a long-term contract
One of the most complicated aspects of dealing with merchant account providers is what happens when you decide to discontinue the service. Merchant account contracts are typically through the providers and by design, a lot of them make it challenging for you to quit the agreement. Usually, you will have to pay a high fee to cancel your service. You must watch out for this.