Best Ways to Process Payments Online

New business owners at networking meetings always asked what are the best ways to process payments online. What we share with them is fairly consistent but occasionally it is important to add any new and emerging technology they should also consider.

Here are some of the basics:

• Have a PCI Compliant system.
• Only use one merchant account for your company.
• Look for the overall best cost – this isn’t just about the rate – fees add up and should never be excessive.
• Use a reputable provider who can offer you secure online systems.
• Ask for a reference – they should be able to provide at least three companies.
• Understand whether your account will be an independent merchant account, or if it will be aggregated.
• Inquire about underwriting – this will add time to the set up of the account but is important to wait for to protect your business from risk of online fraud and cyber attacks.

In addition, here are three other key areas to keep in mind.

1. Know your goals and take the time to list them out.
2. Share if the business is entirely e-commerce or, if there is a combination of in person and online transactions.
3. Understand what the website developer has recommended.

Finally, do an analysis of local competitors. Make sure that you will offer at least what they provide to their customers – then, aim to do better. Even though this crosses into marketing, it is an important step to take.

Payments and Features

Some payment processing features to consider include subscription or membership based transactions. These will allow your customer to set up their account, establish the frequency and date. Then, they will not worry about booking or making payments each month. They never miss a deadline and all transactions are secure, protected and follow PCI Compliance standards.

Establish the Transaction Types

If you will offer options for both online and in-person payments, setting up the merchant account the right way from the beginning is important. Know the percentage of each type, or at least make an educated guess. This will affect the types of processing options and reduce the risk of paying more than needed.

E-Commerce and In-Person Payments

You should consider what your web provider is recommending; then ask a merchant services expert. Remember that E-commerce payments go further than just online and can extend to text to pay, tap to pay and auto-recurring payments. The methodology used to process the credit or debit card provided may vary, but efficiency is created when all of these features are set up on one account from the beginning. In fact, it is more risky (and even illegal in some states) to have more than one merchant account for a business.

From the beginning, TransAct has been focused on providing a consultative approach. There is not one way to approach online and electronic transactions. We work to create the best mix of processing payments. This allows each business owner to model their merchant services account to align with the way the business operates. E-checks should also be considered, depending on the type of business you operate. This can often help to reduce the cost of processing. All of these give your customers the ability to pay the way they want.

All of this, in turn creates a competitive advantage. Schedule a short one on one call today to discuss your goals to help build the best online payment processing tool kit for your business.

Remember, we also work with a number of proven, trusted suppliers, including web developers. Just ask us if you need a referral (or, if you are a web developer and want to become a part of our partner program.)