Benefits of Accepting Credit Cards on Your Website

If you have a website or are planning to build one then you need to consider processing card payments. You might miss out on business by not accepting credit cards when people visit your website.

Why Should you Accept Credit Cards

In regards to websites, debit and credit card payments allow merchants to take advantage of three types of customers, those being: The General Customer

This is just the average person that wants to shop from their desktop: Impulse Buyers

A visitor that comes across your website may decide to buy your product instantly as they just need to use their plastic and the purchase is made: The International Customer

The Internet is able to bring customers to you from overseas. Currency differences are not an issue anymore either.

Accepting Debit and Credit Card Payments

There are two ways that you are able to accept plastic money on your website, those being:

A Merchant Account

A merchant account will allow you to accept payments by credit or debit card. You are able to create your own merchant account or enter into an agreement with a payment processor, which will then operate a merchant account. If a merchant account is done for you then you will get a merchant ID, which becomes a portal for you to accept or decline a credit card.

Payment Gateway

There are plenty of independent companies that will accept credit card payments on your behalf for a percentage and for a fee. These are known as third party merchants.

The Best Method for You

There are both pros and cons of both of these methods. Setting up a merchant account will have a higher initial cost and there are many third party merchants that will not require set up fees. Transaction fees with third party merchants however can be much higher than with a merchant account. If you are unsure of how much money you will make with a website, it might be a good idea to first start with a third party merchant to test and see how it goes. The merchant will also do all the work for you so it also saves time. Your involvement in the process is to receive a payment at the end of each of period. A merchant account will have lower transaction fees, but you will need to deal with every issue like fraud.

Credit Card Machine

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