Business OnRamp » Merchant Services http://www.businessonramp.com Start your business! Tue, 27 Apr 2010 00:17:39 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 How to Find and Setup Merchant Services and Credit Card Processing http://www.businessonramp.com/how-to-find-and-setup-merchant-services-and-credit-card-processing/ http://www.businessonramp.com/how-to-find-and-setup-merchant-services-and-credit-card-processing/#comments Tue, 27 Apr 2010 00:12:31 +0000 jashall http://www.businessonramp.com/?p=80 Shifting your startup into high gear by offering direct online transactions can help you realize revenue and growth goals. Before you jump ahead and start selling online, you’ll need to consider the security, business and organizational attributes of merchant credit card processors. While technology for processing credit cards online has advanced rapidly in recent years, you’ll need to work with a reputable merchant processor to limit fraud, increase security and make it easier for your customers to buy online with ...]]> Shifting your startup into high gear by offering direct online transactions can help you realize revenue and growth goals. Before you jump ahead and start selling online, you’ll need to consider the security, business and organizational attributes of merchant credit card processors. While technology for processing credit cards online has advanced rapidly in recent years, you’ll need to work with a reputable merchant processor to limit fraud, increase security and make it easier for your customers to buy online with confidence.  Even if your startup is beginning with a promotional model, looking at merchant services for future transactions can help you better understand the evolution of your business model over time.

Selecting and Setting up Credit processing for your Startup

To start, it’s important to understand how merchant services fit into your overall conversion process. A merchant provider helps process credit cards by establishing an intermediate account which also has filters against fraud. In order to process credit cards, you need a processor for the card, a gateway which verifies the payment as well as a merchant account where the funds are deposited. A high quality merchant provider can offer you both a gateway and an account complete with security protections. There are a wide variety of merchant service provides, and you should work with the most reputable ones including Authorize.net, Paypal, Google or a provider linked to a major institution such as your bank.

Your vendor will essentially be your partner in processing, implementation and security for transactions on your site. Therefore, it’s important to ensure you select a quality company that offers support for their products. You can compare reputable providers in terms of the fixed and variable fees they charge on transactions, the contract requirements, as well as the protections they offer on purchases.  A high quality provider will have fraud filters, instant access to funds as well as a flexible contract with low processing fees, so you can keep and protect more of your revenue. For example, if you’re selling an investor newsletter online through your startup, you’ll want to accept all major credit cards and to be able to charge a subscription for recurring revenue. Identifying a merchant provider can help ensure the process is setup properly.

One you select a provider, you can often integrate the solution into an existing e-Commerce cart. Popular online carts such as Magento feature automated integration, so you only have to enter a basic set of account details as well as ensuring you have your SSL certificate (the secure socket layer that encrypts sensitive data transfer) setup on your site. If you have a custom shopping cart, check with the card processor to determine how you can use their API (application protocol interface, which connects your site with their backend) to process transactions. Most startups will want to use a checkout solution that has automated processing to make the process easier.  Maintain good contact with your selected merchant representative, who can help you with documentation, support and new features that might save your business money in the long run.

]]> http://www.businessonramp.com/how-to-find-and-setup-merchant-services-and-credit-card-processing/feed/ 0 Merchant Services/Credit Card Processing http://www.businessonramp.com/merchant-servicescredit-card-processing/ http://www.businessonramp.com/merchant-servicescredit-card-processing/#comments Mon, 26 Apr 2010 23:17:50 +0000 jashall http://www.businessonramp.com/?p=49 A merchant account is very important for all small business, but key to the success of an online business.  This kind of account allows users of your site to buy your products or services securely online.  The payment will be processed by the merchant service and then the money will be placed into your backing account.  They will handle all the credit card processing for you. 

Online Merchant Services Providers

The most popular online provider is paypal.com.  They offer a wide range ...]]> A merchant account is very important for all small business, but key to the success of an online business.  This kind of account allows users of your site to buy your products or services securely online.  The payment will be processed by the merchant service and then the money will be placed into your backing account.  They will handle all the credit card processing for you. 

Online Merchant Services Providers

The most popular online provider is paypal.com.  They offer a wide range of services to make the process as easy as possible.  In order to find the best one for your unique needs, search the net for merchant services and browse as many sites that you can possible find to discover who has the best services for your needs and budget. 

There are many merchant services available online through sales organizations and banks.  It is suggested to also meet with a small business specialist at your bank.  Many banks offer discounts to clients and have wonderful programs designed to help small businesses with credit card processing. 

How to set up a merchant account online

After you find the services provider that best fits your needs, you will need to create an account.  This process is set up for anyone to be able to use.  You will not need to be an internet expert or a banking professional.  Have all you personal information handy for the process including basic identification information (drive licensed and social security number), banking information and contact information (email address and mailing address).  Fill out all the required fills and follow the directions for the site.  Depending on the provider, this process should take around thirty minutes.  Make sure you save digital and printed copies of all your account information.  

What you will need to process credit card payment on your website

SSL Certification – This will ensure all the credit card and personal information provided by your customers is encrypted for their and your safety.

Order Form – Your customers will place all their banking information for processing in this area.

Gateway – This works as a passageway for the information on your order form and your merchant center.   Without a gateway, you will not be paid for the transaction.

 Shopping Cart – A digital shopping cart offers the same functionality as a physical shopping cart. This software allows your customers to browse through your site and add the items they want to purchase to the cart.  Once they are finished shopping, they can check out of the store.  The cart will also allow them to see all the items they are interested in buying and remove any they decide they do not want.

Merchant Service Account – Once your customers have gone through the entire process, the merchant service processes the credit card transaction.  Without this, the credit card will not be processed and you will not be able to receive your payment.  In addition, using a merchant service provider will make your website seem more professional than not having one to its users.  For most online shoppers, websites’ credibility is very important.

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