Choosing The Right Credit Card Procesing Solution
http://www.shopsitecorner.com/articles/122/1/Choosing-The-Right-Credit-Card-Procesing-Solution
By Kyle Rodeck
Published on 10/1/2006
Let's face it, eCommerce requires that your business accept and process credit cards in order to remain competitive. As a merchant who accepts credit cards you are able to ship orders faster and maintain better cash flow. Now that you are ready to start taking credit cards for your on-line business what should you be looking for and what can you expect?
Setting Up a Complete Credit Card Solution!
Any complete credit card processing solution for your on-line business should include the following three (3) key components:
> Merchant Account
> Secure Payment Gateway
> Web Terminal
What is a Merchant Account?
A merchant account boils down to being the relationship that is setup between you and the credit card companies. This established relationship allows for you to accept and process their respective cards through your on-line store.
What is a Secure Payment Gateway?
A secure payment gateway allows for the secure transfer of your customer's credit card information from your online store to the respective credit card company's clearing house. Without a secure payment gateway you would not be able to accept and process credit cards in real-time through your on-line store.
What is a Web Terminal?
A web terminal proves extremely useful for any face-to-face or phone based sales. It provides you with a web based interface where you can enter in your customer's credit card details and get real-time confirmation of the transaction.
What Are The Fees?
A complete on-line credit card processing solution can include the following fees based on the provider that you choose to work with:
> Monthly Gateway Fee
> Monthly Customer Service Fee
> Monthly Minimum Fee
> Setup Fee
> Per Transaction Fee
> Transaction Percentage Fee
It is very important when setting up an account with the merchant account company you have chosen to do business with to ask them to clearly outline ALL of the fees associated with the account. This way you know what to expect up front as opposed to a monthly later when you get your first bank statement. (smile)
Who Do You Recommend?
More times that not a customer will ask me who I recommend they check out for their credit card processing needs. Based on their business location I would recommend either:
Optimal Payments (Canada / International)
Optimal payments offers competitive rates for Canadian and Non U.S. based businesses. Since their rates are still quite a bit more than the average U.S. based merchant account provider I choose to refer them to Pay Quake.
Pay Quake (U.S.A.)
I love Pay Quake. They offer three (3) kinds of packages that include all three of the key elements listed above. The only difference is the rates that you pay. They have an intro account that charges you a little more per transaction yet saves you money on the monthly fee. As your business grows and does more transactions you can simply upgrade to a mid or full sized account that will offer better transactions fees with a slightly higher monthly.
Closing Thoughts...
Make no mistake, choosing a merchant account solution for your business is very serious business. It is important that you choose a provider that you feel comfortable with because you will be with them for the long run.
> Merchant Account
> Secure Payment Gateway
> Web Terminal
What is a Merchant Account?
A merchant account boils down to being the relationship that is setup between you and the credit card companies. This established relationship allows for you to accept and process their respective cards through your on-line store.
What is a Secure Payment Gateway?
A secure payment gateway allows for the secure transfer of your customer's credit card information from your online store to the respective credit card company's clearing house. Without a secure payment gateway you would not be able to accept and process credit cards in real-time through your on-line store.
What is a Web Terminal?
A web terminal proves extremely useful for any face-to-face or phone based sales. It provides you with a web based interface where you can enter in your customer's credit card details and get real-time confirmation of the transaction.
What Are The Fees?
A complete on-line credit card processing solution can include the following fees based on the provider that you choose to work with:
> Monthly Gateway Fee
> Monthly Customer Service Fee
> Monthly Minimum Fee
> Setup Fee
> Per Transaction Fee
> Transaction Percentage Fee
It is very important when setting up an account with the merchant account company you have chosen to do business with to ask them to clearly outline ALL of the fees associated with the account. This way you know what to expect up front as opposed to a monthly later when you get your first bank statement. (smile)
Who Do You Recommend?
More times that not a customer will ask me who I recommend they check out for their credit card processing needs. Based on their business location I would recommend either:
Optimal Payments (Canada / International)
Optimal payments offers competitive rates for Canadian and Non U.S. based businesses. Since their rates are still quite a bit more than the average U.S. based merchant account provider I choose to refer them to Pay Quake.
Pay Quake (U.S.A.)
I love Pay Quake. They offer three (3) kinds of packages that include all three of the key elements listed above. The only difference is the rates that you pay. They have an intro account that charges you a little more per transaction yet saves you money on the monthly fee. As your business grows and does more transactions you can simply upgrade to a mid or full sized account that will offer better transactions fees with a slightly higher monthly.
Closing Thoughts...
Make no mistake, choosing a merchant account solution for your business is very serious business. It is important that you choose a provider that you feel comfortable with because you will be with them for the long run.