If you’re starting out on eCommerce, you’ll have to address the question of Accepting Payments in your eCommerce website. You can, of course, offer cash on delivery by partnering with your courier services. Most eCommerce shopping cart software allows you to pick this feature when setting it up. If you have already had a physical business, you’ll accept credit/debit card payments via the Point of Sale unit.
However, there are some problems with these solutions, and it all comes down to the way people shop online. Customers expect to add items to their shopping cart and proceed to the checkout. If there is no proper payment gateway setup that offers customers convenience, they’ll abandon the cart and skip to a different eCommerce website. People seek to shop online is because of convenience, and if you’re unable to supply this, you’ll be losing customers before you even know it.
Options available for Accepting payments in your eCommerce website
So, what are the options available, and how much will it cost? Well, the great news is you can get it for cheap. PayPal doesn’t have a setup charge and is a large and trusted online payment gateway. There will be a small percentage on each sale or a transaction charge. Payments from your eCommerce store go straight into your PayPal account from where you’ll transfer amounts to your checking account with the press of a button.
Once you check in with a payment processor, you’ll either link to their secure server directly from your shopping cart. The code generated is then pasted next to items on your website. The website will transfer customers to a secure server once they click checkout.
To set up traditional merchant accounts you should go through your bank and that can become integral to your business account. Having an own merchant account gives you the option to select many payment gateways. However, most of them do charge a setup fee, monthly fee, or a transaction charge. Make sure to do due diligence on them and always read their terms and conditions. Identify where they operate from, their fees, when, and how will you receive the payments processed to your account.
Prepare for Chargebacks
There is always a question of chargebacks. This occurs when a buyer requests a refund for the amount paid to you. The reasons are goods not being delivered, faulty products sent out, goods with damages sent out or not as described. Chargeback requests can occur if the buyer’s card is being used fraudulently or by their children.
The payment gateway provider might charge a processing fee if the chargeback request is successful. However, some companies include insurance against chargebacks in your monthly fee. It’s certainly worth seeking for the most suitable solution for you. Knowing you’ve done your research will offer you some peace of mind.