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GLOBAL ECONOMY, ELECTRONIC MP3 PAYMENTS AND YOU

The irony of the situation is: as the markets become bigger, the market places become smaller. Today, any body can purchase a product from any where in the world and sometimes they do so with out knowing that they are doing it. The internet and e – commerce has advanced so much that you can shop in an hour what you would shop in a day, previously. And even better, you can do all this right from your desktop. The online merchants are facing huge demand that they are finding it difficult to serve their customers online. In a few cases the merchants are forced to sacrifice their local stores to keep up with online customers. If you are an online merchant, then you should have realised by now that the future is electronic payments, online transactions and keystroke marketing.

Many of the people in the market who still have physical stores think about shutting them down and focus on online business, eliminating huge amounts of overhead. This thinking becomes much stronger when the cost to maintain the physical store becomes very high. In addition, the online shopping is a lot cheaper and convenient for the customers that travelling, which costs fuel that is becoming costlier by the day. Which ever way one looks at it shopping over the net is more convenient, cheaper and easier.

If you are an online merchant then the types of electronic payments that you offer to you customer will determine your success. The online banking industry has grown very quickly to become a technologically advanced industry. They now offer several solutions which have made it extremely easy for the consumers to pay for what they have bought. The online merchants can now maintain their storefront also.

Providers of Merchant Service are firms who offer their services to ecommerce vendors who are domestic or international. For most of you, the current service provider for your electronic payment needs is either a credit card processor or your local bank. Unfortunately, these providers leave you with only one option in most cases. However, the merchant has many options now. You can choose from an array of payment options and also tailor the processing solutions by your self so that if best suits your business. A few of the hot services offered by the service providers are multi currency processing, retail merchant accounts, high risk merchant accounts both off shore and domestic and online merchant accounts. Some of these accounts come with unlimited processing volumes and virtual terminals for credit cards.

The pitfalls or challenges that are faced by this industry are online fraud, chargeback’s and identity theft. These not only affect the customers but also the merchants and their providers. Therefore, the merchants cannot be carefree or else they will burn their hands.

Today, most of the merchants do business with the service providers than going directly to their banks. The reason behind this is that these companies are focused on service industry and therefore provide much superior services than the banks. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.