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HOW TO ACCEPT CREDIT CARDS ON THE NET?
You have opened your online store which
sells the best quality hand made
souvenirs in the world and are waiting
for your first customer. It is not as
simple as you thought. 98% of online
shoppers prefer to pay using the credit
card and they don’t send cheques or do
wire transfers. This is why your
business will never be an actual
ecommerce business until you get an
ecommerce merchant account, which will
permit you to accept credit card
payments from your customers over the
internet. By now you should be convinced
and must be trying to find you which
ecommerce service suits your business
the best.
If you have not understood the
importance of credit card processing
then read this: almost 98% of online
shoppers like to pay only by credit
cards and not cheques or wire transfers.
Moreover, it is very stable, rapid and
secure. It is also international
accepted. There are a few critical items
needed before you can start to accept
credit card payments from your
customers. They are a) Ecommerce
Merchant Account which you can obtain
from any merchant bank or merchant
account provider and b) Shopping Cart
Application.
If you want to obtain an online merchant
account from a merchant bank, then you
will have to face numerous problems and
several disadvantages. Firstly, the
number of merchant banks which you can
choose from will be very low. The higher
the number, the better your chances are.
Most of the domestic merchant banks will
not accept your application because you
will not have a credit history, since
you are new in the industry. The
domestic banks need someone credible
person to guarantee that your online
business will not become bankrupt due to
chargeback’s or returns. The direct
merchant bank is definitely not an
option for new comers.
2nd Option: You can opt for
an Online Merchant Account Provider. The
providers of merchant accounts will
eliminate all the hassles of applying
and communicating for you. You only have
to fill out a simple form which will
take a few minutes. These providers have
huge databases and many affiliated banks
all around the world. Therefore, the
account provider can approve your
application within 24 hrs. Also, you
have a wide range of merchant account
types to choose from like direct
merchant accounts, 3rd Party
Merchant Accounts, International
Merchant Accounts, Offshore Merchant
Accounts and high risk merchant
accounts.
You should analyze your business to find
out which type will suit you best. This
is not an easy task. Remember this,
choosing the wrong option will devastate
your business.
The “high risk merchant account” will
not suit your online business unless it
is classified as high risk by the bank
you want to do business with. “Offshore
Merchant Accounts” will be good after
your business begins to generate enough
revenue.
You also need a good quality shopping
cart for your website. There are several
shopping cart applications available in
the market, some for free.
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