6 IMPORTANT QUESTIONS REGARDING ONLINE PAYMENTS

For most of the small businesses, the idea of having a new method to process payments can be intimidating. The situation will become more worse when they are not familiar with the technology that this new processing system is based on. Also, small and start up businesses that want to offer different types of payment options to their customers don’t do so because of the requirements, security issues and costs associated with these systems.

In reality, the owners of small businesses have several questions and are not sure where to go for the answers.

This article lists 6 important questions regarding online payments.

1)    “We are a very small company”. Is it worth obtaining an online payment system?

Actually, these systems will do more good to smaller businesses than large ones. By installing an “online payment processing system” like recurring billing or email invoicing, the billing process will be completed at much lower costs than legacy billing procedures, thereby increasing your business profits. In this way the small businesses will be able to compete with the larger ones at least in a few areas.

Also, lower costs means higher savings which can be used for business expansion or any other constructive purposes.

2)    What if our customer’s don’t use the online payment facility?

Conversely, it is them who are forcing you to think about this option. Customers will be more than happy to see that you are offering other payment options and they will surely use these convenient methods than the traditional payment methods.

3)    Is it mandatory to have a website?

No, it is not. There are a few service providers who provide a safe and secure payment page which can be customized to look like your business website.

Well if you do have a website then the online payment system will be integrated in to your website.

4)    Is it necessary to hire a technical person to handle the payment processing system?

No, there is no need of a technical expert for this. You can do it your self.

The technology of payment processing systems has advanced to a level where it is very user friendly and simple to use. However, you may need some guidance which should be provided by the company that is providing you with the system. Therefore, find out how to set up and maintain the system when you are purchasing it.

5)    Are these payments secured?

Yes, they are. According to contrary belief, more than 85% of the cases of identity theft happen due to transactions which are done offline and not online. This is because; in offline transactions your information goes through many human hands whereas in an online transaction there is not much human element involved.

6)    How can I be sure that setting up of the online payment system will benefit my business?

The customers of today expect faster payment processing speeds so that they will get their goods or services as soon as possible. Also, these systems will save money and time for both the customers and merchants.

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.