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MORE OFFSHORE MERCHANT PROCESSING ECOMMERCE SOLUTIONS

Ecommerce or electronic commerce refers to buying and selling online. The most preferred mode of payment of online shoppers is the credit card. According to official statistics more than 90% of the customers pay using their credit cards. However, you cannot neglect the other 10% and therefore, you have to provide other modes of payments if you have to attract the remaining 10%. These customers are not comfortable with credit or debit card payments.

Given below are a few alternative modes of payment.

  1. Electronic Fund transfers

This option allows the customer to transfer funds electronically from his account to your account. This process is very simple and accurate. The room for error is close to 0. There is no fraud and no chargeback’s. When the customer authorises an online transfer, the funds are deducted from the online account and then added in to your online account.

The best method under this category is “E – Check”.

This is a simple mode of payment where the customer writes a paper cheque and scans it. The soft copy of the check, which is the e – check, is sent to the merchant by phone, fax or email. The soft copy is indorsed or digitally signed. The signature is encoded with the consumer’s private key. When the merchant receives it, he may again encode it with his private key and send it to the bank for processing. The reply from the bank is sent as an encoded message.

Pros:

         Credit Card worries are eliminated.

         A good option for people who don’t have a credit card.

Cons:

         A new technology that is perceived by some as less secure and safe that the other methods.

         Most customers don’t have the hardware or software to issue e – check. The time that is required to make such arrangements prevents impulse buying.

         Not available to international consumers in most cases.

  1. Telephone Billing Systems

This is a new technology where the customer is charged in his telephone bill for the purchases that he made. Till today, this method is used for only a few purposes like purchasing soft products like time measured services, charitable donations or downloads.

Pros:

         Credit card worries are eliminated.

         Soft merchandises are safeguarded as there is no way to steal it.

         Customers who do not possess credit cards can use it.

         This method is accepted all over the United States and some places in Europe.

Cons:

         A plug-in has to downloaded and installed by the customer.

         Only available for soft products.

         Mac users cannot use this method.

         Will work only through telephone modems and not through cable modems.

  1. One – Stop Shops

Due to its popularity, there are several products and services available for ecommerce. You can now find a broker to get a shopping cart application, designing your web site, providing web storage, internet merchant account and more. Some big players in this business are Vantage, ICAT and IBM. 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.