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SOLUTIONS FOR NUTRACEUTICAL MERCHANT ACCOUNT ECOMMERCE

There are several methods to make payments other than just credit and debit cards. Consumers who do not have credit or debit cards can also use electronic payments to pay for their purchases. This article lists some of the methods which can be used by customers who don’t prefer to pay using the credit card. However, the fact that over 90% of the consumers prefer to pay using credit card still remains.

There are several organisations and businesses that are very eager to help you market and sell your services and products online. Fundamentally they fall in to the broad categories given below. There is no perfect solution that suits all types of situations. Every solution comes with some advantages and disadvantages in different situations. Therefore, the correct choice depends on your business requirements.

  1. Internet Merchant Accounts

If you obtain the merchant status, then you have to consider some factors:

Pros:

         Your customers need to familiar with payments using credit cards

         Customers do not have to install any special plug-in when paying using their credit cards.

         Accepting credit cards leads to impulse buying by the customers, there by increasing your business profits.

         You will get the contact information of your customer’s which helps in marketing and follow up sales. This option is advantageous for the merchants but most customers find this very irritating.

Cons:

         Consumers are still not very comfortable to enter their financial details on the internet.

         All your customers may hold a credit card.

         This option is not suitable for soft products like graphics, art, software, etc. Merchants who sell such goods have to make sure that the customer pays for the product he downloaded.

         You have to take care of chargeback’s.

If you are not able to get your merchant account from a bank, then you can approach the merchant broker. Brokers will arrange for merchant accounts for any type of business even if it is considered high risk. However, you will have to pay discount fees and setup fees.

  1. Electronic Cash Transactions

Electronic money is nothing more than an arrangement where the consumer will pay for his purchases using electronic money. Good examples are Cyber Cash, Cyber bucks, DigiCash, etc. As technology advances and makes credit card transactions more secure the consumers become more comfortable to pay be credit card. Then these methods will be used much lesser until they are no more used.

Pros:

         Credit Card Transactions are not required.

         Chargeback’s is no longer a concern.

         Works well with micro payments. 

Cons:

         Several people are not familiar with this technology and therefore, don’t use it.

         This process is seen as “a hassle” by many shoppers who are confident with the security provided for credit card transactions.

         Both the customer and the merchant should participate before this option can be applied.

         The customer is saved from impulse buying. Though this is beneficial for the customer, it is highly disadvantageous for the merchant.

         Not available on a global scale. 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.