Do you do eCommerce? This term refers to business conducted on the internet, generally for selling goods and services. As the internet expands, so does its capability for business. North America is especially popular when it comes to eCommerce, accounting for 31.5% of all global online transactions. Retail on the internet is projected to see a 13% growth between 2013 and 2014, and by 2017, Forrester Research estimates that eCommerce will reach $370 billion by the year 2017.
The way that these eCommerce businesses are so successful is that they have online payment processing services that help them accept credit and debit cards to receive funds from customers. Online payment processing companies are responsible for acting as the third party that transfers money from the customer’s bank account to the business’s account in a safe, fast, and convenient manner. These are similar to the merchant card services you see in brick-and-mortar businesses. The online payment processing services company takes out a small percentage of the transaction, and they may also charge additional fees depending on transaction type.
Why is it so important to use online payment processing services? For one thing, they can help expand your business easily. Many payment processors have the ability to take payments from any source, and they can even handle foreign currency. By choosing a payment processor that accepts a full list of international currencies, you can guarantee that your business truly has a worldwide reach.
They also give your business a more professional appearance. It’s fine if you sell items through a website with its own payment processor, like eBay or Amazon, but if you have your own online store, it’s best to have your own online payment processing company. When you choose a payment processor that uses additional security and encryption for transactions, it can bring both you and your customers peace of mind.
Want more information on what online payment processing can do for your business? Talk to a merchant services company that can handle online transactions. You can also leave a comment with us if you have any general questions about the process. Don’t fall behind in the world of eCommerce by putting off this decision.