Finding The Best eCommerce Merchant Services
eCommerce merchant services are crucial for businesses that sell their products/services online. Reliable merchant account services offer a safe and secure way for customers to pay for your products while allowing you to ensure that you receive payments quickly. In a recent interview, Mark Sands the founder of HRMA-LLC, a provider of High Risk Merchant Accounts, stated that, “However, not all merchant account providers are the same. So, it is important to find the best one after considering several key factors and doing your due diligence.” He went on to point out the key takeaways of finding the best eCommerce Merchant Services below.
Importance of Getting an Ecommerce Merchant Account
In today’s competitive digital age, an eCommerce merchant account has become a necessity rather than a luxury. It helps businesses that sell their products/services online opportunities to thrive and grow. Here are some key aspects that highlight the importance of an eCommerce merchant account:
- 1. Improved Presence:
As a business, you can expand your reach beyond your physical location with a reliable eCommerce merchant account. With it, you can improve your online presence, attract new customers, and increase brand awareness. Offering digital payment options opens ways for you to increase your visibility to potential customers and stay ahead of the competition.
- 2. Multiple Payment Options:
This is one of the top reasons to get merchant services for eCommerce. With the ability to accept multiple payment options, e.g. digital wallets, debit cards, credit cards, etc., you can improve customer experience and increase the chances of a successful sale.
- 3. Increased Security and Accuracy
eCommerce merchant accounts facilitate secure payment processing and provide great protection against chargebacks, fraud, and other issues related to digital transactions. Accurate eCommerce payment processing provides businesses peace of mind and improves their sales and accounting processes.
- 4. Accessibility and Convenience
The convenience and 24/7 accessibility to customer transactions from anywhere around the globe are great advantages of a reliable eCommerce merchant account.
Services Offered By eCommerce Merchant Services Providers:
Different eCommerce merchant account providers offer different services. Some of the popular services you can expect to receive from a reliable merchant services provider include the following:
- 1. Payment Processing
With a reliable eCommerce account, you can accept and process card and digital payments from your customers efficiently and securely.
- 2. Encrypted Payments
An eCommerce merchant account protects your customers’ data during transactions with strong encryption technology. This means sensitive information such as credit card information, personal data, passwords, etc. remains safe and secure.
- 3. POS Systems
The Point-of-Sale systems that eCommerce merchant accounts offer make it easy for businesses to accept and process in-person as well as on-the-go payments. These POS systems also help streamline inventory management for businesses.
- 4. User-Friendly Software
The user-friendly software that eCommerce merchant account companies provide makes it easy for businesses to manage their transactions and payments, track sales, generate reports, issue refunds, and more.
- 5. Streamlined Payment Experience
Your merchant account integrates with your business seamlessly, allowing you to start accepting digital payments right away and process transactions with minimal hassle. This helps you become more efficient and it also enhances your customers’ shopping experience.
Types of Fees Associated with eCommerce Merchant Accounts:
Different eCommerce merchant account providers have different fee structures. For the best experience, you should select a structure that aligns with your specific budget and needs. The three primary fees associated with merchant services for eCommerce include the following:
- 1. Setup Fees
This is a one-time fee that you pay when you acquire a new eCommerce merchant account. It covers the costs related to setting up your account as well as things like software, equipment, etc. The setup fee varies depending on factors like the hardware and software you need, your sales volume, your bank account type, etc.
- 2. Maintenance Fees
Maintenance fees cover things like technical support, customer service, and other merchant account-related services. It is a recurring fee that may be charged monthly. It is separate from transaction fees. Some providers even charge it once as a flat fee.
3. Transaction Fees
As the name suggests, this fee is charged with each transaction processed through your merchant account. It is usually a percentage of the total transaction amount. This percentage may vary from one merchant services provider to another.
Features to Look For in a eCommerce Merchant Account
There are several things to consider when choosing a merchant account provider to ensure that you hire the services of a reliable provider that caters to your specific needs. Key considerations include the following:
- 1. Payment Gateway Services
Payment gateway services allow you to securely process digital payments. When choosing a merchant account provider, make sure that it offers services that can fully integrate with the majority of gateways so you can simplify your billing.
- 2. Multiple Payment Options
Choose an eCommerce merchant account that enables you to accept payments in multiple currencies. Selecting a merchant account that accepts traditional payment methods as well as card payments from popular services is crucial for your business’s success.
- 3. Chargeback and Fraud Protection
Chargebacks and fraud can be quite costly to businesses. So, you should choose an eCommerce merchant account provider that offers tools to mitigate these risks. Reliable providers offer features like chargeback notifications, real-time fraud detection, secure eCommerce payment processing, etc.
- 4. PCI Assistance
PCI compliance is crucial to protect sensitive payment information via vulnerability scans, security assessments, etc. A merchant services provider that offers PCI assistance can help you take the necessary steps to protect your customers’ payment information and benefit both you and them.
- 5. Simple Integrations
Make sure to choose a provider that offers a merchant account that quickly syncs up to your website. Simple integrations with popular eCommerce platforms should also be supported.
- 6. Next-Day Funding
Be sure to choose a provider that offers a next-day funding feature as it can help you access your funds more quickly. It is typically offered to more experienced merchants so if you have a strong history behind you, don’t hesitate to ask for it as it can greatly help with your cash flow.
- 7. Competitive Fees
Fees can add up quickly when using your merchant account. So, be sure to compare providers and choose the one that offers competitive rates.
- 8. Excellent Customer Support
When choosing an eCommerce merchant account provider, make sure to prioritize customer support in addition to the above-listed considerations. A merchant services provider that offers excellent customer support can give you peace of mind that any merchant account-related issues will be quickly resolved, hence allowing you to continue your business operations without interruptions.
Overall, choosing a reliable eCommerce merchant services account is crucial for businesses that want to thrive in the online marketplace. A reliable provider can offer many benefits to your business and help you grow with time.