Credit Card Processing Is The Prefered Method of Payment for Internet Business Owners In the Digital Age
Category : Blog
Processing credit cards on the Internet is a much required form of payment when buying products or services online. If you’re a business owner, it’s crucial you have a merchant account.
People feel secure with merchant accounts that allow credit card processing. Buyers and sellers have different advantages and disadvantages when using your credit card.
For instance; if you’re a buyer and not happy with your product and feel it doesn’t meet the description, you rightfully have the power of authority in most cases to request for a charge back. Hence, you do the right things and send the product back to the seller.
As a seller, the disadvantage is having to wait for the buyer to be satisfied and, or leaves you with positive feedback. Situations like this can take place on websites like eBay. The advantage the seller has is holding off on leaving feedback until the buyer has agreed the transaction went through smoothly.
A handful of merchants will charge you a yearly amount on top of a fee for each transaction completed. There are other providers who only charge a percentage of each transaction processed.
Common rates for your small businesses when accepting order payments could result between 2% and 3%. Make sure you investigate other merchant accounts who accept credit card processing. The following percentages are standard for processing a credit card. You may experience that the rating in your credit will determine how high your credit card fees will be.
Credit card payments are an extreme necessity for business owners and for people who belong to affiliate programs. Affiliates are responsible for recommending other people’s products and getting paid a commission. This takes places using credit card processing through online marketplaces like ClickBank.
On a side note, do a comparative analysis between merchants and see ho each one goes about having you withdraw money from your account. Ask questions like… are you able to have access to your funds whenever you need to? Or are you restricted? Do you have limits for sending a certain dollar amount? How long will it take to receive your funds once you’ve requested a withdrawal or transfer of the money? What level of action does the merchant provider take when dealing with charge backs from customer’s?
Be sure to read all the fine print and details within any written or documented forms containing legality information. You want to comprehend the terms and if there are any cancellation fees. Also, are there any negative side effects to a canceled membership? You must ask key questions in order to get the right key answers. It will help you and make your credit card processing moments easier and more head-ache free.