Putting your small business on the web by offering an e-commerce site can be a great way to find new customers and ensure your growth. But before you get started, you need to know how to process online payments with E-Complish for example. There are four main aspects to consider when considering payment processing on your e-commerce site.
- You Need To Know Your Customers
How will your online customers want to pay? You may want to offer them the same credit card, debit card, and prepaid card options available at your conventional store if you have one. That said, by going online, you’re likely to have a variety of customers, and many of those customers will want to pay differently.
The easiest way is to offer the same options as in-store, but you also need to consider the impact it could have on your sales if your customers don’t have the payment options they prefer online.
For example, you might not accept a particular credit card in your store because local customers aren’t using it – but that might not be true for online sales. On the other hand, although debit cards are widely used in stores, they may not be the best option for e-commerce, as Canadians rarely use them for large online purchases. Line.
Do some market research with Public Service Announcement to find out where your potential customers are and what payment method those customers will prefer to use. You can start by looking at the payment options offered by the companies you are competing against. Ultimately, most small businesses can limit themselves to three or four payment processing systems for e-commerce.
- You Must Consider All Possibilities
As with POS systems, there are many online payment platforms, each with pros and cons. Not all solutions are available in all countries, which is something to consider if you sell internationally.
Your bank may offer an online payment solution, like Moneris, which is likely an extension of the credit and debit card payment system you use in-store. You may be entitled to a rebate if your point-of-sale and online payment systems come from the supplier you already do business with.
Other platforms use cloud computing and offer SaaS (software-as-a-service or software-service) payment platforms. PayPal and Stripe belong to this category. These solutions can be more expensive than popular options but often come with added features, like dispute resolution and fraud protection, which helps provide a better overall customer experience. (If you’re interested in a SaaS solution, first see if it will be easy to integrate with your accounting software)
- You Need To Understand The Associated Fees
Similar to in-store POS systems, e-commerce payment systems charge a fee as a percentage for each transaction (usually less than 5%). Since their rates are different, be sure to visit their website for the most up-to-date information. Also, check to see if there are any other fees, for example, monthly fees, minimum quantity fees, rebill fees, or currency conversion fees –these can add up to your bill quickly. If a platform demands higher fees, what does it offer in return?
