Electronic payment processing is a must for any up and coming small business owner. Today\u2019s ecommerce business\u2019s viability is directly related to its ability to stay on top of technological trends. Almost every business accepts online payments. Because of this, any new small business that wants to be successful needs to as well.<\/p>\n
Do the Research<\/strong><\/p>\n To accept electronic payments, a business must have a merchant account as well as a payment gateway.\u00a0 When looking for a company to do business with, it is important to spend some quality time doing the research.\u00a0 Every company has a different set of fees associated with service. Don\u2019t be fooled into thinking the lowest fee is the best. Often times, these budget merchant accounts give out budget service. Look for reputable companies with good track records.<\/p>\n Encrypt the Transmission<\/strong><\/p>\n An added cost associated with electronic payment processing is encryption. Almost all credit card companies, as well as the merchant account companies, require the transmission of sensitive financial information to be encrypted.\u00a0 This is an added expense that requires a business owner to purchase a security certificate, which has to be installed on the web hosting server to encrypt and protect the transmission of credit card information during the payment process. These fees can range from 50-300 dollars annually depending on the business owner\u2019s needs.<\/p>\n The Dangers of Reoccurring Billing <\/strong><\/p>\n A lot of small business owners may need to establish reoccurring, or monthly, billing for their customers. This can make the electronic payment processing system a bit more complicated, and it can narrow down the field of available merchant account vendors that can be used.\u00a0 The business owner must decide if they are going to store the sensitive data themselves, or if a third party will. Often times, storing financial data can be so technical and expensive, that it is much cheaper to have a third party do it. A lot of merchant account and payment gateway companies can and do store financial information for reoccurring billing for a small fee.<\/p>\n Summary<\/strong><\/p>\n Regardless of the reason, electronic payment processing is a necessary step for an up and coming small business. Just be sure to pay close attention to all the details of any agreements you accept. \u00a0It\u2019s also a good idea to look for and ask for any and all documentation, governing fees and rates to include penalties and charge backs.<\/p>\n","protected":false},"excerpt":{"rendered":" Electronic payment processing is a must for any up and coming small business owner. Today\u2019s ecommerce business\u2019s viability is directly related to its ability to stay on top of technological…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":0,"footnotes":""},"categories":[12],"tags":[67,316,3385,2286],"class_list":["post-1287","post","type-post","status-publish","format-standard","hentry","category-e-commerce","tag-ecommerce","tag-merchant-account","tag-payments","tag-reoccurring-billing"],"views":76,"_links":{"self":[{"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/posts\/1287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/comments?post=1287"}],"version-history":[{"count":0,"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/posts\/1287\/revisions"}],"wp:attachment":[{"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/media?parent=1287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/categories?post=1287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/webhostinggeeks.com\/blog\/wp-json\/wp\/v2\/tags?post=1287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}