One of the most effective ways to expand your business and increase your sales is through an online storefront. Along with an attractive, easy to navigate website and a strong marketing plan, your business should allow for safe and secure transactions through your business’s website.
There are a couple of ways to begin accepting credit card payments over the world wide web, through merchant accounts and payment gateways. If you’re new to both, here’s a quick guide that will help you choose which method is right for your business and to get you started in the exciting world of internet sales and credit card processing online.
Merchant Account
Opening a merchant account with your bank will allow your business to accept money from credit card payments directly into your business’s bank account.
Because every credit card transaction that is processed is potentially risky for the bank that processes it, opening a merchant account is a lengthy, detailed process that requires the submission of a complicated application and approval from your bank. Once you’ve opened the account, you’ll need to pay a barrage of fees that include setup costs, monthly maintenance, and customer service fees, and more, depending on your bank.
Supposedly, once you’ve been approved for a merchant account and you’ve paid the expensive fees to begin credit card processing online, you’ll be able to save money on individual transactions in the long run.
This isn’t always the case, however, and it’s up to the merchant to research these fees and compare them with banks and payment processors to find the best possible rates for their business.
Payment Gateways
Payment gateways, like here at Allied Wallet, are the second (and easiest) option when considering credit card processing online. Payment gateways handle your payment processing and protect your business from fraud and other online threats. A good payment gateway company will offer you the most technologically advanced software designed to protect your customers and their sensitive financial data.
In addition to the security, a payment gateway should offer excellent customer service and affordable rates. Best of all, opening an account is quick and easy, and much less complicated than opening a merchant account with a bank.
Discount rates, or the fees charged per transaction, can be high or low, and it’s up to the merchant to find a quality payment gateway that provides excellent customer service, top-of-the-line security technology without charging expensive fees for credit card processing online.
We are a leading payment gateway company providing top-quality merchant services for businesses across the globe. All transactions are protected by our PCI Level 1 compliance platform and customized Fraud Scrub technologies. Customer service is available 24 hours a day, seven days a week by telephone or through a live chat client. Visit our customer service page to speak to an agent about how to open your business account with Allied Wallet, and start accepting credit card payments online today!
