Pondering over the payment processing for e-commerce platforms, one should know the importance of credit card payments. Choosing out the best medium for monetary transactions has always been overwhelming. However, credit cards are no less than a bloodline for e-commerce businesses.
So, if you are the one running one online, scroll down to ‘all you need to know about accepting credit card on your digital handle.’
Perks of accepting credit card payments
Living up to the trend, almost all websites have an option to accept payments through debit cards and PayPal. Have a look at some of the prime benefits to convince yourself to extend payment options to credit cards.
Boosts legitimacy
When it comes to online shopping, trust comes first. Hence, adding up Visa and MasterCard logos on your digital business give customers an instinct of trustworthiness for your brand.
Quick procedure
Comparing to the most common payment medium i.e., PayPal, enabling transactions via credit cards makes the payment procedure quite quick and hassle-free with no mandatory requirements of first logging into your account and then confirm the amount again and again with few more mandatory requirements.
Third-party vs. Merchant account
Comparing the two, the third-party method involves another company that works at handling merchant accounts for you as they accept credit card payments without you having to get involved in the hassle. Whereas, on the other hand, the merchant account requires the user, himself, to settle his own merchant account via bank.
Overviewing some prime differences between the two, they are as follows
| Third party | Merchant |
| Higher transaction fee | Lower transaction fee |
| Lower risk of charge back | Higher risk of charge back |
| Lower risk of fraud | Higher risk of fraud |
| Easy to get started without having to open the merchant account | Comparatively complex to get started with the requirements of merchant account |
| Third party involvement for handling | No third-party involvement |
The fine line: what’s better?
Overviewing the differences of both transactions via the third party seems to be beneficial due to reduced risk factors and less hassle. For risk, it implies for frauds and unnecessary chargebacks that can be quite possible if you handle your own merchant account.
Guide to accept credit card payments via the third party
Here is how you can accept payments via the third party using different mediums
MyCommerce: It enables the user with multiple choices and also enables an affiliate network for others to sell your products.,
Authorize.net: Being widely popular among prospective users, it only charges $ 0.10 per transaction.
PayPal: Being universally recognized, it charges no setup fees at all, reduces the risk factor to zero, and easily installs to the website.
CCNow: It only charges $0.4 per transaction.
Order form/shopping cart on a website
Have a payment processing setup on a website is not a big deal. However, but when it comes to payments through credit cards, you have to do a bit of work to streamline everything.
Websites having shopping cart software or a shopping plugin at WordPress are advised to get in touch with the software company. They can help them to integrate the credit card payments into the same section. However, most of the above-listed gateways also provide a link that is to be simply pasted on the website to have access.
Wrap up!
So, only if you are running an e-commerce business, it is always beneficial to expand your payment modes to accepting credit cards. This will boost up the credibility of your business and help drive more sales.