Recent estimates show that 335.7 million eBooks were sold in the United States in 2019, according to data from Statista. To accommodate this growth in sales, digital ebook businesses need to start processing credit cards to be more accessible for their customers.
Credit card processors work with a wide variety of eCommerce businesses selling different digital download products. However, some banks may categorize internet merchants like eBook sellers as riskier due to the likelihood of online fraud.
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eBook stores have a unique list of requirements depending on their size, volume of sales, location, and more. Here are some payment processors that can give your buyers the option to place online orders on your e-commerce site.
One of the best payment solutions for stores that are just getting started with selling ebooks is PayPal. Their platform is easy to use for first-time users, catering to all your business needs. It's easy to set up, and it has the added bonus of being a familiar and reliable name for many clients.
Stripe accepts a variety of payment methods, making it a good option for eBook businesses aiming to reach a large target market. One of their major strengths is their highly comprehensive billing analytics dashboard, which provides valuable data on sales growth, net revenue, and new subscribers.
For more risky industries like digital downloads, PaymentCloud doesn't charge any application or setup fees. They're a great option for small to medium-sized eBook businesses as they offer reasonable charges and rates. However, you'll need to directly contact their company for a customized quote. They also provide a free credit card terminal to use if you have a physical store.
If you're primarily selling eBooks online, Square is a great option for emerging mobile organizations. They charge a relatively low 2.6% + $0.10 per-swipe fee per transaction and provide flexible design solutions to help you set up your e-commerce store. They also partner with major companies like WooCommerce, Wix, Magento, BigCommerce, WordPress, and more.
If you're looking for an integrated payment solution, Helcim is a great option. Their platform combines a payment gateway with essential services including inventory management, a customer database, and recurring billing to help you run your eBook business as efficiently as possible.
To reach a wider market, software and eBook companies need to look beyond traditional financial institutions. This is because they tend to handle large volumes of online transactions, classifying them as high-risk. As a result, they must seek assistance from a merchant provider that enables them to securely accept these transactions and process payments from shoppers.
Merchant banks enable eBook sellers to accept deposits from credit and debit card payments through merchant accounts. Payment processors are responsible for processing payments, connecting together the network of sellers, merchant banks, and more to make card payments possible.
To start accepting credit card payments for your eBook business, you should focus on doing research into merchant account providers to process your payments. Some factors you should consider before taking these steps include whether they have:
Interchange charges are transaction fees a seller must pay whenever a customer makes a credit card purchase on an eCommerce site. This covers costs like fraud and the risk involved in approving the payment.
Setting up a merchant account online is relatively easy. Some requirements include:
-Business bank account information and routing numbers
-Estimated processing volumes
-Contact information
-Other financial information
Unlike many other industries, the book-publishing industry is still growing, according to a recent report from the Atlantic Council. Because of this, investing in a payment processing account for your company is the key to success.
For more guidance on choosing the best processing account for your company, contact us today at ProcessingCard!
