Why Having an Online Credit Card Processor Is Necessary

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    More and more consumers choose to use alternative payment options and shop from the comfort of their homes. Touchless commerce is thriving. Surveys even indicate that the online shopper population in the U.S. would spike upward of 230 million before the year ends. As a business owner, the best way to adapt to the changing market is to invest in an online credit card processor as soon as possible.

    Online credit card processing services are quickly becoming a need. Reports show that 38% of all customer payments via POS systems in 2020 consisted of credit cards. If you don't make an effort to enter the growing eCommerce marketplace and position yourself at this stage, you might get left behind by the competition.

    Signs You Need an Online Credit Card Processor

    Here are some signs that your business is ready to expand and start accepting credit card payments from customers remotely:

    1. Multiple Requests for Payments Via Credit Cards

    Nothing's worse than saying you don't accept credit card payments. Not only do you waste a sale, but you also lose a potentially loyal recurring customer. Plus, the lack of diversity on payments implies your business is still new.

    2. Poor Retail Sales Performance

    Is your brick-and-mortar store having trouble? As technology grows, more and more people are purchasing items they need from the comfort of their own homes.

    One solution here is to expand in the online marketplace. Build eCommerce stores for your shops, then equip them all with secure, reliable payment gateways so clients can purchase from your store online.

    3. Lack of Available Payment Methods

    Don't limit your customers to cash payments. As we mentioned before, nearly 40% of all POS transactions in 2020 consisted of payments via credit cards. You're missing out on huge potential profits if you refuse to start accepting card and mobile payments online.

    4. Difficulty Signing Up for Merchant Account

    High-risk businesses having trouble getting a merchant account can start with an online or mobile processor. Work on improving your sales records and business tenure first. Afterward, you can consider reapplying to commercial credit card processing companies.

    Need a high-risk processor? Check out Processing Card's in-depth comparison reviews on the best high-risk payment processing service providers.

    Frequently Asked Questions

    How can I do credit card processing online?

    Any business can start accepting credit card payments globally by using an online credit card processing system.

    First, the customer inputs their details in the payment gateway. Next, the processor transfers the card data to the acquirer and card network involved. Lastly, the network will cross-check the details with the card-issuing credit card company and ask for authorization to push through with the transaction. Expect the funds to appear in your bank account after a few days.

    What is the best online credit card processing company?

    Different businesses have varying payment processing needs. However, one of the best credit card processors for almost any small to medium-sized online or brick-and-mortar business is Square. They offer a multi-feature platform that provides support with inventory, sales tracking, invoicing. Users can also set up the app on their Android or Apple mobile device.

    Plus, they have a competitive, predictable interchange-plus pricing model. There are no membership fees, monthly account charges, termination fees, or expensive POS device dues. All you have to pay for are the per-transaction interchange rates of 2.9% plus $0.30. They also have an excellent customer service team ready to assist with all potential software and hardware issues.

    Note, however, that their services are limited to low-risk merchant accounts. Those who operate a high-risk business type might want to check out other online credit card processing options.

    What does a credit card processor do?

    They provide software programs and devices to allow merchants to accept payments via credit and debit cards. The rates for payment processing services vary on a case-by-case basis. However, whichever merchant services provider you choose, you'll likely need to shoulder per-transaction fees every time you process a payment.

    What should I look for in a payment processor?

    There is no one-size-fits-all solution when it comes to processing credit card payments. You need to choose an online payment processor that offers features, functions, and benefits that match your business and customers.

    For example, SMBs who process low-volume orders can try PayPal. Meanwhile, medium-sized businesses that process high-volume orders worth thousands every day can opt for options like FattMerchant.

    Additional Resources

    Top Credit Card Issuers in the Country

    Chase Bank and Citibank are currently the top credit card companies in the country. They each have more than 80 million active accounts.

    When should business owners start to accept credit card payments? The answer: as soon as possible. Make every payment transaction easy and convenient for your customers. There's nothing worse than having a prospect turn away from your store or abandon their shopping cart because you don't have the credit card terminal to accommodate their preferred payment method.

    Plus, there are more than half a billion active credit card accounts in the country today. Whether you run a small pop-up boutique that delivers to local customers or a global eCommerce website, you're bound to encounter one or two customers who would prefer to pay using their credit or debit card.

    Still on the fence on which credit card processing service provider best suits your business? Processing Card can help you compare the best, most popular payment processors and merchant services providers on the market. Reach out to the Processing Card team today!

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