The ability to provide your clients with the most convenient means of paying for their purchases is the most vital part of doing business online. In the last decade, online buying has turned to a global trend, with millions of daily transactions occurring. And product payment methods given to consumers have also been diversified. Credit card processing for small business is crucial.
Credit cards were the initial option, but currently many websites like Skrill or PayPal that provide payment solutions are now truly popular. Some online vendors prefer just these e-wallets with no direct card payment options, without any thought of whether it could make them lose some clients.
Most online customers still prefer credit card transactions. Here are the major reasons why some customers utilize their credit cards more often than other online payment methods.
- No registration needed: Unlike e-wallet payment options, customers do not need to open an account or register with any website, before they can use their credit cards to complete online purchases.
- Convenient and fast: Credit card transactions are swiftly processed within seconds after your customer enters his card details in designated fields on your checkout page. An order is instantly declined or approved. Unlike with bank wire and check payments, the order can be promptly shipped after the payment, since the funds are instantly deposited to a specific vendor merchant account.
- Fraud security: Companies that offer services related to, credit card payment for small business entities, offer better fraud protection for clients of such businesses, and they allow them chargeback if the product delivered to them is not the exact one they ordered and expected. Several clients are more safeguarded when they purchase items online and they thus feel much safer when they order any product.
- Extra security layers: MasterCard and Visa have created MasterCard SecureCode and Verified by Visa programs to add an extra security layer to all card transactions. The client is asked for a specific password during purchases if the feature is implemented. This ensures order safety; only the authorized person can use the card. It has been verified that implementing this feature on your website attracts more sales. Simultaneously, you (the vendor), is safeguarded from most chargeback that have the ‘I didn’t do it’ reason.
- Getting rewarded: Clients also likely get rewards for often using their cards from their banks. This offers them long-term benefits. So, they then prefer to use their cards more.
- Paying with credit: Clients can use their credit limit to pay you (even when they momentarily lack sufficient funds by borrowing from their card’s bank). This feature boosts your sales the more.
- Acquiring more global clients: If you are a global online seller, then your clients are more likely to use their credit cards than all other methods in paying you. So, in order that you don’t lose potential clients, it’s a must for you to accept credit card payments.
Direct credit card transactions represent about 60% to 85% of all online orders and payments. The percentage is influenced by your niche or industry. Therefore, you should consult firms that enable accepting credit card for small business entities so you enjoy all these features.
