Being able to accept card payments online can give a huge boost to almost any type of business. Find out how easy it is to set up.
Being able to accept card payments online can give a huge boost to almost any type of business. At a time when so many shoppers choose to shop online it has never made more sense to start taking payments through the web.
Online credit card processing is not difficult to set up either. Here are the steps you will need to take before you are able to do so:
1. Secure an internet merchant account (IMA) – You can do this either by contacting your bank or through a payment service provider (PSP). Merchant accounts are different to your business account and is a must for anyone wishing to process card payments online.
2. Set up a payment gateway – Even if you choose to get an IMA directly from a bank, you will still need to find yourself a PSP as they can provide you with a payment gateway - this allows a transfer of information between your e-commerce website, your bank and the bank of the cardholder. Just like an IMA it is a must for your business to get a payment gateway in order to accept online payments.
3. Security tools – Fraud is probably the biggest threat associated with online payments, so you will want to protect both your business as well as your customers from it. There are tools available, some free and some paid for which can largely decrease your exposure to cyber criminals. Your PSP should be able to provide you with some, but you can also get others independently. SSL certificates, for example, are recommended to all e-commerce shops (they encrypt the connection between you and your customer, protecting the sensitive data being exchanged during transactions).
You should obviously choose the bank and the PSP carefully and consider all the options available on the market before settling for one or the other.
Putting your business online does not have to be hard work and the benefits can be massive. Follow the above steps to add the ability to accept payments through your website and you will be able to attract new customers, who may never have found you otherwise.
Happy trading!
