Not only can you process credit cards directly, you can accept payments through 3rd party processors as well. A 3rd party processor is a company that will allow you to accept payments online from a customers bank account, credit card or charge card. One notable 3rd party processor is Paypal.
What Do They Do?
A 3rd party processor will take the money from the client, then provide the money to you. Each processing company has different methods of seeking the money from the client.
Who Are They?
- PayPal - PayPal offers quick and easy set-up with no monthly or set-up fees. Benefits Included: Online Invoicing Tool, Fraud Reduction, Convienient Payment Options, Reporting, Back Office Tools, Tax & Shipping Tools.
- PayVision - PayVision is designed for international sales and payment options. Benefits Included: Global Card Processing, International Sales Advice, Curreny & International Sales Law Management.
- 2Checkout - 2Checkout offers low rates and international currencies. Benefits Included: Simple Payment Solutions, Easy Pricing, Simple Checkout Experience.
- CardWorks - CardWorks offers both traditional and electronic card payment processing. Benefits Included: Ecryption of All Card Data, Back-End Batch Settlement, Risk Mitigation.
- Merchant E-Solutions - Merchant E-Solutions offers a wide variety of payment options based on the type of business you run. Benefits Included: Customized Solutions, Point-Of-Sale Solutions, Traditional Terminals.
There are many other processing companies out there but these are some of the top names.
Why Choose a 3rd Party Processor?
3rd party processors not only offer services for all type of cards and financial transactions, they offer amazing rates. Many are finding that 3rd party processors offer much lower rates on all transactions and do not charge the annual fees or rental fees traditional service providers charge. As well, many 3rd party processors do not require a contract, terms are based on usage.
3rd party service providers retain the right to freeze and remove fund from your merchant account in case of fraudulent charges. Ensure you do not leave money piling up in a 3rd party merchant account, transfer the funds through to your bank account as soon as they clear. As well, invest in reputable website protection to protect against fraudulent charges and hacking.
For the not-so-tech-savy business owner, 3rd party payment providers often offer e-store infrastructure, hosting services, fraud detection and subscription management services. These can help a business owner have an operational e-store quicker and with less investment than traditional payment providers. Research what additional benefits processors offer as part of their merchant account packages. These additional features can not only protect you but also make the process of opening an online store quicker and simpler.
Accepting cards on your website is a must. If customers visit your website chanced are, they are ready to purchase. Take advantage of this opportunity by researching the providers available and selecting the company that is right for your business.
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