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For any business, starting to accept credit cards as payment can produce substantial increases in both the company and customer base its profits. But for the online business, the need to accept credit cards is a critical component of any business that hopes to grow or even continue to work online worldwide.
Studies show more than 90 percent of customers who make online purchases using credit cards as payment for their purchases. More than 90 percent, if you do not accept credit cards at your business online, you have huge potential loss of customers and profits.
Get an offshore merchant account will allow you to accept credit cards for purchases of your business, goods, and services, it is a simple process. And the fees associated with maintaining your merchant account are lower than in the past. When you decide the right time to venture out and consider that the services and options of merchant accounts are right for your own online business, consider the following tips to help ensure you get the best account for your business.
What is an Internet merchant account?
An Internet merchant is designed to specifically meet the computing needs of the credit card of a company that operates on the web around the world? Using special, proprietary software, an Internet merchant account helps with process credit card transactions, from the moment the information is entered in the shopping cart system online shopping, at the time when the transaction proceeds are transferred and deposited in your business bank account.
Internet merchant accounts can be either real-time or make late, which is best for your company it depends on a number of daily sales that are expected, as well as the amount of involvement you want to have with your transactions by credit card, and your overall budget. The advantages and disadvantages of each type of account are described below.
What steps are involved in with processing credit card transactions?
In a real-time system, with the credit card transactions are processed automatically without the need for intervention by the contractor or sales staff. A credit card is collected from shopping online shopping and then sent over an encrypted, secure connection to the card issuer.
Most Internet merchant accounts use a special type of program, called the high-risk gateway provider like Securcharge.com Review – Payment Processing Consultancy, to assist in this process. The gateway provider can also serve as an extra layer of protection against fraud. During processing, your merchant account can also be used as an address verification system, AVS or, as an added level of security. Once the information is transmitted to the card issuer, the card information is checked against the information on file, and the card issuer determines whether the account is active, it has been reported lost or stolen, and if there are enough funds in the account balance to cover the transaction costs.
What equipment is needed for an Internet merchant account?
All you need a shopping cart system for on-line shopping as well as a gateway service for real-time systems. However, some merchant account providers use their own gateway providers; while others will require you to find one on your own. Make sure that the software used by the gateway system you choose to work with the software used by your merchant account provider in order to allow smooth transactions with no errors.
Opening a merchant account is the first step to accepting credit cards for your online business. Using these tips, you can choose an account provider that will help ensure your online business is successful.