5 Tips for Managing Your Internet Merchant Account with Ease
If you run a business, you most likely sell your products or services online. This will require having an online merchant account so that you can accept debit or credit card payments through your online store. You can get an online merchant account from your own bank or another payment processor, but managing the account can sometimes be difficult. Below are some tips to help make it a smoother process.
Do Your Research
The first thing you should do is your research when deciding who to get your online merchant account through. By making a good decision from the start, you will automatically be simplifying the management process. Not all payment processors are created equal, which is why this is the first and one of the most important steps.
Consider Bank Processing
If you have yet to choose a merchant account provider, consider going through your bank or credit union. Many banking institutions will offer merchant accounts that go above and beyond other payment processors. This helps you manage your account easier because it will be connected to your business checking accounts. Many banks offer simple managing methods and are more trustworthy than unknown payment processors.
Safety and Security
Choose your safety features wisely and make sure you’re avoiding fraudulent activity. In 2010, there was an estimated $2.7 billion loss from businesses affected by credit card fraud, according to Cybersource. Managing your merchant account is about more than the money coming in, but protecting those payments as well.
Perform Regular Reviews
As a business, you may not be aware how your transactions are being done and if everything is running smoothly. You should be checking in on the shopping cart and programming on your site to be sure there are no errors and the link between your website and the merchant account is working properly. During this time, you can also check debits in your merchant account, and compare invoices and products sold to the money in your account periodically.
Look for Features
You might want to consider switching online merchant accounts if your current processor has regular errors, is not user friendly, or makes it difficult to manage. For example, if they require registration for purchases, you might be losing business. About 26% of abandoned shopping carts are due to mandatory registration, according to eConsultancy.com. This is something to consider when switching accounts.
Integrating a merchant account into your website doesn’t need to be difficult. Speak to Infintech Designs about your options and to learn more.
3110 Magazine St., #120
New Orleans, LA 70115