With the advent of ecommerce, it has become necessary for your website to be able to offer customers several payment options. So that the customers are not required to signup for additional accounts if they want to pay for the product. This is a crucial part of having an ecommerce website, as this can possibly decide whether or not the customer is able to buy the product or not.
If the customer is signed up for a payment account and is limited to a single payment option, then this can take a lot of time. Customers might have to fill out a lot of information, wait quite a bit of time before their payment is approved and finally get approval to pay. If they can't pay, they won't be able to buy. This can be time-consuming and boring, especially if the customer does not have time to wait. On the other hand, if your website is able to offer multiple payment options, then customers will be able to find the options that they want and will be able to pay them without much effort. This is one of the crucial parts of an ecommerce website as it allows the customers to have a choice and a chance to choose the payment option that they want.
You might need to update your ecommerce website to make sure that it is able to offer several payment options.
How to implement the multiple payment options in your ecommerce website?
Before you can offer the customers multiple payment options, you will have to setup a merchant account. This is an account with a bank that is allowed to process payments for your company. The business account with the bank will allow your website to have access to their facilities to process payments.
There are two types of merchant account. The first one is the third-party merchant account that is obtained through integration with the third-party API. This is needed for business that have already established a relationship with the bank that is handling their payments. This API is already integrated into your website, so you will not need to integrate anything or do anything. You just need to give your bank account information and you're done.
However, the second type of merchant account is the personally owned merchant account. A businessperson might have this account with a bank that is not directly involved in their business. The personal merchant account is required for every online business. In this case, you need to integrate your personal account with your website. There are times that you will need to do this when upgrading a backend system, when upgrading a shopping cart, when installing a new template or when changing the content on your website. You will have to give your personal merchant account information, including your personal checking account information and your personal credit or debit card information. It is recommended that you ask your merchant account provider if they will ask for personal information when you setup this third-party API or if they will ask for personal information when you setup your own merchant account. If you are new to accepting payments, it is recommended that you ask your merchant account provider to ask for all of your personal information.
* How much does it cost: Different merchant account providers have different fees and charges. You should always read the contracts carefully, because you might be paying more than you need to. Some merchant account providers charge a set-up fee, monthly fees, statement fees, etc. If you are selling a limited number of products, consider the set-up fee first. If you are new to merchant account, you might be charged more than you need to. If so, you need to know that the set-up fee is just $50 and the next monthly fee is $15 and the statement fee is $15.
* Setup fee: Some merchant account providers ask you to pay a set-up fee and other ask you to pay only a monthly fee. If you are new to merchant account, you might be charged more. It is recommended that you pay the monthly fee and the next set-up fee is $50.
* Terms of Service: Some merchant account providers require you to sign a "Terms of Service" document, while others do not. If so, it is best to pay the next monthly fee and the "Terms of Service" is $35.
* Transaction fees: Some merchant account providers will charge you a fee for every transaction, while others will not. It is recommended that you pay the monthly fee and the "Transaction Fees" are $0.10 for a monthly fee and $0.15 for a "Transaction Fees".
* Fees for multiple products: Most merchant account providers will charge a set-up fee for selling multiple products at once. This fee is typically around $20 per product and $0.10 for every additional product. Some merchant account providers will charge you for each transaction for selling additional products at once, which is currently $0.15 per transaction.
It is important that you take note of the fees charged by the merchant account providers. Since you have to pay all these fees, make sure that you compare the prices and pick the one that fits your budget.
To your success
Paul
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