Securing a dependable credit card processing partner is critical for entrepreneurs navigating the ship of an online company.
eCommerce is constantly expanding, with forecasts predicting a startling $908.73 billion in sales by the end of 2021—a phenomenal 13.7% increase from the previous year.
Being a key player in this dynamic market sets you for success, but realizing your maximum earning potential is dependent on choosing the best merchant services provider.
So, which companies are the cream of the crop when it comes to eCommerce payment processing?
Let's go further into these industry leaders and uncover critical elements for your decision-making process.
Helcim is a payment processor and merchant services company established in Canada. Helcim specializes in offering payment solutions for organizations and serves a variety of sectors, including online retail merchants. Keep in mind that things may have changed since then.
Helcim offers a variety of services and solutions for online retail companies in order to promote safe and effective payment processing. The emphasis on openness and simple pricing is one of the most important components of Helcim's services. Merchants frequently like the straightforward price structure, which generally includes interchange-plus pricing, which eliminates hidden fees and promotes a clear knowledge of transaction costs.
Helcim's online payment gateway is intended to work smoothly with e-commerce platforms, allowing businesses to take payments directly from their websites. This can include a variety of payment methods, such as credit cards, debit cards, and other electronic payment choices, to accommodate the wide range of online shoppers' preferences.
Security is a top priority for online retailers, and Helcim addresses this by using industry-standard security procedures. This includes features like encryption and tokenization to protect sensitive client information and safeguard against any cybersecurity risks.
Helcim frequently differentiates itself via its dedication to offering great customer service. Merchants value timely and skilled customer support, especially when dealing with technical difficulties, setting up the payment gateway, or resolving payment processing concerns.
As the e-commerce scene changes, Helcim remains adaptive, embracing new technology and adhering to industry norms. Helcim may be a potential alternative for online retailers looking for a dependable and transparent payment processing solution.
It is best to check Helcim's official website or contact them directly for the most up-to-date and accurate information about their services and features.
Easy Pay Direct (EPD) is a payment gateway and merchant services company that focuses on providing companies with efficient and secure payment processing solutions. Please keep in mind that there may have been developments or modifications since then.
Easy Pay Direct bills itself as a full-service payment processing platform that serves businesses of all sizes and sectors. The platform is intended to provide a user-friendly experience for both merchants and customers, with an emphasis on simplicity in navigating the complexity of payment processing. This method allows businesses to take payments across several channels, including online, mobile, and in-person purchases.
EPD normally offers a wide range of payment alternatives, including credit card processing, ACH payments, and different electronic payment choices. Easy Pay Direct prioritizes security, with the platform providing comprehensive steps to preserve sensitive financial information and reduce the danger of fraud, addressing a major concern for businesses and their customers.
Easy Pay Direct is noteworthy for its integration capabilities, which frequently integrate with numerous e-commerce platforms, shopping carts, and other business tools. This connection provides organizations with a consistent and automated payment experience, increasing payment processing efficiency.
Customer support is an essential component of Easy Pay Direct's offerings, with the platform aiming to give clients with responsive and helpful assistance. Customer service is critical in maintaining a great experience for merchants, whether it is fixing technical difficulties, assisting with onboarding procedures, or responding to basic payment processing concerns.
It's worth noting that Easy Pay Direct's services, features, and market position may have changed since my previous update. It is best to check Easy Pay Direct's official website or contact the firm directly for the most up-to-date and accurate information.
Cornerstone Merchant Services is a payment processing firm that offers a variety of business services such as merchant accounts and payment solutions. Please be aware that developments or modifications may have occurred since then.
Cornerstone Merchant Services portrays itself as a full-service supplier, providing solutions targeted to the different needs of organizations in a variety of sectors. Typically, the firm specializes in electronic payment processing, allowing merchants to take payments via a variety of channels, including credit cards, debit cards, and other digital payment methods.
Cornerstone Merchant Services is recognized for its focus to offering fair and competitive pricing. Clear and simple cost structures may help businesses manage their finances more successfully, and Cornerstone seeks to help merchants by reducing hidden fees and providing competitive rates.
Traditional credit card processing, ACH payments, and e-commerce solutions are frequently included in the company's services, allowing businesses to select the choices that best meet their operational needs. Cornerstone Merchant Services may also interact with numerous POS systems and other business tools to help merchants expedite payment procedures.
Cornerstone Merchant Services normally uses comprehensive security measures to secure sensitive financial information and limit the risk of fraud. This dedication to security is critical for building confidence between retailers and their consumers.
Cornerstone Merchant Services understands the value of customer service in the payment processing sector. Customer support that is responsive and competent may be critical for merchants dealing with technological difficulties, questions, or onboarding procedures.
It is encouraged to check Cornerstone Merchant Services' official website or directly contact the firm for the most up-to-date and accurate information about their offers, features, and any current changes. Because the payment processing market is ever-changing, it is critical for businesses to remain up to date on the newest services and technology.
PaymentCloud is a leading payment processing solution that stands out for its commitment to providing comprehensive services for businesses across various industries. Established with the mission of simplifying payment solutions, PaymentCloud caters to high-risk businesses that may face challenges in obtaining traditional merchant accounts.
One of PaymentCloud's key strengths lies in its ability to offer tailored solutions for businesses deemed high-risk, such as those in e-commerce, CBD, adult entertainment, and more. The company understands the unique needs of such industries and strives to provide secure and reliable payment processing services.
PaymentCloud boasts a user-friendly interface and efficient payment gateway, allowing businesses to seamlessly accept payments online. The platform supports various payment methods, including credit cards and ACH transactions, ensuring flexibility for both businesses and their customers.
Customer support is a priority for PaymentCloud, and the company prides itself on its knowledgeable and responsive team. Whether businesses are navigating the onboarding process or require assistance with technical issues, PaymentCloud's support is readily available.
In an ever-evolving digital landscape, PaymentCloud remains at the forefront of payment processing innovation, offering businesses a reliable partner for secure and efficient financial transactions. With a focus on high-risk industries, user-friendly solutions, and exceptional customer service, PaymentCloud continues to empower businesses to thrive in the competitive online marketplace.
Mynt POS emerges as a dynamic and innovative point-of-sale solution, empowering businesses of all sizes with a comprehensive suite of tools to streamline transactions and enhance overall operational efficiency. Designed with versatility in mind, Mynt POS caters to various industries, offering a user-friendly interface that adapts seamlessly to the specific needs of retail stores, restaurants, and service-oriented businesses.
One notable feature of Mynt POS is its robust inventory management system, allowing businesses to effortlessly track and manage their stock levels in real-time. This feature not only minimizes the risk of overselling but also provides valuable insights into product performance and customer preferences.
The platform's intuitive order management capabilities enable swift and accurate transaction processing. Mynt POS supports a variety of payment methods, ensuring flexibility for both businesses and customers. Additionally, it facilitates contactless payments, aligning with the latest trends in consumer preferences and safety measures.
Mynt POS distinguishes itself through its analytics and reporting tools, providing businesses with actionable insights into sales trends, peak hours, and customer behavior. This data-driven approach empowers businesses to make informed decisions, optimize their offerings, and enhance the overall customer experience.
With its commitment to innovation, user-friendly design, and feature-rich functionality, Mynt POS emerges as a valuable asset for businesses seeking a reliable and efficient point-of-sale solution in today's competitive market landscape.
In essence, eCommerce payment processing acts as a conduit for merchants or company owners to accept payments when customers do transactions on their websites. The advancement of technology has provided eCommerce companies with a myriad of choices for accepting consumer payments.
A trademark of top-tier processors is the offering of personalized solutions tailored to the specific demands of their merchant customers. These processors go above and above, customizing their services to provide a personalized and efficient payment processing experience.
The path of electronic transactions begins with the opening of a merchant account—a unique financial tool supplied by an acquiring bank. This customized account serves as a safe repository, similar to a "holding tank," where customer funds are temporarily housed.
When a customer's payment is approved, the monies smoothly transfer from the customer's account to the merchant account. Following the rigorous subtraction of transaction fees and other costs, the refined monies are sent to a business bank account, ready for the merchant's immediate access.
This complex procedure not only ensures safe cash flow but also lays the groundwork for a simplified and effective eCommerce transactional trip.
A merchant services provider is, at its heart, a dynamic business that smoothly delivers a combination of critical services, including merchant accounts and payment processing solutions. Within this diversified environment, some businesses specialize only in merchant accounts or payment processing, while others form strategic alliances between merchant account providers and payment processors.
The attractiveness of working with merchant services providers is in the complete approach they give for many discerning business owners. Choosing a single provider that handles both merchant accounts and payment processing becomes a popular option, as it streamlines operational efficiency and consolidates the diversity of services necessary for successful business transactions.
In the field of online payment processing, you have a plethora of possibilities for your eCommerce company. You may tailor your approach to your company model by using a single technique or a mix-and-match strategy, which is especially useful if your firm covers both internet and mobile app platforms.
Consider payment gateways to be the digital equivalents of traditional POS systems or credit card terminals. When credit card information is entered into a terminal or manually entered into a shopping cart or hosted payment form, it is encrypted before being communicated to the payment processor. It then navigates the network, resulting in either payment acceptance or denial.
Virtual terminals allow for the acceptance of a wide range of payment methods, including credit cards, debit cards, ACH, and electronic checks. Merchants connect into their online accounts using a computer, tablet, or other internet-enabled device and enter payment information into a form for processing.
Shopping cart integration is a popular choice among eCommerce retailers due to its seamless functioning. Using your payment processor's API, you can link your shopping cart with their services, allowing you to begin accepting payments from your consumers. The speedy setup of shopping cart connection guarantees that merchants are up and running as soon as possible.
Enter the world of mobile payment processing, an option for eCommerce retailers. This approach entails capturing consumer payment information using a mobile credit card reader. Companies, on the other hand, frequently give the opportunity to accept payments through an app by integrating with the app's shopping cart. This adaptable method offers a new level of simplicity to the payment processing spectrum.
In the world of eCommerce, many entrepreneurs use payment aggregators like PayPal, Stripe, and Square. These companies provide payment processing services, but their strategy is very different from that of merchant service providers.
So, just what is a payment aggregator? Payment aggregators, unlike merchant service providers, use a single master merchant account for all of their company clients. Customer payments are sent to this central account, where fees are deducted before the cash are distributed to the appropriate merchants.
However, this unique merchant account configuration exposes payment aggregators to increased risks. Any flaws, such as an unusually high number of chargebacks from merchants, represent a risk to the entire processing system. Instances of fraud can result in the freezing of cash or the closure of accounts, leaving merchants without access to their money for lengthy periods of time until the situation is handled.
Choosing to work with a merchant services provider provides a distinct perspective, especially when faced with issues like as fraud and chargebacks. A merchant services provider provides businesses with their own specialized merchant account, and in certain circumstances, numerous accounts if necessary. This proactive configuration protects merchants against the possibility of losing access to all of their cash in the event of a problem.
In effect, collaborating with a merchant services provider reduces risk as compared to the possible weaknesses connected with payment aggregators' master merchant account system.
Now that you've learned the fundamentals of ecommerce payment processing, it's time to pick one.
But don't be too hasty. As seen by the preceding list, you have several possibilities. It's useful to know what you should think about before making a decision.
The more payment options you provide your consumers, the more likely they are to complete the checkout process.
That is precisely what you desire.
The fact is that there are several methods to pay for the items we purchase. Credit and debit cards are only the tip of the iceberg.
Here are some other choices you might wish to consider:
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Credit cards such as JCB and Diners Club are alternatives.
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Prepaid credit cards
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Gift certificates
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ACH
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Checks issued electronically
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PayPal
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Pay with Apple
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Wallet by Google
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Pay with Samsung
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Google Pay
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Bitcoin and other digital currencies
Some processors may even be able to assist your consumers in setting up "buy now, pay later" payments.
To summarize, the more payment choices you can provide your consumers, the better.
When you decide on a credit card processor, you'll go over the terms of your contract. You should gather as much information as possible and ask questions such as:
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What is the duration of the contract?
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Is mobile payment processing equipment included, or do I need to sign a separate contract?
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What if I want to terminate my contract early? Will I have to pay an early termination fee?
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How will the fees be structured? Will they ever change, and if so, how will they change?
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When a consumer seeks a refund or challenges a charge, what happens?
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Are there any volume restrictions or minimums that I should be aware of?
You should avoid signing a long-term contract with a high early termination cost.
If you decide that this ecommerce payment processing firm is not for you, that sort of contract might cost you a lot of money in the long run.
Ask as many questions as you can come up with. The more questions you ask, the better educated you'll be, which will help you make your final decision.
The more you discover about some of the great capabilities available to you as you go deeper into the realm of online credit card payments.
You'll want to spend some time considering the features you'll want, but here are some suggestions:
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Reporting via mobile and online
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QuickBooks synchronization
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"Quick Click" purchasing and payment convenience
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Customers who challenge charges might be barred from using the service.
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Gift card schemes
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Programs for distributing loyalty cards
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Acceptance of foreign currencies
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The capacity to bill
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The ability to automatically take subscription or recurring payments
It's also worth noting that as your company grows, you may want to be able to add new features later. Select a processor capable of handling that request.
Now that you have a better concept of what you're looking for in an ecommerce credit card processing firm, it's time to pick one.
We've taken the liberty of give you some recommendations on our favorites, but we also have some pro ideas for you.
Because no two ecommerce payment processors are alike, there are a few factors to bear in mind while you shop around.
There will always be fees associated with processing payments through a processor. It's critical to understand industry standards, as well as what specific phrases signify.
The interchange rate is the amount that the credit card firm earns each time a consumer pays with a credit card. Each network sets its own tariffs, which vary twice a year (between April and October).
When you begin receiving payments, your merchant account provider may charge you a fee. You may also find monthly maintenance costs, yearly fees, or chargeback fees (for charges that consumers challenge).
If your consumer has their card, it is a card-present transaction with a decreased chance of fraud. If they don't have their card, the opposite is true.
These two forms of purchases have distinct transaction rates.
If your merchant account provider uses an interchange-plus pricing model, you will pay the cost of interchange plus an additional amount that the merchant account provider needs for that specific transaction.
For example, if a customer pays with a Visa card and has the card in their hand, you may be charged 2.7% (interchange) + $0.20. This is the most transparent price choice.
Flat-rate pricing charges the same fee to all customers. They might be a percentage or a percentage plus an additional amount.
This option is frequently picked by newer ecommerce firms that don't process as much volume, thus when these merchants expand, they may seek to negotiate better prices.
With tiered rate pricing, each transaction is classified as qualified, mid-qualified, or unqualified.
This technique is less transparent since the merchant may not know which category a transaction belongs into, and few consumers qualify.
After transaction costs are deducted, your funds are transferred into your business bank account. You may find them here.
The issue is, how long does it take for it to happen?
Some processors guarantee daily deposits with a 24-hour turnaround. Others, especially if your firm is considered high-risk, may take up to a week to deposit your funds.
Find out this information before signing any contracts so you know what to expect.
What kind of fraud protection does the credit card processing firm provide? Is there a chargeback prevention program?
Fraud is a major issue in the payment processing sector, and the last thing you want is for anything to go wrong and you lose the capacity to process payments.
Any organization you want to partner with should have a strong fraud prevention strategy in place. You may have to pay a monthly or yearly charge for PCI compliance, but you can do so knowing that your risk of fraud has been greatly reduced.
You should ensure that the processor you pick provides appropriate customer care and technical assistance.
There will be difficulties. You may encounter difficulties processing a customer's payment, or an app may cease to function. You'll want to know that the firm you're working with will respond fast so you don't lose sales.