Signing up with a third party credit card processor is simple. All you need to do is select the right third party processor. The processing company will take care of all the tranactions made at your site and will frequently also manage any instances of credit card fraud. It’s important to recognize that not all these credit card processing companies are the same and you should do your homework carefully before you opt for a particular one.
Here are some tips to assist you.
Tip 1: Consider your needs and those of your clients.
Think about your particular needs and those of your market. Does your business have a high level of international customers? If so, be sure a payment processor that will be willing to manage different countries without restrictions. Will you be taking advertising on your website? Some companies like 2Checkout have a large a long list of products you’re not permitted to sell through their systems, and a second list of “risky” products that require prior approval.
Are you just setting up your business or are you established? Look into start up costs and calculate your operating costs accordingly. You may want to go with a free company like Paypal or a different Internet-based credit card processor.
Tip 2: Always have a backup processor.
If you choose Paypal you should have a back up service provider: paypal is famous for determining that you are in receipt of a lot of transactions and just freezing your account. If you have a product which could be a smash hit be wary and have a 2nd payment processor ready. This will also add to your integrity in your customer’s opinion and you’ll increase your sales.
Tip 3: Pay attention to fee details.
Be sure there aren’t any hidden fees. Some creditcard processing companies will make the whole thing look attractive up front, however when you look closer you will see that you have to pay unexpected each month. Worse still you may even have to pay extra fees when you earn less than a certain amount. If you are a brand new business you do not want to get ensnared with this arrangement. Be sure the business is not going to bind you in a yearly commitment. You do not know what your situation will be in one year or how good the new company might be. Try to find a solution that will let you change whenever you want to.
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