5 Easy Steps to Start Accepting Payments Online

Every business requires a payment gateway provider to accept payments from customers.

But before choosing any service provider do some research on payment gateway providers available in the market.

Read in brief about providers on 5 Star Processing.

A merchant account is a kind of business bank account that allows your business to accept payments from different modes like debit or credit card, mobile wallets, etc.

In the merchant account setup process, you have to sign an agreement with a member bank whose processing relationship is with Visa and MasterCard.

Know more about what steps to take for merchant account setup.

The current mode of payment that is used by merchants and buyers around the globe is card machine transactions or online mode.

It is a revolution in the field of commerce that is helping both the segments, i.e.

For a merchant, it is essential to have a card machine that is accessible for all banks and digital payment providers.Why comparison has become significant?It seems to be significant to compare card machines because various machine vendors are giving offers and cheap quotations online and offline.

A small mistake of choosing cheaper machinery may lead you to major expenses such as hidden charges and each time payment processing fees.Therefore, it is suggested to compare card machines for small businesses so that you don’t end up in compromising with your profits.

The more you pay for a processing fee, the lesser you will be left with the profits.Moreover, it is beneficial to compare card machine providers overall performance via reviews and online credibility.

Many merchants require quick processing of payments where contact details, number of the client and other unnecessary details are not required.

High Risk Merchant Accounts are most of the times subjected to a setup fee .The higher the risk associated with your industry, the higher the fees and charges for credit card processing.Various factors define the risk associated to your business like Industry, Location, Processing History, Processing volumes and Clientele.

For instance, stores that offer adult products are just as likely to be rated as high risk enterprises as those who deal firearms.The same holds true for travel services, telemarketers, bail bonds businesses, online auctions, and dating websites.Businesses that are placed in the Terminated Merchant File (TMF), also sometimes called the MATCH list, will also be considered high risk.Keeping in mind that the actual rates and fees you’ll pay depend on a number of factors, high risk businesses should expect credit card processing fees to start around 3.5% for an established business in a “less risky” high risk category.From there, costs can rise to 10% or more, with the highest rates coming for those in the riskiest industries or businesses using “offshore” payment gateway providers.

Payment Application Data Security Standard was launched in the year 2008 to guide software vendors in developing a secure payment application for merchants and service providers.

It is a standard that was established and designed for all software development vendors creating software applications that store, process, or transmit cardholder data and/or sensitive authentication data.Recently, the Payment Card Industry Security Standard Council introduced a new framework to improve security standards of applications that accept payments.

With the implementation of the new Standards, the PA-DSS Standards would slowly phase out by 2022.

Discussing more on this we have shared some tips for the benefit of the organization looking to achieve a smooth transition from PA DSS to PCI SSF.

But before that let us first understand the PCI SSF standard. 

Excellent products or services, competitive prices, and promotion that drives traffic to your website are all vital, but the online business merchant services you choose and apply will have a significant influence.

Any business that moves online gains the potential to sell locally and globally, but you must select an online merchant service provider that can satisfy the needs and demands of both you and your customers.Customers today pay in a variety of methods, and if you can't accommodate a customer's preferred manner, money is lost.

This includes looking for a company with years of experience, a good BBB rating, and, of course, the business merchant services you require.The finest online business merchant services are those that provide convenience for both you and your consumers, such as easy access to the ability to accept credit cards and check payments, as well as 24/7 assistance and extensive reporting for your business.

You require a safe online merchant service with a rate price that is tailored to your business and needs.Merchant account solutions allow businesses selling products and services to send and receive payments online, giving them a lot of flexibility and variety.Using a few easy suggestions and selecting the proper one for your business will help you accept and make payments online with confidence:Check out a few different merchant account providers before settling on one.

Take the time to look into their reputation, especially with agencies like the Better Business Bureau, so you can be confident you're working with a company that has provided honest and dependable service to other businesses.Use only verified credit card merchant services to send payments.

This disables the security features of a merchant account, putting your funds in danger.