If you have a business online and have a product to sell, you need to find a way on how to accept money from your customers. Before, customers online send checks to pay their bills. Today it’s different, customers expects faster and easier ways to transact. They are looking for more options in payments. Most of them want to pay their bills through debit or credit cards. It is a fact that if your site does not accept credit card then you are losing a lot of potential customers.
You need to have a payment processor that is capable of handling credit and debit card transactions. You can do this by having your own merchant account or using a third-party payment processor in your site.
Let’s start with merchant accounts. What exactly is a merchant merchant tools account? These are essential bank accounts set up with a merchant bank that allows you to accept payments through credit cards. The money goes directly into your personal or business’ bank account, in a very short period of time. Before merchant accounts are only available for large well-established businesses, now they are even accessible to smaller businesses.
Third-party payment processors, like U-gotcash and PayPal are very good for those who sell items online. They are also ideal for customers who can’t get a merchant account.
You should remember that with merchant accounts, you own all your customers data. However, using third-party payment processors means they store all the users’ information in their database. This means that they could potentially use the customers’ information for their own purposes. So, you have to take extra caution in using your credit cards online.
Another point to consider is what you think your potential customers think about the payment processor you have chosen. For example, a merchant account adds credibility and professionalism to your site. By knowing the payment processor it is easy to tell that you have a secure and reliable way of accepting payments which is very important for potential buyers. If you have an unknown payment processor in your site, visitors may think that you are just an amateur and did not qualify to have a good merchant account. This could put customers away and not to buy anything from you.