Payment Processing Considerations For Ecommerce

If you are building an ecommerce website and would like to optimize it to save money for your clients, choosing the right payment processor is probably the fastest way to do so.  The best shopping cart hosts are adept at being able to provide reasonable rates and flexible payment methods.

Here are some of the top considerations to make when you build your requirements for a shopping cart site:

What are your customers going to have to pay per transaction?

There is definitely a price range that comes into play when you select your provider.  For most firms, selecting a percentage of transaction fee versus a flat fee is a better way to go. This is because when you use a percentage of transaction fee, you can offer high or low prices and not be as impacted when your goods sell.  Percentage fees also can seem fairer to customers as they weigh a basket of goods to purchase.

Length of time it takes to access your monies?

For some ecommerce hosting providers that have been in business for decades like, the notion of negotiating with vendors in order to provide customer funds to your bank within the space of 48 hours has proved to be a very popular feature.  In fact, in practice, it is rare to see promises that the funds will be deposited any faster that.

What types of cards can you accept?

Depending upon the payment processing vendor that you select, you may find that there are limitations on which country's currency and credit card type you are able to accept.  So if you have customers worldwide, it is a good idea to validate that the payment processor that your hosting provider uses can accept payment from those locations.  Of course there are more card types than just Visa or Mastercard, so you can also look at the details of each country or region's particular card and whether your new provider supports it before you make your decision.

How flexible your hosting account is

If you are looking at online shopping cart software, one of the big questions about payment is whether or not your store is allowed to sell items like digital downloads or intangible services through the payment provider that you have.  Another type of flexibility that you should consider before you select a shopping cart vendor is how flexible the actual shopping cart portion of the process is.  With some vendors, you can switch to a one step payment process.  With other vendors you can modify the return process so that you don't end up with any financial penalty for having a return.  Either way, ensuring that you have ample flexibility will help you to save money when you get started.

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