As an e-commerce business owner, how you accept payments from customers is going to be one of the most pertinent aspects of your business. Since your customers can't just hand you over cash to pay for purchases, you will be dealing with credit cards, online payment solutions, and potentially digital banking transactions. As such, a merchant services consultant is incredibly valuable as you set up your business.
Find out what payment processing solutions are available for your business.
Depending on the nature of your business, the types of payments you prefer to accept from customers, and your sales volume, you will have varied options. You may have access to some merchant services or payment processing solutions and not others. The merchant services consulting agency will examine these attributes of your e-commerce business and help you determine what providers offer services most suitable for your business.
Get insight into how to prevent chargebacks and keep processing costs low.
If your e-commerce company has a lot of chargebacks from canceled credit card payments, card processors and merchant account providers may heighten the costs of your transaction fees. With too many chargebacks, you can automatically get deemed as a "high-risk" merchant. By working with your merchant services consultant, you can get a good idea of why you may be having a lot of chargebacks so you can avoid them and the fee hikes that can come along with these negative transactions.
Learn how to integrate specific payment processing software on your website.
The payment processing software or apps you choose for processing online payments makes a huge difference in your end customer experience. For example, if you fail to implement a program correctly and the payment process comes across as glitchy, the customer can lose trust in the transaction and head to another e-commerce site. Your card processing consultant can help you make sure whatever programs you use are properly performing.
Find out how to keep card processing fees as low as possible.
Card processing fees can be set up in a number of ways depending on what merchant services provider you happen to be working with. Most will charge a flat fee for every transaction and then a percentage of the total transaction. Even though most merchant services providers do keep their costs competitive in order to attract merchants, you will sometimes find stark differences between merchants when it comes to processing certain types of credit or debit cards. The merchant services consultant will help you track down the provider who is going to save you the most money.
Contact a merchant service for a consultation.