If you have your own online business, setting up a web merchant account is one of the most efficient ways to generate income for your goods and services. A web merchant account means you can accept a variety of payment options including major credit cards, signature debit cards, gift cards and Check, which are electronic checks from a customer’s personal bank account.
A merchant account will allow you to manage your transactions through full-featured merchant interfaces via their company website. It is also the most effective method of preventing fraud from stolen credit cards or other suspicious transactions. Some merchant providers have more sophisticated tools to detect fraud, which they extend to their account holders as part of their services.
An additional benefit of setting up a web merchant account is that your day-to-day sensitive transaction data is stored on their centre, and not on your computer systems. This means that your company information remains safe even if your system is hacked into or stolen. It is also a safe and secure way of protecting your customer account details and other valued information.
When you shop online, you will certainly have seen the small shopping cart that is usually positioned in a corner on the website. This is where you will check out; it is where your list of items to be purchased are stored and tallied, also including any taxes and shipping fees. This shopping cart is also referred to as a certified shopping cart and automatically connects a website to the gateway for payment. The shopping cart is a well-known and trusted icon that customers associate with their cue for payment. It is also a secure way for merchants to receive payment immediately.
You will have several options to choose from when you sign up for a web merchant account. Most web merchant account providers will allow you to choose how you set up your payment account. These are simple, do-it-yourself checkouts that allow customers to purchase a single item in any quantity. The icons may be labeled ‘Buy Now’ or ‘Donate’. This option is best for website developers who have some knowledge of the system and can implement their own tools. You can also choose to contract your own certified web developer to implement your gateway payment system.
Online business owners can choose from a list of successful pre-integrated products. A pre-integrated product is often the most practical and simplest method of allowing websites to begin their transactions almost immediately. This method also offers dozens of certified third-party solutions such as Advanced Integration Methods (AIM).
A web merchant account also stores sensitive information. For businesses that have many repeat customers, participating in a program such as a customer information manager system will allow them to shop with ease. Their payment and shipping information is stored securely and does not have to be re-entered each time they shop with you. This storage of information is also helpful for product returns and complies with Payment Card Industry Data Security Standard (PCI DSS).