Online payment services are becoming one of the most important players in eCommerce. The advantages of accepting payments via PayPal, Sagepay, and others are very appealing to merchants and buyers alike. With innovations coming into the online merchant market every day, the ability to accept payments via these types of services is more critical than ever. The following article outlines some of the latest payment services innovations.
Merchants have long had the ability to accept credit cards online. But only certain payment service providers offered this type of service at a fee. Before the recent explosion of online merchant services, accepting credit cards meant having to get a separate payment service account just for it. That means additional cost, additional paperwork, and an overall harder process to process. Now, this same service can be done with one online payment service account, making the whole process easier and faster. Faster in fact than ever before.
Another major online payment services innovation involves online merchant accounts. Online merchant accounts act as a bank account for the eCommerce merchant. This allows the online merchant to receive payment for products or services and then deposit it directly into his/her own bank account. Payment from the merchant to the bank is much easier and faster.
For example, some people would hesitate to use credit cards online, because they might not feel they have complete control over their finances. But with electronic checks, they can easily transfer funds to someone else if they have doubts about their financial situation. Online payment services are bringing ease-of-use and increased security to the entire online purchasing experience.
Merchants no longer need to deal with issues related to extra fees and high transaction costs. For instance, when a person makes a purchase online, he/she will usually be charged a flat fee by the site. However, merchants can now use online payment services to charge a per item fee, or to charge a per transaction fee. This is why it is now very common to see online check merchants accept both kinds of payments, making online payment services much more valuable to merchants.
The other major innovation that has brought about a lot of changes in the way eCommerce works is the implementation of SSL security technology into all online transaction services. SSL, which stands for secure socket layer, is a type of encryption technology that allows users to transmit secure data while accessing the Internet. With this technology, people can be sure that their private information is being protected while they shop online. This means that no one except the intended recipient can read their online banking records, credit card details, or passwords.
The other online payment services innovation that helps people shopping online is the ability for the buyer to pay using their credit cards and pay later. It is now possible to buy products or services online and have them be delivered to your doorstep, even if you are on the move. Payment services have also played their part in making online shopping fast, convenient and hassle free for consumers. With online payment services, consumers can make purchases anywhere, anytime, and they don’t have to carry lots of cash.
When choosing a company that offers online payment services, make sure that they have a track record of accomplishment. They should be able to demonstrate proof that they are able to process credit cards and that they offer a secure, safe payment processing for consumers. Also, ensure that they have a toll-free number so that your customers can contact them with any issues, questions or concerns regarding their online transactions. Also, ask the company how often they need to process credit cards, so that you don’t have to schedule too many payments during the course of a month. By keeping all these things in mind, you are sure to find a great online payment provider that will meet all your needs.