The convenience and ease of shopping online from the comfort of your home has boosted annual online merchandise sales to well over $150 billion. Results of a comprehensive review of online purchases since the late 1990s found that ecommerce sales have grown a whopping nine times faster than brick-and-mortar sales. The U.S. Department of Commerce further expects the e-commerce industry to continue outpacing traditional store sales throughout 2021 and beyond.
One of the biggest factors fueling the meteoric rise of ecommerce sales is the evolution of safe and reliable payment services.
An ecommerce payment service or “merchant account” gives online product and service sellers the ability to receive funds from customers via credit or debit card payments. The best ecommerce payment service will also include alternative methods of payment such as e-checks or ACH to accommodate all buyers wanting to make a purchase.
Online businesses should always be supported by a first-rate merchant account provider that utilizes the most advanced digital security methods available. Protecting sensitive customer data is essential for the long-term success of any ecommerce company. Consumers learning of a breach involving payment platforms used by an online business will likely decide to find another similar business with more secure payment technology.
Merchant payment services providers are expected to abide by the Payment Card Industry Data Security Standard (PCI DSS) set of regulations intended to protect sensitive consumer data. Online businesses that choose to use ecommerce payment services that are non-compliant risk hefty fines and exorbitant expenses resulting from data breaches.
Our ecommerce payment services offer comprehensive fraud prevention tools to help you make sure your product only gets shipped to legitimate customers. Types of fraud prevention include recognition of suspicious IP addresses, “velocity controls” (detects transactions occurring too rapidly) and tokenization. A “token” is a string of randomized characters that replaces customer bank account or card numbers. Each unique token holds information needed for customers to make purchases without compromising their security.
It is vital to your business to use a robust Payment Gateway that includes advanced encryption methods, authorization requests and shopping cart integrations to ensure customer data cannot be accessed by hackers. Our Payment Gateway also offers features that help your business run more effectively, such as Recurring Billing, Multi-Currency Processing, Hosted Checkout and more.
Receiving credit card payments in 24 hours not only streamlines the operation of any ecommerce business but also helps prevent revenue interruptions that interferes with maintaining inventory and providing customers with products and services they want on demand.
A chargeback happens when a customer reverses a credit card transaction usually because they are dissatisfied with the product or service. In some cases, a chargeback may occur due to fraudulent activity. Our comprehensive chargeback assistance program provides online business owners with the benefits of having a personal account manager to mediate customer disputes involving chargebacks. Chargeback assistance helps reduce loss of revenue and improves a company’s reputation by increasing customer satisfaction.