Three Things to Look for in Virtual Payment Solutions

Payment processing account

Did you know that, according to Forrester Research, online shoppers will have spent an estimated $262 billion in 2013? That is a lot of transactions taking place.

Why does your business need to have a variety of payment solutions available? It’s what consumers want, and more importantly, it’s what they’ve come to expect from professional companies. Canadian B2C eCommerce sales rose almost 15% in the past year– do you want to be a part of that, or not?

To process payments online, you will need to work with a company that handles credit card merchant services. Here are three things you should keep in mind while looking for this company.

1. Security Does Matter

This past week, shoppers were shocked to hear that a recent digital security breach at Target involved the information theft of over 40 million customer cards. This is the type of brand recognition you don’t want! eConsultancy research shows that, when it comes to abandoned purchases, 60% are the result of customer concerns about data security and payment safety. Check to make sure that merchant service providers adhere to PCI compliance guidelines when it comes to information security.

2. Having Several Options Doesn’t Just Look Nice

Did you know that almost 60% of consumers report wanting to see a variety of payment options once they get to the check-out point for their purchase? Perhaps they feel that their debit card is more secure than their credit card, or their Paypal has more available funds than their Visa card. Either way, having a variety of options will keep your consumers following through with the sale, rather than turning away.

3. Start Up Costs to Accept Credit Cards

TopTenReviews points out that start-up costs can make a big difference for small businesses. Some services can even cost up to $300 “before you can even accept a dime.” Ideally, your set up charge will be easy to budget and either low-cost, or free. Cost per month can also vary between different sites, and it’s worth keeping an eye on both of these charges and seeing what they balance out to.

Does your company accept credit cards online? Let us know in the comments. Learn more.

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