Help needed choosing a payment processor/merchant account
If you have an online business it is mandatory for you to accept credit card and debit card processing facilities through your website. The payment processor connects your site to the payment gateway of major banks and financial institutions. This helps you to accept payments within minutes and leaves a satisfied group of customers for you. Let us now understand the features that you should look for when selecting a payment processor for your website.
If you are a global merchant, then the payment processor should accept payments in US$, since it is the globally accepted currency. If you plan to serve customers only within the country then the payment processor should accept payments in the local currency. The payment processor should process all major credit and debit cards. This is important because, your customers will have a wide range of cards and not accepting some of them will result in loss of business for your site. The payment processor should be have Verisign 128 bit security and CVM verification. The account should work with any shopping cart and should allow free bill collection through email.
Apart from all these features, the processor should offer cost-effective pricing, free virtual terminals and should not have a chargeback fees. If all these facilities are offered by a payment processor you can go ahead. Remember to check out their system uptime and if needed sign Service Level Agreements (SLA’s) with them. This will protect you against any risks involved to your business, due to the payment processors system downtime.
Tags: Merchant Account,payment processor