While a “cash only” business model may work for brick and mortar businesses that have little desire to expand beyond their communities, business owners who take their businesses online need more evolved payment solutions to accommodate the needs of their audiences on the World Wide Web. For most online payment options, your business will need a merchant service provider to facilitate the exchange.
Fortunately, there are many online payment solutions from which you can choose. The key lies in choosing the one that best meets the needs of your unique business. Below we will discuss various merchant services for small business accounts that may work for you.
Credit and Debit Card Payments
Credit and debit card payments are the easiest and most common types of online payment methods for business used today. Credit cards are accepted by institutions around the world and offer customers convenience and security when making online transactions.
It’s important to note that the average online business must find a merchant service provider to make those types of online payment transactions happen. In the past, businesses have relied on services like PayPal, Payoneer, Square, and similar services to manage their online transactions without using traditional merchant services for small businesses. Many quickly outgrew these services or found their rising fees or “terms of service” to be unfriendly to their business needs.
The bottom line is that if you conduct business online, you need to be able to accept payment through credit cards. That means you need a merchant service provider to assist you in meeting that need. More importantly, you need to work with a merchant service provider that stays on top of the latest security needs and requirements to reduce your risks of chargebacks, returns, and other potential problems.
These are the types of things that may lead some merchant service providers to deny services to your business because they feel you pose a greater risk to them. Should your business become a high-risk merchant, you need a service provider that has specific protocols in place to meet your credit card and payment processing needs without breaking the bank, risking constant holds on your account, or having your accounts frozen.
Since online transactions are “card not present” transactions they do not have the microchip verification security measures that in-person transactions now require. You must still stay up-to-date with current regulations related to security with credit card transactions. This includes things like taking extra measures to prevent fraud such as CVV numbers, zip code verifications, and making sure the billing address is a match to the credit card’s billing address. Work only with online payment solutions that make security a priority.
Believe it or not, there are some people who still prefer the security they feel when paying with checks. While paper checks are not acceptable online payment methods for business owners to adopt today, there are eChecks that give customers the peace of mind and comfort they experience while paying with checks while allowing you faster access to those funds. In addition, processing fees on eChecks are much less than credit card payments.
PayPal and Similar Services
One thing many small business owners once turned to in order to avoid excessive fees, minimum transaction limits, and flat rates often required by larger merchant service providers was online payment solutions like PayPal and Square. PayPal was a pioneer in the industry who helped many early online businesses get off the ground.
However, the online payment solutions offered by these early online service providers are truly insufficient to meet the needs of online businesses that are poised for growth. They will only take businesses so far before better record keeping services, greater versatility, and more personalization is required. If you want well-rounded merchant services for small business needs, then you want something more advanced than what PayPal currently offers.
Gift Card Payments
One thing that many online merchants fail to consider when working with merchant service providers is the ability to accept gift card payments. Gift cards account for a huge portion of business proceeds each year in the U.S., so much so that nearly three billion dollars’ worth of gift cards purchased remain unspent each year – and that only represents about three percent of the gift card dollars purchased each year. Your business could be leaving loads of money on the table by not offering gift cards and accepting gift card payments.
So, What’s the Best Option for Your Online Payment Processing Needs?
The right merchant services provider is gold when it comes to the payment processing needs of businesses that operate both on and off the World Wide Web today. Unlike PayPal and Square, working with a merchant service provider, like Bankcard Services, offers greater flexibility for your business, even if you are what is considered a “high-risk merchant.” Plus, many of these services integrate seamlessly with PayPal for added value when dealing with customers who prefer the security they believe PayPal provides for making online purchases.
Whether your business is a small brick and mortar business, an online business, or one that has been labeled a high-risk merchant, Bankcard Services can help your business with all the following online payment solutions and more:
- Credit card transactions.
- Integration with your existing point of sale software.
- Fair, transparent pricing (custom pricing for additional services and solutions).
- Secure transactions and additional security solutions to protect customer data and privacy.
- Gift card transaction and loyalty reward programs.
- Fraud protection to prevent chargebacks.
- Free setup
- Zero cancellation fees
- Noteworthy customer support
If you need a merchant service provider for your online business, Bankcard Services is here to help. Learn more about the benefits we can bring to your business and why we are dedicated to pricing fairness and transparency.
Mickael is an entrepreneur and the Co-founder of Bankcard Services. He is a family man and loves technology, innovation, and soccer.