They say that payment processing is a science. Business around the world needs to use effective tools for accepting payments via secure and convenient payment channels. To be able to accept payments online means that your e-commerce business will receive payments quickly and safely.
There are many merchant service providers servicing e-commerce business, such as PayPal, Skrill to name a few. Such providers process payments with credit and debit cards, ACH, etc.
In order to accept payment, a company needs to have a merchant account with a payment provider. The account will hold funds in limbo while authorizations are made and payments are processed. After the transaction is completed, you can transfer funds to your business account to withdraw or otherwise use them.
Holders of merchant accounts can accept payments from Visa, MasterCard, and other payment cards. Currently, you can open merchant account with traditional banks and with online payment providers. It is recommended to consider several options and analyze transaction fees, payment processing time, security issues and other important factors. With different account types, fees and processing time, there are many available options suitable for any budget.
Most of the merchant service providers set a transaction limit on the number of transaction per month. But it is possible to upgrade your account if your processing volume is increased.
Another important thing to consider is to make sure that a payment gateway is compatible with your point of sale and your shopping card.
These are just a few things we recommend to considering. However, it is important to make a thorough decision and review different options.