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In today’s world of buying and selling, it is something of a necessity to be able to provide a way of making payments online. That’s why so many online-only businesses exist. Did you know, the market for online retail accounts for 60% of all millennial’s purchases?
Having an online business is great, but you need a payment processing tool that can cater for payments in all directions. It is vital that you prioritise this part of your website, and you should always choose an in-house payment solution that works for online businesses of all sizes. This way, you know that as your business grows in size, you won’t be set back by the tools you invest in.
When you switch to an in-house card processing solution, you can enable safe and secure transactions via payment networks such as Visa and Mastercard – as an online business, the more payment methods you have available, the more diverse your customer base can become. As a merchant, being able to manage your card payments in-house via a convenient user portal can provide fantastic benefits, centred around flexibility and security to your online business. Here are a few of the main benefits you can receive from using an in-house card processing solution:
Instantaneous Transactions
Minimising delays in the dispatch of products is vital, and having instant payment processing tools can speed up the sales process for any kind of online merchant. This, in turn, helps to maintain a stronger level of cash flow.
Flexible Accessibility
Merchants can manage their sales, returns and invoices on the go via their user portal on desktop or mobile – so there is no need to call anyone, or head to the bank to check your bank balance. When card processing is available to view and manage in-house, your payments can be seen from any device you use, simply log in and check the things that matter most.
Ongoing Support
24-hour support is available directly from the payment system provider, so you don’t have to rely on the individual payment processing company each time you’re having issues. Who knows, different payment providers may have limited hours for their support hotlines when you need it most. The support staff will be ready to deal with your queries straight away.
With in-house processing, you can bypass having to get technical support from a 3rd party payment portal, instead, you can go straight to the payment system provider. When you think about payment processing services, something like PayPal might come to mind. It is an excellent portal to exchange funds internationally with minimal delays. Just like PayPal, in-house card processing offers an equally secure solution, with real-time invoice tracking and management across many forms of payment.
Merchants will also find that a well-respected in-house card processing system can offer the highest-rated anti-fraud features – so you can be sure that fraudulent transactions can be managed from a global perspective.
A lot of customers find that it is much easier to trust a merchant online when they support a number of payment types such as Visa and Mastercard. Merchants that use an in-house card processing service have the ability to provide their customers with a wide range of payment methods. This improves impulse sales, and makes the decision for customers easier when they are thinking about purchasing products from your online store, as opposed to visiting a competitor in person.
Payments made online aren’t meant to involve the same long and drawn-out process used for making cheque or cash payments in person. An in-house processing solution gives you the option to enable one-click payments for customers. Obviously the customer will need to enter their details when making their first purchase on the site, but after that, it becomes a quick way for customers to buy online. When customers have this convenience, they will generally buy from your online store again, and again, increasing your revenue.
Online merchants can take advantage of the one-click feature by directing existing customers straight to the checkout page. This can be executed from their website landing page, an email they have sent out to their email subscribers, or through ads placed on search engines (e.g. Google) and social media sites, such as Facebook, Twitter and Instagram. An instant re-direct to your checkout page will greatly increase your sales potential online. Online payment processing adds to flexibility for any online merchant – customers can set up recurring payment methods for subscription-based services, and no longer be required to manually pay the monthly fee each time – This is possible when the payment system provider has a recurring billing feature available to the merchant.
Recurring billing automatically requests payment from the card initially used by a customer. This again improves cash flow for merchants, as there is greater guarantee the merchant can receive their funds on time, as opposed to requesting manual payments for subscriptions.
