Whether you have a pre-existing online store or you are going to build one, you should be well-informed about some things. In this article, we will read about the essentials to accept and process ACH payments online for your eCommerce store.
Important Factors to Consider Before Finding the Right Payment Processor
No solution ever can be so versatile to match the requirements of all businesses. Therefore, before purchasing the correct payment processor and merchant account provider for your eCommerce store, you must consider a few factors about your website and eCommerce store. These include-
- Is your site working efficiently?
- Are you a beginner?
- Do you have a developer on your team?
- What is your budget?
- What features are you looking for?
It is only after estimating your requirements and your budget that you can decide upon a good payment processor for your business.
Things To Remember
Before accepting payments and setting up a first data payment gateway, you must remember the following things.
Both Payment Processor And Payment Gateway Are Required
People often fail to understand that a payment processor and a payment gateway, are required to start taking credit card payments. Sometimes, the payment processor and gateway come in a single package (such as in Stripe, Square, PayPal, etc). However, if your payment processor does not include a gateway, you have to purchase it separately.
A payment processor gives you an account through which you can accept customer credit cards and receive credit card payments. They take some liability for the transaction and cut a processing fee in return.
On the contrary, a first data payment gateway allows you to process payments securely by acting as a bridge between the merchant site, the processor and the bank and transmitting the information.
You Must Try To Accept Multiple Payment Methods
Some businesses give their customers only two options- payment by a debit card or a credit card. This might make them cancel the purchase due to the unavailability of their preferred purchase method (such as local payment options). There are multiple payment options such as digital wallets of multiple companies, mobile wallets, NFC, and other ACH payment processing which cut out the middlemen. Therefore, you must choose a payment gateway that allows your customers to choose their preferred option.
International Payments Cost More
Due to several additional charges such as the matter of different currencies, payments across the globe cost more. Some payment gateways offer automatic conversion but cost additional for the online payment for converting currencies.
PCI Compliance Is Mandatory
There are a lot of security concerns connected with handling the money of your customers. Therefore, merchants must comply with the Payment Card Industry (PCI) regulations. Its set of guidelines known as PCI Data Security Standard (PCI DSS) is set to minimise risks related to the sensitive data of the customers. Therefore, your payment processor must follow these regulations.
Accepting payments for your eCommerce store is all about choosing the correct payment processor and payment gateway and merchant account provider. Once you conduct this task carefully, everything else automatically follows!