Credit Card Processing Companies: Choose the Right One for Your Business

In the easiest terms, credit card processing companies are companies that handle transactions between two parties involving a merchant and a customer. It executes the payment by transferring the payment information from the customer to the merchant’s preferred bank account.

In most conventional transactions, payment processors include the following parties:

·         the merchant;

·         the customer;

·         the payment processor;

·         the payment gateway (if not combined with the processor);

·         the bank/credit card company of the customer; and

·         the bank of the business.

For small enterprises, choosing the right credit card processing company doesn't have to be tough. Begin with a few simple questions. Can they work with my business? Do they fit in with my business process, existing technology etc.? How much will I be charged? Do they have a customer service team to troubleshoot any technical queries?

Thinking for long-term is crucial when opting for a reliable credit card processing company. So selecting the right one is about carefully weighing the pros and cons of all options available to you. The following questions cover some of the big areas of consideration as you decide.

Will they be compatible with your business needs?

First, you need to know whether the merchant credit card processing company is or not offering the services that your business needs. There is a myriad of options everywhere today. However, varied options solve for varied needs. So, whether you run a large-scale business, small-scale business, an e-commerce website, a brick and mortar store or something in between, go for a credit card processing company whose services, solutions, and merchant accounts are tailor-fit to your business type.

How much does it cost?

One of the greatest benefits offered by a credit card processing company is the option to cancel without early termination or similar fees. Understand how much you will be paying for processing services and what you can expect for the service across the term of your contract. Be careful about offers that look too good to be true. Get a clear understanding of what fees you will be paying and for what services and solutions.

Other Fees

Credit card processing often gets followed by a long list of additional fees. Different credit card processing companies charge differently. Be aware of other fees coming from your credit card processing company that might cover transaction fees, reporting fees, statement fees, and fees associated with other offered services. Also, be aware of fees associated with compliance or non-compliance and the like.

Customer Support

Payment processing is intricate. There are times when a process needs explanation or when a glitch needs to be resolved by taking others help. Understanding the kind of merchant service that you will receive from the credit card processing company is essential. A better credit card processing company is going to have 24/7/365 access for technical support and other basic services.

Read More about How a PSP Payment Service Provider Helped my Business?

Security and Fraud

Staying protected against fraud is the biggest concern ever. So choosing a processor that safeguards your every transaction is always a safe bet. You will also want to investigate what is available to you based on what you are selling and across which channels. For in-store and online, as the card data are being transmitted or stored for future use, you will also want to think about steps that can take to make card data more secure.

iPayDNA is considered as one of the best credit card processing companies that provide first-class services along with high level of security to its customers worldwide. We provide online merchants the most secured platform for successful monetary transactions for their online business. Manage your finances in a much simpler way with us TODAY! Partner with iPayDNA, rest assured you will get the best services at the forefront. Try our international prepaid debit cards today that are accepted globally!

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Know How Merchant Credit Card Processing Online Works?

So you are a merchant and ready to start your own e-commerce business. That’s commendable! You are going to need 3 things: a website (obviously), products (of course) and lastly, a company offering merchant credit card processing online.

Not just any traditional merchant account or credit card payment processor can do this. You will require one that is customized for online businesses with decent rates and compatibility with your website.

Since people all over the world are busy shopping over Internet, off late, every store owner comes to realize that their business needs to have an online presence. With online businesses quickly booming, so does the requirement of merchant service providers. The process of moving business online starts with complete understanding of e-commerce ins and outs. Among topics how to start an online store and what to sell online, the most confusing one is how to accept credit and debit card payments online.

The credit card transaction process may simple at the first glance with customers swiping their cards, and before they know it, the transaction is done. Behind each swipe, however, is a significantly more intricate procedure than what meets the eye.

The online payment processing industry is loaded with jargon that requires patience to be understood, especially through an outsider eyes. Some brilliant person however has said, if you can’t explain it to a child, you do not understand it yourself. You got it right; these are Albert Einstein’s words. If you don’t understand payment processing basics, you won’t be able to accept payments online.

With the help of a merchant credit card processing online, you can give your customers a quick, secure and seamless checkout experience. This in turn will allow safer, reliable and faster service, hence increasing customer satisfaction and motivating them to shop more. Internet advent has made customers take advantage of online shopping or place an order at comfort of their office, home, cafe, restaurant or any other place they wish to.

How Credit Card Processing Works?

For the customers the credit card payment is simple either online or offline. A customer selects an item and goes to his/her cart and pay for it. The buyer won’t be able to understand the magic of the process where the money gets transferred from his account to the seller’s, unlike the merchant. In fact, swiping the card and signing the receipt are only the initial and final steps of a complex methodology. And the entire process, though happens merely in a few seconds, includes lot many stages and various factors working behind the scenes.

To thoroughly get the idea of how merchant credit card processing online works, you require knowing the major players engaged with each credit card transaction and what goes into the payment procedure itself.

·         Merchant: These are all business types that accept card payments in exchange of their goods and services.

·         Cardholder: A person who issues a debit or credit card from the bank as per an agreement or terms of service, and then swipes the card while paying for any goods bought at merchant locations.

·         Issuing bank: These are the credit unions and banks that issue credit and debit cards to the consumers.

·         Acquiring bank: They are also known as the merchant bank, who goes on a contract with the merchants to create and maintain merchant accounts allowing merchants accept the card payments.

·         Card associations: These are the brands of cards namely, MasterCard and Visa.

Setting Up a Merchant Account with Us Is Easy!

We at ipaydna.biz stand apart from all other credit card processing companies by offering complete merchant solutions catering to your business needs. Our multitude of options can help you grow your business with our convenient, cost-effective and secure payment solutions. Let us help put your business on the path to success with a low rate merchant account. For more just Visit us today our social media page : https://www.facebook.com/ipaydna

Hope you found the post helpful! For any queries, leave your feedback in the comment section below. Stay tuned for more!  

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How to Choose the Best Merchant Payment Gateway?

The uprising online opportunities have made payment gateways an essential element of the online economy. In order to ensure safe, secure and streamlined transactions, online payment gateways are utilized by merchants.  Any merchant, who does online selling and has en e-commerce or business website, needs to have a reliable merchant payment gateway seamlessly integrated into its business portal. This helps them in flourishing their business by increasing customer service, reducing late payments and making more profits. While there are others modes of receiving payments, this becomes a bit lengthy, tiring and even insufficient, as modern tech-savvy customers prefer making cashless payments, including e-wallet, cash cards, debit or credit cards and through other modes (if any).

Payment gateways are often confused with merchant accounts. To take payment online you need to have both, a merchant account and a payment gateway. A merchant account is where the money stays on hold before getting deposited into the bank account and the role of payment gateway is to simply approve or decline your transaction. If into an e-commerce business, you will need both merchant account and payment gateway for accepting cards online.

If you are yet to integrate your e-commerce business with a featured payment gateway, then you may run with the risk of diverting the visitor flow towards your competitor’s website. Hence, you should start getting one for you soon.

For choosing the best one, follow the below mentioned tips –

·      Choose one basing on your needs – The end results of integrating payment gateway should satisfy all your needs. Many payment gateways come with fixed monthly fees, others charge on the basis of financial transactions your e-commerce does. So, you should choose one that is affordable and do not make you cost more. You can also go for a payment gateway even if you market through brick-and-mortar stores, but here you will need to have two different merchant accounts.

·      Research – The merchant payment gateway account is going to be a part of your online business website for a long period, hence, finding the right one is highly crucial. The payment gateways have a fully transparent operating mode with no hidden charges, while others can have a lot of hidden additional charges to draw money out of your wallet. Hence, before opting one, compare the fees structure of some major payment gateways and choose wisely. 

·       Look for Customer-Friendly Features – The best payment gateway service providers offer a great of set of features that contribute towards higher success rates and provide greater customer satisfaction. They provide you auto-retry and smart routing features, SSL security and comply with PCI DSS standards.

Ipaydna.biz How Merchant Credit Card Processing Service can offer multi-modal payment options to the customer such as debit card with ATM pin, Internet banking, debit or credit cards, etc.

Key Features:

·       Easy customization – Payment pages are customized to align with the look-and-feel of the merchant’s website.

·       Platform versatility – Faster checkout, superior customer experience and integration with all shopping carts.

·       Priority routing – Integration with multi payment gateways result in higher success rate.

·       Unified payment experience – Users can transact across multiple channels and devices and for all card types.

Does the Ideal Payment Gateway Exist?

There is no such ideal payment gateway that can get fit into the requirement of every online business. So, choose one in sync with your business model, product and future plans. The best gateway is a fusion of factors including user experience, innovation, technology and security. Consider all these aspects and visit ipaydna.biz so that your payment gateway does not hang up on you and your customers.

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How a PSP Payment Service Provider Helped my Business?

In today’s internet era, it is essential to have an online payment gateway facility on to your website. This is not just any simple advice; rather it is my own experience that I will want to share. Connecting with a PSP – payment service provider for an online payment facility gave me the much-needed hype in my business that I have been looking for when start-ups started challenging me!

Starting My Business And Facing Competition

After putting together a website, I had no clue where to begin things with. Thus, I had limited options and thus relied on what was on the hype. When I started my online business, I used PayPal and checks. That gave me some sales, but also the website analysis reports showed around 60% of bouncing back traffic – the primary reason being some of my prospective customers didn’t have a PayPal account!

During the first two year, I did a bit of promotion all by myself and started gaining traffic. But on the 3^rd year of my business, many start-ups came up with much more added facilities and one of the most lucrative options was to allow customers use e-wallets and online payment gateways. So customers just shifted from my website to theirs and used their credit cards for making transactions.

The Transition Phase – Enriching My Website With Extended Facilities

When you are in business, you know the market trends and you target a specific genre of the population – the lower middle class, the middle class or the upper class. Now, majority of the population belong to the middle class – my targeted market. But seeing them shift from my company not only stressed me but it also lowered the reputation I gained. While this might not be feasible for customers who were along with me right from the beginning, but it was definitely for the new and prospective ones – the 60% of bouncing traffic from my website!

This made me take my search over to Google and I did an extensive research on things. I even consulted Digital Marketers and I am glad I did. They helped me with some valuable info that I never thought of before!

My line of business relatively had lower competition, and optimizing my website was the first step. I took their help; no I didn’t sign up with any SEO company, but got a list of keywords. Then I started optimizing them. Next, they asked me to get an offshore merchant account from a PSP payment service provider.  They simply said that, offshore merchant account is always the best bet as it can help me expand my business globally and also avoid certain taxes and fines! Moreover, the facilities such PSPs can offer will be secure as well have an excellent uptime and I will have the option to receive payments in any currency! So I implemented all of it, that was easy to do, and even included and e-wallet.

My Experience – You Can Get The Same

The result that my website yielded regarding sales got better and better day by day! Each day I started seeing around $100 funding (after 3 months of getting the payment gateway implemented) in my e-wallet along with many enquiry forms from many customers. As the inflow of orders increased, I hired a website maintenance guy and a few customer support executive.

Having an e-wallet as well as a separate payment gateway attached to a cart even decreased the bouncing back traffic by 44.6%! That’s way more than my expectations! Today, I am on the verge of hiring more employees and I am soon taking my business abroad.

In A Nutshell

So, if you are also looking to make your online business stand apart, make sure to get a merchant account along with a payment gateway from a 4 Points on how iPayDNA as a PSP Payment Service Provider Helps You. Dear readers, while my experience can help you get an idea and boost your enthusiasm, I will also want you to keep your hopes high while doing business online. If you have any queries, feel free to ask me in the comments. I will be more than happy to help you in any and every way possible.

For more information explore our Social Media page: https://www.facebook.com/ipaydna

Good Things Are Always Just A Search Away
Philip Jackson 

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