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Sep 22

Bringing digital transformation

Reading Time: 3 mins

The integral element for the success of an online payment system is credibility. How can users bring digital transformation into their e-commerce stores? Through a payment service merchant or something else? Let’s find out.

From a heap of online payment merchants, you can view the CPO review of PaymentCloud. These are valid questions, and the answer is simple – the banking network. If a merchant is both the processor and processing bank for transactions, it has a smooth process and quick delivery.  

But it is not necessary for a direct processor that offers small businesses prompt services and peace of mind. An online payment merchant must provide a complete transaction and payment processing service while connecting to a bank. Any merchant offering two-in-one experience attracts business owners.

Such services benefit online businesses because it streamlines the processes toward getting paid quickly.


What is the pricing of a payment merchant?

The usual transaction fees are 2.6% + $0.10, but, in some e-commerce payment systems, it can be as high as 2.9% + $0.25. You can negotiate your fees with any payment merchant depending on your volume of business.

Having any long-term contracts or monthly fees are not recommended, and make sure to review them before making any decisions, as there can be some exceptions;

  • For a business that processes multiple currencies.
  • For a business with credit/debit sales of over $5 million.
  • For the business entities that require specific software or networking capabilities.

In such cases, long-term contracts are not a choice, and additional terms and conditions, such as cancellation fees, may apply.

You may consider all the alternatives if those restrictions apply to your business – for instance, if you process many international currencies.

Also, there can be additional fees if you rent POS hardware like terminals and card readers instead of buying them. So watch out for them too.


What are Point-of-Sale options

There are a variety of POS systems that you can use for your business.

Point-of-sale solutions have a wide range of applications. The payment merchant company should provide mobile solutions and POS tablets that are easy-to-use and virtual web portals to accept payments.

The following is a list of all the POS products a payment merchant might offer:

  1. Bluetooth card reader with the app: Works with iPhones, iPads, and Android devices. 
  2. Standalone terminals: These can process chip and magnetic cards and mobile payments like Apple Pay. Additionally, they allow for tip adjustment and reporting.
  3. Tablets: Apple iPad-based hardware system allows you to build a payment solution around your ideal tool or buy the entire system as a bundle. They provide more advanced functionalities, such as tracking sales, managing inventory, and tracking employee information.
  4. Virtual terminals: The use of virtual terminals is essential for businesses that operate online, and it is possible to process payments by telephone or mail using this solution.
  5. Payment gateway: It is utilized for both the payment gateway and integration of these E-commerce solutions.


Benefits of using an online merchant services

Apart from integrating gateway payments with all the popular e-commerce platforms like Shopify, BigCommerce, and WooCommerce, you can avail several other benefits.

Card acceptance – Accepting credit and debit cards is one of the most important benefits of a merchant account. Card usage continues to increase among customers.

Security – Good ones will place a high priority on security and fraud prevention. As a result, they protect your transactions, reducing your vulnerability.

Money management – Online payments and credit card acceptance streamline the way your business handles transactions. With electronic payments, you’ll stay organized and can better manage and forecast cash flow.

Integration – They should give you access to all of your business accounts in one place so you can make informed decisions about your business with powerful insights.

Eliminate bad checks – Accepting electronic payments and using a merchant account service should allow your business to avoid bounced checks and their costs. You may also be able to accept recurring payments for your services when your merchant account is paired with an integrated payment system.


Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.


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