eCommerce Checklist: Payment Processing & Providers

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The Ultimate Guide to eCommerce Payment Processing and Providers

Can Your eCommerce Business Run Without Payment Processing?

No, you cannot run your eCommerce business without payment processing methods. When you set up an eCommerce business, the first thing that you’re excited about is to receive your payments. Unless you have worked it through, your whole eCommerce site will be in jeopardy. Before heading to payment processing for an eCommerce business, you need to understand the fundamental difference between a merchant account and a payment processor.

Merchant Account. A merchant account is an account that acts as an intermediary between your card issuing bank and the business owner. The account accepts all payments from credit cards, debit cards, and other transaction methods.

Payment Processor. Payment processing refers to the payment automation between the merchant and the customer. You can choose any payment processor to handle the payments for you. Many payment processing companies offer excellent customer service with zero hindrance.

A little advice, start working on your merchant account approval before weeks as it can take a long time in approval. Without authorization, you cannot begin working on eCommerce payment processing options. Apart from it, there are some basic practices that you need to keep in mind before applying for an account.

  • Accept all cards from the particular brand that you choose for payment processing
  • Do not go for the minimum or maximum of any card purchases
  • Set up a convenience fee for particular payment channels
  • Do not ask for personal information other than instructed by the Authorization Center
  • You cannot impose a surcharge for card payments

Now that you understand the difference between a merchant account and a payment processor, let’s move to discuss the best payment methods to add to your eCommerce site. There are several payment processing companies that you can connect with for stress-free payments.

2Checkout

2Checkout is an international payment method for accepting payments in multiple currencies. You can add 2Checkiut on your website as per your choice as they offer customizable checkout solutions. 2Checkout charges 2.9% plus 30 cents per transaction. Note that foreign customers might be charged a little extra.

Masterpass

Masterpass is offered by MasterCard and is similar to Visa and American Express. Furthermore, the payments are well-protected, allowing easy checkout options with proper security. Masterpass has a great customer service team that looks after frauds and other customer queries. Also, they do not charge any fees to the customer or merchant.

Stripe

With Stripe on your eCommerce site, you can accept payments from multiple sources. They have an easy checkout process and are a reliable option to receive payments. Stripe takes 30 cents plus 2.9% for domestic card processing. If you are making an ACH transaction, then it may charge about 0.8%.

PayPal

PayPal is one of the most famous and reliable payment options all around the world. Around 254 million people use PayPal for transactions, so adding the option on the website will be fruitful for your business. PayPal only charges 30 cents plus 2.9% for each transaction. A lot of companies around the world use PayPal as a payment option.

Visa Checkout

People with Visa cardholders can make easy payments through the Visa Checkout. Millions of people use Visa cards, so it will help them make easy payments in no time. They offer excellent security features to ensure the safety of the customer. Depending on the bank, you can ask for the payment processing fee.

Square

Square offers in-person point-of-sale payment processing. However, you can also avail yourself of their eCommerce options. Their online payment API allows businesses to accept payments from multiple payment methods. Apart from it, Square also will enable you to accept payments through credit cards. The payment processing fee of Square is 2.9% plus $0.30/payment.

American Express

American Express might not be the best in the market than its competitors, but it has consumer trust. People who are users of American Express are trusted the company with their lives. Hence, adding a payment option for their convenience might turn you into their favorite store. They have 24/7 customer support, fraud protection, and a lot more for their customers.

One thing to note here is that the company takes the most payment processing fee. For instance, you will have to pay $20 for up to 100 transactions along with some additional charges. Furthermore, they cost $99 as a setup fee.

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Do You Need eCommerce Payment Processing?

Yes, you need most of the payment processing methods on your e-Commerce site, even if it’s just a startup. Offering more than one option to clients is always a catch. Make sure that your customers can pay through a variety of payment methods without any hassle.

There are other payment methods as well, such as Apple Pay, Google Pay, and others. You can also add them to your list of payment options. Bank transfers and electronic checks can also be utilized on the website.

If you are looking for the best company to provide you with the service, get in touch with Clarity Ventures. They have worked on over 1000+ eCommerce sites providing them with quality payment options. They are reliable and trustworthy with an excellent customer service team. Take their help and forget about the worries regarding your eCommerce business.

Clarity Ventures is here to help you with payment processing and other nitty-gritty of setting up an eCommerce website.