Navigating the Fine Print of eCommerce Payment Processing
Setting up and launching an eCommerce site is an exciting time for a business owner. Your site allows you to make sales around the clock and across the globe. A major component of setting up your business site is your eCommerce payment processing. Your processor will allow you to process credit cards and get paid. They also will help you set up a merchant account. There are a wide range of options available to you for online payment processing. Keep reading for a few hints on how to navigate the hazy waters of eCommerce processing fine print.
Reading and More Reading
The first step in navigating the fine print in eCommerce payment processing is to actually read the fine print. As you begin to research which processor you will partner with, you will probably talk to salespeople, read websites, and ask for the advice of other eCommerce operators. Before you agree to any service or sign any binding documents you should carefully read the terms and conditions agreement. Your merchant account agreement is incredibly important as it will lay out the terms and conditions of your legally binding partnership.
Keep Detailed Notes
When you talk to salespeople write down important facts and figures. Write down the name of the person you talk to and what kinds of rates they discuss with you. Understand that salespeople will give you a quote based on figures that might not apply to your business. Which bring us to the next important aspect of finding the right eCommerce payment processing for your business—ask questions.
What, When, and How Much?
Asking questions is one of the best ways to choose a payment processor. No one knows your business better than you. That also means you have a good idea about the volume of business, the ticket amount, the type of payment processing you’ll conduct, and what types of cards you’ll accept. Explain your business and ask appropriate questions about pricing, rates, interchange rates, surcharges, contract terms, penalties, and more. And just as above, write everything down.
Let’s Stay Together
When you enter into an agreement with a payment processor, you are entering into a legally binding contract that typically has a duration, or term, of a few years, usually three to five. That means that monthly fees will be paid for a few years.
That also means that if you’re unhappy, you might have to pay a cancellation fee to get out of your contract. You’ll find that information in the terms and conditions agreement.
Choosing eCommerce payment processing for your online business is complex but very important. If a deal sounds too good to be true, it probably is. Read the contract carefully, ask questions, and don’t feel bad about taking your time and weighing your options.
Choose Allied Wallet
At allied Wallet, we offer competitive pricing, easy to understand terms and conditions, and state of the art security features. Our payment processing will fit seamlessly with your website and help you grow your business.
Contact Allied Wallet today to discuss your business, your payment processing needs, and any concerns you have. Let’s work together.