Just when you thought you could let out a huge sigh of relief, here I am about to start with more talk of COVID-19! However, to buck the trend I am going to speak positively (as much as it hurts me to), because one good thing that has come out of the past year and a bit, is that we are all becoming so much more tech savvy, which is especially good news for online retail.
So, what does this have to do with the ecommerce merchant payment services.
If you are one of the billions of businesses that invested in moving your business online during the lockdown restrictions, or took the opportunity to improve your digital presence, I suspect you spent hours deliberating on the aesthetics and content of the platform you were building, but did you take time to consider one of the most critical points of the customer journey…. the payment method.
If not then whilst everything has calmed down slightly, now is the opportunity to review this, as it could not only save you money, but it could really improve your customer experience, bringing them back for more… win/win.
Ecommerce merchant payment services are in a nutshell when you as a business are accepting card payments via online and require both a merchant account and payment gateway. The merchant account is there to pre-authorise and transfer funds from the credit/debit cards that your customers pay with, to your business bank account. The payment gateway is the keeper of the card details to protect the customer from fraud. So, not only does this speed up the process of you receiving the funds as they are pre-authorised, but also with merchant accounts you eliminate risk as the merchant service provider will handle the headaches if something goes wrong. Saving you time and money.
Importantly for the customer, by using this payment service it means they can trust you more as not only will you have quality systems in place for protecting their data, but also you will be able to accept as many different types of payment methods as possible and receive global credit card payments from anywhere in the world. A great way to grow your business or future proof your business for strategic growth.
If you are feeling confused though, you are not alone, as whilst there is a lot of benefits to setting up this service, there is also a lot of complexities which can be off putting for busy business owners. There are confusing pricing structures, challenging industry terminology and you must ensure your gateway and website can be integrated, as only certain gateways offer compatibility with some website platforms.
Therefore, you must remember the most important thing when considering your options is that if you want to access the right payment solution, without spending a fortune, you need to do your research, so below is my top tips to consider when conducting your comparisons:
- Compare on a £ to £ basis, not just rates.
- Find out how long before funds are settled to your bank account.
- Is your volume of transactions large, so would you need multi accounts?
- Shop around and do your research (or use me as a broker)
- Read reviews.
- Do you need Applepay/Gpay/Chinapay
One of the reasons my business exists is because business owners from all over East Anglia just do not have the time to understand the intricacies of the payment services to conduct a thorough comparison, which is why utilising me, as an independent broker is favourable solution.
In partnership with you and acting as an extension of your business, I go find the very best contracts for you that will not only provide you with the right services for your business, but I will save you money, so you take home more of your hard-earned cash. Plus, I promise to make the whole process straightforward and non-jargon, so you understand what you are signing up to, but do not take my word for it, here is what some of my clients say:
‘Very knowledgeable about things that are important to small businesses. Always ready to advise and help. Comes up with solutions that work.’
‘Stop looking & lock in with these guys, great rates, money deposited into your account swiftly with a great transparent back office for your own viewing. I couldn’t recommend Carl more highly, made the process seem easy…’
If you are interested in finding out more, just email me on email@example.com to arrange a no obligation, free consultation.