Without a merchant services provider, your online business simply cannot function. That’s because it is this essential entity that enables you to accept credit cards and other forms of payment on your website. If you are just getting started in ecommerce, it is in your best interests to learn about the benefits a merchant services provider will bring to your digital security as well as your bottom line.
PCI compliance.
Any company that stores, manages, or transmits customers’ credit card payment information must ensure that these sensitive details are kept safe. To that end, the Payment Card Industry Data Security Standard (PCI DSS) was created by the major credit card companies. When you partner with a merchant services provider, they should demonstrate that they and the systems they offer to handle customer payments adhere to these important guidelines.
When you can attest to your website’s excellent data security hygiene by displaying Secure Sockets Layer (SSL) certificates from your merchant services provider, you will earn your customers’ trust. This is a big deal in an era when data breaches are on the rise and customers are becoming ever savvier about seeking safe online shopping experiences.
Fraud prevention.
When you partner with a trusted merchant services provider, you also gain access to their compendium of knowledge on payment security. As a result, you can harness their expertise to learn about and prevent costly fraud and chargebacks. Should the worst happen and you become the victim of a malware attack or other security incident, you can consult with your provider to gain advice on how to minimize the effects so that you can be up and running again as quickly as possible.
Offer your customers innovative payment solutions.
Today’s buyers want choice: In how they shop, the products they purchase, and even in the ways they pay. The more flexible and customer-focused you can be, the more likely you’ll be to convert visitors into loyal, long-term customers.
Most if not all merchant services providers are well-equipped to assist you in securely processing payments from credit and debit cards. However, a good one will also equip you to accept any other way your customers want to pay. These include purchases made with cash, echecks, gift cards, and on a recurring or subscription basis. When you invest in offering maximum choice and flexibility to your customers, they will pay you back with their loyalty and referrals.
Make no mistake: Picking the right merchant services account provider is one of the most important decisions you can make for your retail store, so choose carefully. Focus not only on your current needs but also your anticipated future requirements. When you find a merchant services provider that is in sync with your ongoing and projected priorities, you can look forward to safe payment data transactions and a significant boost to your bottom line.
