How do I choose a vendor to process online transactions?
To process online orders, you must offer online payment options. The most widely used form of payment currently is the credit card. Marketing studies show that you’ll lose 60 percent to 80 percent of your potential orders if your Web site is not set up to accept credit cards; they also show that if you offer credit card payment, not only will you receive more orders, but those orders will be substantially larger. Credit cards enable impulse buying, reassure customers of your legitimacy, and simplify your billing. Other methods of collecting payment are becoming available and include charging purchases to a phone bill, using electronic funds transfers (EFT), paying by electronic check and various forms of prepayment. Each of these methods requires payment processing either in the form of software added to your Web site or by linking to a payment processing service. Understand Merchant Accounts and Their Fees To accept credit cards, you must establish a merchant account, a special bank a
