internet business solutions - Online businesses which are unable
For any ambitious entrepreneur looking to run a successful business online, the ability to accept credit card payments is absolutely essential. Online businesses that cannot process credit card payments directly often lose a significant portion of their potential sales, sometimes more than 60%. This is because online customers value speed and convenience; they are often impulsive and unwilling to navigate lengthy procedures, make phone calls, or mail in order forms.
Why Is Accepting Online Payments Crucial for Your Business?
Modern e-commerce websites demonstrate this trend clearly, with over 80% of orders typically placed using online credit card payments. While it's wise to offer alternative payment methods to capture the remaining customers, direct online credit card processing is the cornerstone of a thriving internet business. Beyond boosting your income, accepting credit cards online significantly enhances your business's credibility in the eyes of customers, making it appear more professional and trustworthy.
What Are the Benefits of Accepting Credit Cards Online?
Integrating credit card processing into your online business offers numerous advantages, simplifying operations and improving efficiency:
- All transactions and deposits occur electronically, eliminating the need for frequent bank visits.
- Electronic processing automates sales record-keeping, allowing you to generate comprehensive reports instantly.
- Credit card payments are reliable, reducing risks like bounced checks.
- Order tracing for customer service inquiries becomes much easier.
- You can operate with a leaner staff, as order processing is largely automated.
- Your business can accept orders 24 hours a day, seven days a week, without manual intervention.
How Can You Automate Your Order Processing?
Automation is key to maximizing convenience for your customers and streamlining your own business operations. By automating order placement and payment procedures, you save valuable time that can be reinvested into other critical areas, such as marketing. While direct online credit card processing is the most effective method for securing the majority of orders, a comprehensive solution should also accommodate other common ways customers place orders.
Understanding Merchant Accounts
To accept credit cards, whether online or offline, the fundamental requirement is a merchant account. A practical approach to setting this up is to work with a broker. They can guide you through the necessary software and technical requirements, and often increase the likelihood of your application being approved.
Exploring Different Order Placement Methods
To ensure you don't miss out on any sales, consider automating and supporting these three primary methods of order placement:
- Direct online credit card processing
- Toll-free phone numbers with live operators
- Mail or fax orders
Online Credit Card Processing
Online orders are accepted and processed in real-time on a secure server. A secure server encrypts confidential information, such as credit card numbers, protecting it from theft during transmission. This encryption technology is widely supported by modern web browsers. Once a customer's credit card is charged, the funds are deposited directly into your merchant account. Upon successful transaction, you receive the order details and can arrange for shipment. Many online businesses also partner with fulfillment companies to handle packaging and shipping, further reducing their operational burden.
Toll-Free Phone Orders (800 Series Numbers)
To offer 24-hour phone order support without establishing your own customer service department, you can again leverage a fulfillment company. These companies can receive and process orders over the phone, then forward the details to you for shipping or handle the entire shipping process themselves, depending on your agreement. The cost for such services can vary, but typically involves a per-order fee.
Mail or Fax Orders
Although less popular today, mail and fax orders should not be overlooked. Some customers remain uncomfortable sharing credit card details online or over the phone and prefer to fill out physical order forms. Many of these individuals may also prefer to pay by check. A fulfillment company can often manage these types of orders as well, if desired.
Ultimately, the goal is to simplify the order processing and payment experience for your customers. While the ability to accept credit cards online is paramount for most internet businesses, providing a range of convenient order-taking methods ensures you capture every possible sale.