Small business owners who are looking to break into the world of ecommerce rely on credit card processing services to supply the tools they need to transfer money digitally. That is fast becoming the norm, especially as more payments shift to mobile. Business owners can no longer afford to avoid digital transfers, but there are several risks they face trying to adopt these new systems. Read on for tips on how to avoid these risks and run a successful ecommerce wing to your business.
Paying Hidden Fees
Small business owners run cost-effectively if they want to survive, so many are tempted to use low-rate payment processors without realizing the true costs. Hidden fees are where you’ll end up paying the most money. Watch out for transfer fees, third party account fees at the credit card terminal, late fees, minimum balance fees and more.
Taking Security with a Grain of Salt
Another mistake small businesses frequently make is failing to take the security of their customers, and their businesses seriously. Few anticipate someone attempting to pay a bill with fraudulent or stolen cash. Even less think about their credit card readers getting hacked.
Failing to Integrate
When customers have to leave your site to make a payment, it’s not very good for business. There is a continuity break and that alone could mess up your sales funnel. It can also make you look unprofessional.
How to Solve these Problems
Essentially, talking to the payment processor in question will save you a lot of headache down the road. You can ask them about transaction fees, and if there are charges to transfer outside of your merchant account. You should ask where and how customer data is stored, to be sure you’re offering a secure transaction method. Integration often comes down to tools, which you can only get if you communicate what you need.