Accepting payments through credit cards is tremendously convenient, if the buyers are from overseas. Credit card payments efficiently take care of currency conversions. Today, even small time retailers and taxi drivers accept payments through credit cards. It is necessary to have a functional credit card terminal, if you are planning to expand your business. There are different types of credit card terminals available to choose from. They are traditional, wireless or virtual terminals. You must carefully go through credit card terminal reviews before buying an appropriate one for your business.
Online retailers having their own websites can accept credit card payments. Credit card payment is easy and flexible form of payment. Besides, a customer can reap the benefit of best credit card deals offered by the bank such as cashback amount or reward points for shopping. Ecommerce websites can integrate multiple payment options on their websites. To accept payments online, it is essential to open a merchant account. You can open a merchant account directly with your bank or you can accept payments through a third party merchant. If you do not have a large volume of online sales, opening your own merchant account may not be feasible. Besides, it is tedious to integrate it with your website.
Third party merchant account service providers such as iPayment, First Data, Online Data, PowerPay, Merchant Focus etc can be of great help in setting up a merchant account. They offer quick and efficient services to integrate secure online payment options with your website. You can accept payments through credit card, debit card, e-checks, gift cards and net banking.
Online payments are accepted through secure payment gateways. These gateways provide virtual terminals to manually enter your payment details. For example, if a customer wants to make payment using credit card, he is connected to a virtual terminal. Here, he can enter his credit card details, amount and submit. The amount is credited to your merchant account.
Online retailers can also accept checks online as a payment. The process of accepting checks is similar to that of credit cards. A customer can enter and submit the check details through a virtual terminal and payment is processed through the secure gateway. The money is transferred from the customer’s bank account to the seller’s merchant account.
Today, online payments are accepted worldwide by small and big businesses, utility service providers, government agencies and insurance agencies alike.