Surpassing all the expectations and past estimates & guesses, the online shopping trend is growing at an extraordinarily fast pace, thanks to the changing global scenarios, fast-paced lifestyles, preference for convenience shopping, ease of payment, and more options available online. While the e-commerce industry serves a huge customer base and brings along a multitude of options that actually spoil the shoppers for a choice, running an online store isn’t as easy as many might think it to be. Ecommerce is a high-risk industry and merchants in this sector have to face higher rates of chargebacks and other payment issues than in any other sector. Getting an online merchant credit card could be your ultimate savior if you aspire for a more rewarding and successful business in this industry.
But, is it so easy to get a merchant account in e-commerce?
Not at all! Most banks, financial institutions, and merchant account providers shy away from e-commerce merchants mainly because of the challenges that exist in the industry. Convenience, efficiency, and safety are the topmost concerns of most customers as well as merchants in this industry. The transaction process tends to be highly complex in e-commerce and involves banks, payment processors, downstream players, payment gateways, etc. Technological advancements, the presence of e-wallets, payments through smartphones, multi-currency payment options, and changing purchase patterns contribute to the stiff competition in this sector.
The challenges include:
Chargebacks & frauds
Chances of fraudulent transactions are high in the “card-not-present” online transactions. But you can drastically reduce the possibilities of such fraud by having PCI DSS compliant online merchant credit card system in place. Besides the frauds, the ecommerce industry has to suffer huge chargebacks as well.
The impact of chargebacks is way more than just financial losses. They can significantly damage the reputation of a business and kill its credibility among its existing and potential customers. Although some chargebacks have legitimate reasons behind them, chargebacks can be reduced/eliminated substantially with the help of customer service practices that are based on the principles of “know your customer” and merchant accessibility. To further minimize fraud and chargebacks, you would need a reliable online credit card gateway integrated to your online ecommerce merchant account.
Cross-border or International Transactions
While these payments may be slow, costlier, and inefficient, they play a vital role in global trade. Handling cross-border payments is typically a challenge for most national banking systems/infrastructures. This results in slowing down and complex processes that end up stalling international transactions.
Accepting Multiple Currencies
When you open up your business to a global audience, you must be ready to start accepting payments in multiple currencies. Thanks to the merchant account e-commerce solutions, merchants can easily and securely accept payments in multiple currencies from global customers.
While these are just a few of the several challenges merchants have to face when making their merchandise available to a broader, global customer base. Having an online merchant credit card account is beneficial for businesses in many ways, including:
- Accept payments quickly
- Avoid/minimize chargebacks
- Reduce possibilities of frauds
- Accept multiple currencies
- Faster & easier buying process
- Reduced cost of transactions
- Flexibility & ease for customers
- No limitations the global reach
- Comparison of product-price is easy
- Quick response to market demands
How to Get Online Merchant Credit Card and Online Credit Card Gateway Support?
You may seek professional help to help you set up your online account and integrate an online credit card gateway to start accepting online payments at the earliest. Payment USA has already helped countless merchants digitize their payment processing system and earn more profits by selling their merchandise to a broader marketplace – safely, securely, easily, and globally.
Do you want to boost the sales and profits from your online store? It’s time you also go digital with an online merchant credit card account. Call Payment USA to discuss your requirement now.