eCommerce Credit Card Processing Accounts, Done Right.
Not all online merchant accounts are created equal.
Bankcard International Group provides the best merchant services to accept credit cards online. Our superior rates, fraud protection, and industry leading service are changing the landscape of payments. There are a lot of choices when it comes to merchant accounts for eCommerce business owners. Believe it or not, merchant accounts for eCommerce businesses are not all the same. When you are looking for the best merchant service provider for your online business it is important to understand exactly who you are working with.
Both new businesses and seasoned eCommerce experts looking to get paid with the best rates and service appreciate the B.I.G. difference. Give us a call to discuss the best options for your business. We will approve your online merchant account quickly, provide you with the industry’s leading secure gateway, and the superior service you deserve.
Online credit card processors are not all the same.
Looking for an eCommerce merchant service provider is not as easy as it seems. It is important to not just go with the first one you find and assume that all merchant account providers are the same. Merchant services can be one the largest fixed costs your business has so finding a partner you can trust is important. You deserve a payments partner who understands your specific business model and business goals.
Hiring an online credit card processor should be like hiring an employee.
Make sure they are a good fit for you. Make sure they are trustworthy. Do some diligence on them. Ask questions that go way beyond “what are your rates?”. Make sure you have a clear picture of the following
- How many acquiring banks do you work with? How many domestic and how many international?
- Are your business’ products and services permitted? You should always know this before moving forward! If the representative hesitates it is a sign that they may not have the experience you are looking for.
- If you need international payment processing, Where is the bank? How long have you worked with them? Have there been any payout issues?
- What are the options that are available for a secure payment gateway?
- Is the gateway compatible with the platform and shopping cart you have chosen?
- Let’s talk credit card processing rates:
- What is your discount rate? Is that inclusive of interchange fees or on top of interchange fees?
- What are your total per transaction fees? Do you charge an authorization & per item fee? Once again, is that inclusive of interchange fees or on top of interchange fees? What are the gateway per transaction fees?
- What are the PCI compliance fees? And non-compliance?
- What, if any, are the set up, annual, or other monthly minimum fees?
- What kind of service can you expect? Is it 24/7? Is it domestic or international? Do you have a dedicated representative to call or just an 800 number?
- Are there any unique website requirements that you need to consider?
- Take Notes so that you can confirm your application matches what you were told on the phone.
- Read the fine print! Is there a contract and what are the terms and conditions. Having a contract does not always have to be a negative experience as long as you are confident in your chosen provider and the terms of exiting your contract.
Looking for the best eCommerce merchant services?
Platforms such as Square, Wix, and Shopify make building a basic website coupled with marketing and payment processing fairly easy. Businesses that are just getting started or who have relatively low monthly sales do quite well with these platforms.
However, we have found that many businesses will outgrow the platform for a variety of reasons. Some are simply looking for better processing rates or better service while others needed a more robust payment gateway or website. Many have even found themselves to suddenly be an “unsupported” industry type because of being labeled as a high risk merchant account. As most of us have experienced they entice you with the “all-in-one” printer but get you with the ink!
Most businesses will benefit with better rates and service by using a reputable merchant account provider.
How are a Payment Gateway, Shopping Cart, and Merchant Account related?
So you are ready for a solution that is more tailored to your business’ needs? How do you get started to accept credit cards online? The first step is understand how the components you will need work together. There is often confusion as to the difference between a payment gateway, a merchant account, and a shopping cart.
To make it simple, a merchant account is the payment processing account where transactions are processed, approved, and funded. In order to accept credit cards there is always a merchant account.
A shopping cart is the module that you or your developer have built into the website. It allows your customers can add items from your inventory to their “shopping cart” prior to purchasing. When a customer is ready to make a purchase they click the “buy now” button in the shopping cart.
This is where the secure gateway takes over. The payment gateway takes the purchase information from the shopping cart. A payment gateway securely captures, encrypts, and transmits the payment information from the customer to the credit card processor.
How to get your website ready to accept credit cards.
Outside of the secure payment gateway, shopping cart, and merchant account there are some general website items that you will need. In order to be approved for a merchant account to accept credit cards online you will need the following items clearly available to your customers. These 3 items are not only a requirement of all credit card processors but they are generally just good business practices.
- Customer Service Contact information. A customer service phone number should be clearly displayed on all pages of your site. If you do not have a customer service phone number then most processors will require that two alternate forms of communication be provided. This is because when customers have an easy way to contact sellers about their purchases, charge backs go down. Lower chargeback ratios mean lower risk and we all know banks like that!
- Shipping Policies. Clearly outline your shipping policies. How quickly items will be packed and shipped. How they will be shipped. Shipping costs and choices. Side Note: This practice has been shown to increase sales and website conversions.
- Return Policies. Much like shipping policies simple, easy to find, return & refund policies must be present on your site. It has been shown that eCommerce merchants who have clear, consumer friendly return/refund policies convert more sales and have less chargebacks!
How to get approved for an eCommerce Merchant Account
Now that you understand the general website requirements and how to find a reputable account provider there is only one step left. Get approved for an eCommerce merchant account to accept credit cards! Below is a handy checklist of the usual items that will be required with your application package. Once you have turned in your thorough application package the approval process is usually very quick!
- Merchant account application. Make sure that you type in the information fields but physically sign the application. Many banks still do not accept electronic signatures. Also, make sure that all the information is accurate and that any owner with more than 25% interest has signed the application.
- Owner's ID. A color copy of all owners who have 25% or more interest must provide government issued IDs.
- Articles of incorporation.
- Screenshot showing proof of domain ownership. This is to the help cross check that the applicant does indeed own the URL. You can usually get this by logging into your domain manager (like GoDaddy) and navigating to your account page and taking a screenshot. Make sure that it includes BOTH the URL and the owner's name.
- 3 Months business bank statements. If you are a new business you will be asked for 3 months of personal bank statements.
- 3 Months of previous payment processing statements - If available.
- VOIDed Check for the DDA or a bank letter signed by the bank manager.
- Supplier agreement or Drop Ship contract if you are reselling a product.
- Business License or tax license
- Recent utility bill for the business address, preferably in the business' name
With online fraud on the rise, providing underwriters with good information is more important than ever. This will help them understand that your business is legitimate and responsible. This will help in receiving a fast online merchant account approval.
The B.I.G. team has been providing eCommerce solutions for 15 years and has seen nearly every situation. It is essential that your business finds the eCommerce payment processor that it can work with for life. Bankcard International Group is that merchant account provider. One of our courteous and professional advisors is always available and happy to answer your questions.
Our eCommerce Merchant Accounts to Accept Credit Cards can Include:
- Premium payment gateway
- Accept credit cards, ACH, and eCheck
- Built in shopping cart
- Support for just about every other shopping cart
- Virtual Terminal
- Payment Plug-in modules
- Fraud prevention modules
- Chargeback management software
Get Approved for your eCommerce credit card processing solution today!