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Setting up online payments and getting paid

The success of your online business starts with making smart choices about payment processing. We provide some insight into the world of online payments, from finding the best-possible payments solution for your business to minimizing chargebacks and disputes. We also will setup the latest tool in online sales: offering a way for your customers to pay over time, while you get paid in full upfront.

Setting up payments processing

Choosing the right payment processing for your business involves dozens of decisions and quite a bit of research. To begin, it’s necessary to understand the "three P’s" of processing: players, payments and pricing.

Players. There are three main players when it comes to processing credit and debit card payments, whether online, via phone sales, or even in person. On one end is you, the business owner or merchant. On the other end is your customer. In between is a lot of technology that connects the two of you, such as the payment gateway and the payments processor.

Process. As a business owner, it’s helpful to understand exactly how money moves from your customer to your business. There are two stages to payments processing: the authorization (approving the sale, which usually happens within seconds) and the settlement (getting the money in your account, which can take a few business days)

Pricing. There are several fees associated with payments processing, charged by each of the players, including the issuing bank, the credit card association (Visa, MasterCard, etc.), the merchant bank, and the payments processor.

Minimizing chargebacks and disputes

The majority of sale transactions happen smoothly. Once in a while, though, the customer may file a dispute, asking their credit card to reverse the transaction amount. There are things you can do to help prevent disputes and chargebacks from happening in the first place:

  • Provide contact information. Buyers may not resort to a dispute or charge back if they can talk to you about the issue first. Provide an email address or phone number.
  • Be responsive. No one likes to wait, so do your best to respond quickly and professionally to all reasonable buyer inquiries.
  • Provide a clear return policy. Make sure your return and refund policies are easy to find on your website.

In most cases, the easiest way to settle a dispute is to work with your customer to figure out what happened. Begin the conversation with an open mind, listen to what they have to say and stay focused on a solution.

Are you thinking of selling things on the web? If so, you will probably also be considering some way in which you can accept credit cards on your site. For more enquiries, regards about the setup online payment. Contact us now!