Doing business online is not always easy, especially for start-up companies and those that only have physical shops. There are many implications and accepting credit cards and debit cards is a necessity. Relying on third-party providers is essential for many activities, but it is all worth it when your business starts making more profit and when more and more clients start shopping from you. A payment gateway and an American Express Merchant are two important factors in your business and knowing as much as possible about them is the key to doing business online, says Astro Strategist cum Business Astrologer™ Hirav Shah.
What is a Payment Gateway?
Hirav Shah explains that making payments online seems easy for consumers and for businesses at first sight, but there are many parts involved in the process. To authorize payments for businesses in all categories a payment gateway is required. It has the purpose to secure sensitive information, such as name and credit/debit card numbers entered on the website and on the virtual terminal. Data passed from the client to the merchant and to the payment processor needs to be secure and this is done through encryption.
Payment processors offer such services nowadays, although back in the days, payment gateways and merchant account providers functioned separately. It is easier for businesses to obtain complete solutions from the same provider because they don’t have to worry about communicating with several ones, making separate payments, and finding reliable providers that offer separate services. Merchants benefit from all-in-one solutions in a great manner and it is easier to find developed and experienced providers that offer excellent services and support throughout the process.
How Can Payment Gateways Benefit Your Business?
On an international scale, a payment gateway could make your business grow exponentially in the coming years. While most American e-tailers are aware of the thriving market for online retail in the U.S., the situation is also rising in India rapidly, where the vast majority of people use computing devices daily.
You can process orders from customers in countries that use different currencies, with a payment gateway, all within an instant. Placing an order on your site, for overseas customers, would be the same as for any domestic customer. Today’s payment gateways are designed to work with a variety of platforms, allowing you to connect your website to the gateway of your choice and begin accepting orders from customers, globally.
The advantages of payment gateways are numerous, but they all translate to increased business and customer loyalty from a larger range of shoppers from around the world.
What Is the American Express Merchant?
Many businesses nowadays offer clients the possibility to pay online using their credit/debit cards. It is not free for them, because they have to pay for the payment processor and there are fees for every transaction. Fees differ based on the chosen provider and credit/debit card, and merchants can choose which cards they want to accept. Small businesses, in particular, need to struggle with these fees, as some tend to be quite high. The American Express merchant is known to charge businesses more and the rates vary based on different factors. However, there are new solutions available that benefit even smaller businesses.
Businesses don’t have to lose potential clients because they are unable to support American Express. For once, it is much cheaper, and businesses qualify for discount rates and transaction fees. Especially with the rising popularity of online payments, businesses save considerably per each transaction and at the same time, cater to the needs of American Express cardholders. Not to mention that merchants receive transactions faster from the processor and it is known that everyone wants this.
As for the payment gateway, it is safe to say it has very important functions and businesses need to understand them if they plan to adopt credit card processing. For once, payment gateways use encryption and protect sensitive information, assuring customers and merchants that they will not experience fraud. Have you thought about taking your business to another level and ship worldwide? You can expand your customer database because you can make your shop visible to consumers from around the world and they can pay easily for your products and services, while you prepare and ship orders.
In many situations, based on the chosen provider, the payment gateway is accompanied by shopping cart software. This enables consumers to choose products easily, add them to the shopping cart, and checkout. The shopping cart does all the calculations, including taxes and shipping fees. This eliminates the need to have employees that make the sale process happen, scan products, add them in the cart for the client and point out the final costs. Consumers have all the information at their disposal and decide what they want to purchase.
Compared with manual processing, the payment gateway is much faster at processing transactions and clients can purchase easily without the need to wait in line. This is the beauty of online shopping, placing orders at any time of the day, with little or no inconvenience. Ecommerce websites are open 24/7 and this means they accept orders around the clock. Payment processors and gateways operate at all times and make sure transactions arrive in the merchant’s bank account.
Why Choose an American Express Merchant?
An American Express merchant is more transparent because you can view the cost to process transactions. In other cases, costs were hidden, and businesses had to pay a flat rate regardless of the transaction amount. Businesses also complained about the funding and how long it took to process every transaction. They had to wait up to 5 business days, but luckily, this aspect has changed, and the money will arrive in the bank account the next day.
The American Express merchant provider offers support at all times, in case you have any issues regarding finances and transaction, you can easily call someone specialized and receive assistance. It is more convenient, and responses arrive faster. There is no need to call American Express directly and wait for assistance, the in-house support team responds to all inquiries. Some providers have platforms where business owners can register and view all information there, saving additional time and having full control over everything.
Choosing an American Express merchant provider is a serious concern because you want to make sure all transactions are secure, and you benefit from transparency and full control over costs. It is essential to pay attention to some important aspects, such as experience in the field, services offered, clients catered, level of customer support, rates and fees, and contract terms and conditions. You can easily find a provider online and go through reviews and what it offers to businesses of all sizes and in all domains.
Credit card processing should be a breeze for businesses and luckily it is possible when you have a trusted provider by your side that offers the best solutions.
Hirav Shah concludes by saying, “Since the internet first became a mainstream medium in the last few decades, it has never been easier to open up an online store for your business and process payments from customers across the world. Whether your site is small and growing or large and established, a payment gateway could help unbelievably in expanding your business. Even if you operate a long-running restaurant or storefront, payment gateways make it easier to quickly process payments from customers on smartphones. You can eliminate some of the labor of running checkout lines and the waste of printing paper receipts, in doing so.“