subject: What You Need To Know About Accepting Payments Online [print this page] Online merchant processing has become an essential practice in the world of online retail. From setting up a payment gateway to a merchant account, one needs to know the dos and donts of merchant processing before they learn it the hard way. You want to be unique with the way that you do business or youll become just another retail outlet that may have a better deal than others. Your presence needs to be felt and experienced on the site that they visit to shop.
One of the steps youll need to go through to be able to accept credit cards online is setting up a payment gateway. This is gateway is integrated with your website so any orders that you receive can be processed through the gateway. The funds are then routed to your merchant account, and then left to you to ship the good that they purchased. Seems simple enough doesnt it?
One important thing that people tend to forget when their business starts selling their product is that some people take chances when they buy a product. They dont know if theyll like it or not, but it sounded like a good buy at the time. However, when they get the product they realize they dont like it want to return it. The time in which it takes to get their money back is crucial to any reviews or recommendations someone will give your website.
You want to be able to refund their money as quickly as possible. The issue with the sale was not the quality of service they experienced on the site, but the product was just not what they were looking for. A good review can still be attained from a person like this if the refund processes handled amicably. Put a disclaimer on your website stating how long refunds will take and never go over the time limit you set. One of the many complaints I get from people are, It took you all but two seconds to take the money from my account! Why is it taking so long to get back?!
A valid argument but in reality you did not receive the money in two seconds. The customer forgets that whenever they make a purchase the balance on their bank account shows withdrawn but the money is still in transit. Depending on the form of payment, it can take up to 7 days for you to get their money, then an additional seven for you to get it back to them. What you have to do is analyze whether you can issue a refund with your own money at that point in time, and balances out when you finally receive their payment.
This of course is tricky for orders in the hundreds of dollars, but its an important issue you need to consider when starting a business. Dont let it get you down if there are few negative people that begin to bash your site. This world is full of these people and its ignorant to believe you are impervious to them.
by: Jason Ausmus
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