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The global online e-commerce market has reached a capitalization of $3.5 trillion. In the face of restrictions, the Internet audience is showing increasing interest in online purchases of goods and services. When choosing online payment method Customers prefer convenient methods such as bank card, e-money, and cryptocurrency payments. To accept such types of payment the owner of a commercial project needs to ensure the availability of merchandise on his website. Let's consider what is meant by this and how to choose a reliable payment service provider.
What is a merchant service for a website
A merchant is a program that enables online payments from bank cards and other accounts, providing an efficient, reliable, and secure way to manage finances. The funds transferred by customers through the processing center are credited to the merchant account, the merchant's trading account. Merchant acquiring allows you to make and accept payments from almost anywhere in the world and work with different currencies 24/7. It expands business opportunities and is ideal for online transactions. Merchant services are necessary for companies that sell goods and services on the Internet, such as online stores, marketplaces, online exchanges, service sites, gaming portals, and others.
What is a merchant responsible for and why should it be reliable?
First of all, a merchant account significantly expands the possibilities for accepting online payments and provides acquiring for the website. This allows each customer to choose the most convenient payment method for themselves, which helps to retain customers and motivates them to complete the purchase on the website without looking for alternatives among other payment options. Most modern commercial projects already have their own merchant accounts and have signed agreements with banks and payment providers, which gives them a serious competitive advantage. Refusing to use a merchant service in today's environment is a big mistake. The number of online business customers directly depends on the merchant service. The more convenient the payment acceptance process is, the more users will trust the website. It is also important to ensure security during online transactions. Therefore, modern payment providers are obliged to comply with international requirements, including obtaining a PCI DSS certificate, which confirms the reliability and security of the payment service.
To summarize, merchant acquiring provides:
- Versatility: the ability to accept payments in different ways and in different currencies, which significantly expands business opportunities;
- Security: protection of customer payment data and encryption of information transmission channels;
- The ability to accept payments around the clock without staff involvement;
Increase revenue and customer engagement through freedom of choice and flexibility;
The ability to process any volume of payments without errors and failures, which is especially important for large businesses and periods of increased purchases.
How a merchant service works for an online project
Internet users, which is more than 3 billion people worldwide. Simplicity attracts customers: they are provided with a list of payment options, from which they choose the appropriate one and transfer the required amount in just a few clicks. From the merchant account holder's point of view, the process is also extremely simple: they receive a notification of the crediting of funds indicating the specific product purchased by the customer. If necessary, they can go to their personal account and check the transaction.
How does online acquiring really work?
Let's look at a scheme based on the most popular payment method in the world - a bank card. The buyer selects card payment on the merchant's website and enters payment information:
- Card number, expiration date and CVV/CVC code.
- Payment data is sent through a secure payment gateway to the processing center. At the same time, the anti-fraud system checks them to prevent possible fraudulent transactions.
- The processing center transmits transaction information to the payment system corresponding to the customer's card (Visa, MasterCard, etc.).
- The issuing bank checks the validity of the card and the availability of the required amount in the customer's account.
- The acquiring bank receives a notification about this.
- The acquirer issues a transaction identification code and links it to the merchant's account.
- The amount is transferred to the merchant account, and the customer receives a notification of successful withdrawal.
With the perfect merchant service setup, the entire procedure takes only a fraction of a second and goes smoothly. This is a simplified scheme and may vary depending on the payment method chosen, the availability of 3D-Secure, and other factors.
How to connect and set up online payment acceptance on your website
Some providers offer a quick merchant account setup in as little as one business day, while other providers perform a more thorough check, which can drag out the process for several weeks. To speed up the process, it is important to meet a standard set of criteria:
- A legally registered business;
- Providing the necessary documents, including licenses and permits;
- Register a commercial domain with a reliable provider;
- Creation of a website using modern security certificates; provider;
- Availability of public information, including the offer agreement and rules for processing personal data.
There are two popular ways to integrate a payment instrument into a website:
- Via API: customization of the software solution to ensure full functionality.
- Through the content management system: integration of the module and appropriate settings for websites running on popular platforms.
Choosing a merchant service or merchant provider for your type of business
There are many companies on the market that offer services for organizing payment acceptance on websites. In order to choose a truly reliable provider, it is important to evaluate companies according to several key criteria:
- Payment methods: Check what payment methods the provider offers. It should support a wide range of payment systems to meet the needs of your audience.
- Specificity: Make sure that the provider fits the specifics of your business and provides the necessary functionality for your website.
- Possibility of customization: It is important that you can customize your payment processes according to your requirements and brand. The provider should provide opportunities to customize the payment interface.
- Additional features: Check out what additional services or functionality the provider offers, such as analytics, reporting, risk management tools, and more.
- Protection against fraud: It is important that the provider provides a high level of security and fraud protection during payments.
- Technical support: Pay attention to the quality of technical support provided by the provider. They should be available to help in case of problems or questions.
- Reputation in the market: Research the provider's reputation in the market. Customer reviews, ratings, and recommendations can be helpful in making your decision.
Based on these criteria, you will be able to choose the provider that best suits your needs and ensures reliable payment acceptance on your website.