Before you can sell anything online through your eCommerce store, you need to set up a merchant account that allows you to process credit and debit card transactions. So, one of the first challenges you must overcome as an eCommerce retailer is finding the right payment processing solution for your website.
Ideally, you should balance a great checkout experience and flexible payment options for your customers with an affordable solution that’s ready to scale with your business. However, if you run your store through an eCommerce platform with a built-in payment processing tool, you might be wondering why a merchant services provider (MSP)is necessary.
The benefits of partnering with a dedicated MSP might surprise you. Keep reading to find out why your online store needs dedicated eCommerce merchant services and how to choose the right payment processing solution for your business.
Built-In Payment Processing Tools vs. Dedicated eCommerce Merchant Services
Many eCommerce platforms come with built-in payment processing tools. These out-of-the-box solutions are certainly convenient, but can they provide everything your eCommerce business needs to scale?
Built-in payment processing might not be the right choice for your eCommerce site if any of the following are true:
- You plan to scale your business quickly and need a solution that can keep up.
- You want to reach more customers or expand to an international audience.
- You’re in a high-risk industry and want to avoid getting your account frozen.
- You need a payment processing solution that can integrate with your existing systems.
- You want to offer a range of different payment methods.
- You want to provide high-level security and minimize chargebacks.
As you can see, unless your payment processing needs are very limited and static, it’s unlikely that a built-in solution is enough to keep your business running smoothly.
So, what’s the alternative? Setting up an eCommerce merchant account with a full-service payment processing partner. Next, let’s take a closer look at the value offered by a dedicated merchant services provider.
The Benefits of Partnering with a Dedicated eCommerce Merchant Services Provider
1. Easily Accept Multiple Payment Options
Built-in payment processing solutions often lack the flexibility to customize the checkout experience. However, by partnering with a dedicated eCommerce merchant services provider, you can give your customers more options when it comes to payments. With the right eCommerce merchant account, you can accept all major debit cards and credit cards—as well as alternative payment methods like Apple Pay and Google Pay.
2. Safe Payment Processing for High-Risk and High-Growth Merchants
If your business is growing rapidly or serves a traditionally high-risk market, you’ll need more support than a generic payment solution can offer. This is especially important because many traditional payment processors have strict policies that allow them to freeze or ban your account with little to no notice.
For example, Stripe prohibits high-risk merchants from using their payment processing services altogether; and PayPal is notorious for having a vague Acceptable Use Policy that enables them to freeze and seize merchant funds. As your eCommerce business scales, it’s critical to have a dedicated merchant account to prevent interruptions to your cash flow.
3. Flexible Full-Service Solutions
Partnering with a full-service MSP like GetPayment allows you to take advantage of flexible rates and the convenience of an all-in-one provider. By bundling services together, you can often get a better deal and ultimately save on merchant fees.
For instance, if you operate a brick-and-mortar location, you’ll need an MSP that can support in-store payments as well as online purchases. That means finding a partner that offers a secure payment gateway for online payments and state of the art POS equipment for in-store purchases.
An all-in-one MSP like GetPayment can also provide you with a dedicated merchant account and reliable customer service.
4. Get Paid Faster
Time is money. The more quickly you get paid, the faster you can reinvest in and grow your eCommerce business. With traditional ACH transfers, it takes at least three business days for funds to be deposited in your account. But with a dedicated eCommerce MSP, you can set up a next-day funding merchant account for faster deposits to fuel your growth.
5. Reach a Broader Customer Base
Depending on where your customers are located, you may require dedicated eCommerce merchant services to sell to a global audience. Certain payment processors restrict their services to the USA or North America, so you’ll need to find an MSP that supports the countries and currencies of your customers.
How to Choose an eCommerce Merchant Services Provider
Not sure how to choose the right eCommerce merchant services provider for your business? Whether you’re planning to switch eCommerce merchant services providers or are looking to set up a merchant account for the first time, here are some necessities to keep in mind.
Whether your merchant services provider offers flat rate, tiered, or interchange plus pricing, it’s important that they’re willing to discuss their fee structure openly. Merchant fees can be confusing, but you shouldn’t have to worry about hidden fees or intentionally complicated pricing models. Your MSP should be happy to answer any questions you have about added costs or specific scenarios.
At GetPayment, we provide interchange plus pricing that guarantees a flat-rate processing fee on top of the wholesale interchange rates set by credit card companies.
Flexible Contract and Cancellation Policy
Before you agree to a long-term contract with an MSP, take the time to ensure you understand the contract length, cancellation policy, and any penalties for early termination. Read the fine print and ask questions if anything is unclear. Otherwise, you could find yourself locked into a long-term contract and face massive fines if you need to switch providers or end your contract early.
To avoid high cancellation fees, prioritize finding an MSP that offers more flexible terms. A flexible contract agreement gives you the freedom to adjust your agreement (or change MSPs) as your needs change. For instance, if your average sales value increases or your business experiences a dramatic rise in order volume, you may need to upgrade to a provider capable of accommodating your needs.
Secure Payment Gateway
In order to accept online payments, you’ll need a secure payment gateway that connects your website to the relevant banks and credit card companies involved in completing a transaction. Make sure the MSP you choose to partner with can set up a secure payment gateway that accepts the types of credit card payments you want customers to be able to use.
Reliable 24/7 Support
As an eCommerce merchant, you know that downtime can be devastating to your business. Your eCommerce website doesn’t have “business hours”—it needs to be operational at all times so customers can shop when it’s most convenient for them.
We understand the importance of maintaining your eCommerce store and preventing technical issues from interrupting a customer’s checkout process. That’s why GetPayment offers 24/7 support services. When you partner with us, our team of experts will always be available to provide technical and customer support.
Dedicated eCommerce Merchant Account
When it comes to keeping your business running smoothly, having a dedicated merchant account can make all the difference. Some MSPs pool your funds into aggregate merchant accounts that are shared with several different businesses. With a shared account, there’s a higher chance of being fined or penalized for chargebacks or rapid growth.
However, GetPayment will provide you with a dedicated merchant account just for you. This allows us to protect your funds and guarantee they’ll never be frozen or seized—even in the case of high-growth or high-risk businesses.
Get a Leg Up with Dedicated eCommerce Merchant Services
Working with a dedicated eCommerce merchant services provider can give you the competitive advantage your business needs.
Protect your revenue and keep your payments flowing with a dedicated merchant account from GetPayment. We’ll assess your existing payment relationships, identify opportunities for improvement, and provide custom solutions that support your unique business goals.
If you’re looking for a reliable full-service payment processing partner, contact GetPayment today for your free merchant account analysis.