Being unprepared for receiving online payments is one of the biggest reasons for the failure of new eCommerce businesses. You’ve done everything else right: you’ve got an eye-catching and optimised website, you’ve arranged your stock management and distribution capabilities, and your bank account is all set to accept those online payments via a merchant account.
This is the point at which many eCommerce businesses fail themselves. Having the wrong payment services provider can ruin your business before you get started. To make sure your secure online payments don’t cost you a fortune and your future, here are five questions you need to ask before signing on that dotted line.
What are the fees on my online payments?
I know this sounds a given, but it’s a surprise us how many businesses come to us for advice after signing up to extortionate fees with other payment services providers. You need to know what you’ll be charged before you start: always read the fine print and ask the question.
How long does it take to process online payments?
Cash flow is a killer if it’s not in your favour. We’ll make sure your merchant account gets those online payments processed and in to your business account as fast as possible.
How good is your customer service?
You’ll be able to speak to your bank between 9am and 5pm. Outside this time there will probably be a less than satisfactory ‘help line’ that should really be convicted under the Trade Descriptions Act. Make sure you have 24/ 7 access to a helpline, not a hindrance line.
What about records: will I have reams of paperwork?
Make sure that all your account information and payments confirmations are available online. Electronic forms are designed to lessen your paperwork problems, not make them worse. Online payment platforms should allow you full access to all your needs online.
Can I accept secure online payments from all my target markets?
When you’re discussing your requirements, make sure to look forward and think about how your business is going to grow and where you will be doing business now and in the future. Your online payments services provider should explore these avenues with you and make certain that you’ll have inbuilt flexibility with your online payments solution.
If you don’t answer this question, you may find future expansion is expensive.
Get the best online payments advice before starting out
Ecommerce businesses are agile animals that have access to customers around the globe. The only thing that should limit that access is your desire and ambition. Unfortunately, much of the financial industry is stuck in the land of the dinosaurs.
If you want to ensure your online business is ready to profit from worldwide customers in a global market, then you should make certain that all of these five questions are answered today. You’ll find a bespoke online payments solution is only an email away.