When selling goods and services, eCommerce businesses have a number of choices in how they accept online secure payments. Most businesses (especially SME’s) partner with a third party provider, sourcing the payment gateway and directing funds through a merchant account. However, some will decide to process online secure payments themselves, using proprietary technology to allow online transactions with any customer with an email account.
What you need to ‘fly solo’ and offer online secure payments
There are many companies that provide expertise to integrate an online payment solution with your online business. You’ll need an account which accepts online payments, and the ability to store the card and online payment security data of your customers. Some customers will welcome the extra flexibility such solutions provide, though their satisfaction will be limited by the shopping cart experience.
Shopping carts and the online customer experience
A shopping cart, enabling customers to select items to buy and then pay for them, is integral to the customer experience. This does the same job as a till at a supermarket – the customer takes his goods to the till, where they are totalled, tax is added, and delivery charge. The customer then enters payment details.
The shopping cart needs to be maintained and integrated with your website in order to accept online secure payments. This may be done by in-house IT staff or as part of a shopping cart package provided by an online payment solution company.
Online payment solutions: beware the hidden costs
Online payment accounts often benefit the eCommerce business with smaller fees than those incurred on a merchant account. This may at first seem like a large saving, though the costs of maintaining customer data in a secure fashion, keeping up-to-date with new regulatory requirements and law changes under the PCI DSS can quickly wipe out such savings.
Ensuring the security of online secure payments
Online secure payments require authentication processes, such as two-step verification, which requires the security features normally supplied by third party payment gateway providers and online payment processing companies.
Providing customers with an easy-to-use and secure online payment solution is how an eCommerce business conducts the business end of their online transactions. While it is tempting to try to go it alone, the costs and ongoing security issues which require day-to-day maintenance can make it financially restrictive.
For this reason, the majority of online businesses transact their online secure payments through a third party provider, who will be able to undertake bespoke integration work with your website. If you’d like to know how to get the most form a third party online secure payments provider, our representatives will be pleased to help you.