Understanding Online Payments - Credit Card Processing and More

Issues to Consider

In order to avoid costly mistakes, ask yourself the following questions as you plan for, develop and launch your payment application:

1. What are my customers’ payment needs?


2. How can I accommodate those needs through the payment application?


3. Which financial institutions should I use for my merchant account(s)?


4. Does my developer clearly understand my payment application requirements?


5. Does my payment gateway support my application and connect to my merchant bank?


6. Will my payment gateway be in business 12 months from now?


7. Have I tested my payment application thoroughly using a real credit card?

Summary

Offering convenient payment options to your customers is a good way to secure their loyalty and reduce your operational costs. A variety of payment methods are available, and various interfaces can be used depending upon the needs of your customers and your business. When evaluating payment processing options start with your customers’ needs and document all of the features that you wish to have in your payment solution. Take the time to shop around, and make sure that the service providers that you choose are ones that you will be happy with in the long run.

This article is contributed by Robert Levings of TransActive (http://www.TransActive.ca).