Accepting Credit Cards Online

Apr 12, 2021

For any online retailer who desires to grow and stay on the path of online retail success, taking credit and debit card payments is an absolute must. 

The greatest challenge is determining the best payment processor. Choosing the wrong processor can result in paying exorbitant fees, lost revenue due to fraud, and lack of conversion due to security issues. Your choice of a processor can also ruin your prospects of expanding internationally.

It is critical to determine what is best for your business and begin your research by comparing the myriad of solutions out there. 

Let’s explore the three main ways to accept credit cards online.

How To Accept Credit Cards Online

Here is a quick overview of how you can begin accepting both credit and debit cards online.

  • Merchant Account And Payment Gateway

The standard way that merchants have accepted payments online includes having a combination of a merchant account and a payment gateway. A merchant account is a type of business bank account that allows you to accept credit card payments. 

Online payment gateways link your store and your merchant account, thereby facilitating the processing of the transactions of all the players involved, including the card issuer’s bank and your bank. 

Keep in mind that there are fees associated with acquiring a merchant account and a payment gateway. The good news is that there are an abundance of providers out there, which means you are likely to come across competitively priced transaction fees. You may also come across those that don’t charge for setup fees. 

  • An All-In-One Solution 

This is a payment system that enables businesses to merge a merchant account and a payment gateway into one single platform. It allows the setup to be faster and easier. 

All major credit and debit cards can be accepted. Their pricing structure is also a lot easier to manage. For the most basic account, you don’t have to worry about paying for monthly or setup fees. If you want added features, you will need to pay a monthly fee. 

Previously, a drawback was that it did not deliver a hassle-free checkout experience. Based on how your solution was configured, your customers may have been rerouted off your site in order to pay for an order. Thankfully, this is no longer the case. With evolving technology, merchants have the ability to determine what their customer’s checkout experience will be like. 

  • Simplified Credit Card Processor

Like the All-In-One Solution, the simplified credit card processor integrates within an e-Commerce store, offering a hassle-free experience for customers. 

Another advantage for merchants is that you don’t have to open up a merchant account or a payment gateway. This means fewer fees and service providers to deal with. 

Rates are generally reasonable and providers do not charge setup or monthly fees. It is easy to use: customers simply enter their credit card information and the payment is then processed. That’s it. 

Do know that, as you search for your simplified processor, you will not have the customer support you’d come to expect in other services. Luckily, the platforms are generally easy to use. If you were to run into a snag, there is more of a “self-service” feature that is provided via e-mail and informational articles. No customer call centers are provided. 

Do Your Homework

With an abundance of choices of processing your payments, take the time necessary to weigh all your options, based on what is most critical for you and your business. This will ensure the best solution possible. 

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.