Did you know that in 2011, 12% of shoppers checked out online retailers using mobile devices, and 7% of them completed a purchase? More people are paying for items and services online than ever before, and this means that companies are processing even more cards than ever before.
It is important that companies be able to deal with payments in a fast and professional manner. Many retailers are realizing now that their old choices for online payment systems are out of date. If you are looking for payment processing services, then here are three things you should keep in mind.
1. Differentiating Processing Levels
Did you know that there are multiple levels to card processing? Each level refers to information provided to the credit company about the sale. This can include information about purchase order numbers, where it will ship from, et cetera. Level 2 and Level 3 processing is usually for government agencies and businesses, since cards made for these groups often come with higher associated costs unless more data is given to the credit companies. If you plan on dealing with B2B transactions or government agencies, then make sure you are equipped to handle multiple processing levels.
2. Regulation and Security Compliance
The Payment Card Industry Data Security Standards, or PCI DSS, ensure that card processing solutions are secure and safe for the consumers who use it as a service. It applies to all merchants and organizations regardless of size. Failure to follow security rules can net businesses fines from the card companies who process their sales, and can also open them up to the risk of data breaches. An easy way to ensure PCI compliance is to invest in a company that has in house compliance. This way, nothing will fall through the cracks.
3. Know the Details
Did you know that some online card payment processing companies will only process U.S. cards, or have restrictions on which international cards can be used? The cards and information your payment company accepts can make a huge difference in the sales you see, depending on what markets you are involved with.
Do you have any tips for businesses looking for online card payment processing options? Let us know in the comments!