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How To Select A Credit Card Processor For Your Online Store - An Overview Of Your Options

Published on: December 9 2022 by MyWifeQuitHerJob Ecommerce Channel

When setting up an online store, one of the most important decisions you'll make is choosing a credit card processor. With so many options available, it can be overwhelming to decide which one to go with. In this article, we'll provide an overview of the various credit card processing options available and offer tips on how to select the best one for your business.

Types of Credit Card Processors:

1. Traditional Merchant Account Providers: These providers offer dedicated merchant accounts, which allow businesses to accept credit card payments directly.

2. Payment Gateways: These providers allow businesses to accept payments through their website by integrating with their shopping cart software.

3. Payment Service Providers: These providers offer an all-in-one solution that includes a merchant account, payment gateway, and other features like fraud protection and chargeback management.

4. Mobile Credit Card Processors: These providers offer credit card processing solutions for businesses that need to accept payments on-the-go.

Factors to Consider:

1. Fees: Look for a provider that offers competitive rates and transparent pricing. Be wary of hidden fees or contracts with high cancellation fees.

2. Security: Make sure the provider offers secure payment processing that meets PCI compliance standards.

3. Integration: Ensure the provider integrates with your shopping cart software and any other tools or services you use.

4. Customer Support: Choose a provider that offers reliable customer support, with quick response times and knowledgeable representatives.

Choosing the right credit card processor is critical for the success of your online store. Consider the various options available and evaluate them based on factors like fees, security, integration, and customer support. With careful consideration, you can select a credit card processor that meets the unique needs of your business and helps you grow and thrive.

How To Select A Credit Card Processor For Your Online Store - An Overview Of Your Options

In this tutorial, we will be discussing how to accept credit cards for your online store. It can be confusing to choose a credit card provider, but we will summarize the most popular options for you. The three options we will be discussing are PayPal, Authorize.net, and Stripe.

Flavors of PayPal:

- PayPal Standard: free, but not recommended for online stores as it requires customers to hunt for the credit card link on PayPal's site

- PayPal Advanced: costs $5/month, credit card form is hosted on PayPal's servers, no PCI compliance required, but you have no control over the look and feel of the form

- PayPal Pro: costs $35/month, full control over credit card processing on your site, PCI compliance required, but you can customize the look and feel of the form

Authorize.net:

- Cheapest option to accept credit cards online

- Application process takes 1-3 days, requires quarterly PCI scans of your server

- Recommended provider is MerchantPlus.com, which offers flexible plans that get cheaper as your online store grows

Stripe:

- Easiest to set up, but most expensive in terms of transaction fees

- No hosting or transmitting of credit card numbers, so no PCI compliance required

- Flat 2.9% transaction fee plus 30 cents per transaction

Accepting credit cards is crucial for any online store, but choosing the right provider can be daunting. We hope that this tutorial has helped to narrow down your options and make an educated decision. Remember to prioritize factors such as cost, ease of use, and PCI compliance when choosing a provider.

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