| Product
Sourcing News |
 |
Do you really understand payment processing?
BY: Colette Marshall
President, WorldwideBrands.com
|
Email the Author
Biography
|
|
Processing credit card payments online can seem like a daunting task. But really it’s very simple! Yet, it is still a top question for online retailers. Worldwide Brands recently hosted two webinars in which we explored a variety of questions about merchant accounts and payment processing with Paul Levine, President of Superior Bankcard Service, an Intuit Company. Clearly people want to know what’s the minimum they need to get started. Then they want to know how to negotiate the best deal. There are also many questions about how to get the merchant account set up.
Here are 3 of the common questions out of the webinar to help you understand payment processing:
(Click here to watch the free webinars)
Question 1: What does a Merchant Provider do?
A merchant provider facilitates a transaction between a cardholder (aka customer) and a merchant. A secure facility is needed that allows funds to transfer from the cardholder to the merchant and all the people in-between need to be paid from the fee the Merchant pays.
Let’s look at a typical internet transaction. The customer shops on a site and makes a purchase decision. When they select “Checkout” a secure page is displayed called a “Shopping Cart” where the customer can enter their payment information. After entering their information and hitting “submit” the shopping cart interfaces with a Payment Gateway which in turn interfaces with a credit card processor. The credit card processor has links to all the banks, determines which bank the card belongs to and sends the request to the bank and the subsequent Approval or Decline is routed back through the system. The Merchant Provider is the one that handles this “payment process”. The process takes seconds and happens in the background. Setting up a merchant processing account is easy to do.
(There are more tips about this in the webinar. Watch it for free here)
Question 2: What are the important attributes for evaluating a merchant account?
Here are a few tips on what to look for when you’re evaluating a merchant account:- No Termination Fees
- No Start Up Fees
- Month-to-month contract only [The Processor has to earn your business through quality service to keep you.]
- Competitive ‘per transaction’ rates
(There are more tips about this in the webinar. Watch it for free here)
Question 3: How to avoid chargebacks?
A chargeback is essentially when a cardholder disputes a transaction on their credit card statement. Some common reasons for chargebacks are “not as described” or “shipped too slow”. To avoid this:- Make sure to set the expectations with your customers very clearly (Describe the product with lots of detail and explain the shipping process in detail.) TIP: Purchase a sample of the product that you are selling and create your own descriptions in combination with your suppliers descriptions to set that expectation for your customer.
- Have a good return policy on your website that is easy to find.
- Deliver the goods with a signed courier so that you have delivery confirmation that you can provider TIP: Talk with your supplier to know exactly what their shipping policies are so that you don’t overstate the delivery time to your customer.
(There are more tips about this in the webinar. Watch it for free here) |
|
 |
Product Source of the Week
This Wholesale Supplier has been thoroughly verified
by
Worldwide Brands, and is ready and eager to do business with your Home
Based EBiz today! |
|
Certifed grower of Bonsai Trees! We also offer accessories! |
|
Company:
|
Bonsai Boy of New York
555 North Country Road
St. James,New York 11780
USA
|
|
Site:
|
www.bonsaiboy.com
|
|
Contact:
|
Gene Neiro
|
|
Email:
|
tree@bonsaiboy.com
|
|
Phone:
|
(800) 790-2763
|
|
Fax:
|
(631) 584-5185 |
|
Ship Methods:
|
UPS, FedEx |
|
Shipping:
|
USA
|
|
Dropship Fee:
|
None
|
|
Terms:
|
Visa, MasterCard, AmEx, Discover, PayPal
|
|
Ordering:
|
Fax, Phone, Online
|
|
Click here for THOUSANDS of fully verified wholesale suppliers that
you can work with right now!
Bobble Heads
Charm Watches
Wii Games
Irish Books
Tracking Devices
Tactical Lights
Embroidered Tea Towels
Workout Pants
Motivational Products
Handmade Cards |
 |
Tassels
Jar Candles
Original Artwork
Tire Valve Caps
Stemware
Dog Breed Shirts
Personalized Picture Books
College Engraved License Plates
Religious T-Shirts
PVC film |
view
more products
|
|
|
|
As writers and hosts of
Product Sourcing Radio and our many alliances in
the eCommerce industry we always run into very interesting eBiz Solutions.
Here is our latest recommendation that can help you grow your eBiz!
Is Your Website Safe?
During our Payment Processing Webinars last week many people expressed interest in learning how to make sure that their website is secure.
McAfee, a leading website-security solutions provider has teamed up with Worldwidebrands.com to provide education on this very subject.
If you have a website with a shopping cart, and accept payments by credit card, you certainly need to know about PCI Compliance, The McAfee SECURE™ service is a vulnerability scanning solution that will test your website for known security flaws that could allow hackers to compromise your website.
Also, did you know that just by displaying the The McAfee SECURE trustmark this has been shown to increase website sales conversion an average of 11%?
Stay tuned... this will be available within the next week or so.
Product Launch Formula is back
I'm sure that many of you have heard of Jeff Walker and his Product Launch formula, and if you haven't you're missing out. Last year when we launched our new product, 'The Whole $ale' we used Jeff's techniques for the ENTIRE launch. Every step was his advice. Last year he had a good product, now he has updated it and it's a great product. Today is the first day his cart has been opened since his launch last year. He's only got 500 copies of Product Launch Formula 2.2, so be sure to
check it out soon.ATTN: Merchant Processing Webinars are posted!:
Understanding Merchant Accounts (For Beginners)
Worldwidebrands.com’s President, Colette Marshall and Paul Levine, President of Superior Bankcard Service, an Intuit Company, discussed the basics of processing payments online and answered key questions asked by webinar attendees. The session covers: - Understanding the payment process
- Questions to ask when talking with a potential Merchant Account provider
- Understanding of the application process when seeking a Merchant Account
- Avoiding Merchant Account mistakes
- Avoiding Charge Backs
Watch the free webinar recording here
Payment Processing (For Experienced Sellers & Wholesale Suppliers)
Worldwidebrands.com’s Director of Operations, Tisha Rogers and Paul Levine, President of Superior Bankcard Service, an Intuit Company, discussed what online retailers and wholesale suppliers, with existing Merchant Accounts, can do to reduce their current costs of processing. The session covered:- What is a fair price to pay for processing?
- How to negotiate a better deal with your current provider
- How to explore and examine your options
- Going through a Gateway or going direct
- What are the main differences between payment processers?
- Understanding and avoiding charge backs
Watch the free webinar recording here
|
