Do you really understand payment processing?
BY: Colette Marshall President, WorldwideBrands.com
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)
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.
Innovative Merchant Solutions, an Intuit company & Worldwide Brands present:
Free QuickBooks Offer Chris Malta and Robin Cowie of Worldwide Brands have spent
years researching better and better ways to provide merchant accounts to online
retailers just like you who want to make money selling online. Innovative
Merchant Solutions, an Intuit Company, and Worldwide Brands have teamed up to
bring you one of the best and most cost effective payment services available.
Watch the Video to learn more about How to Get a Free Copy of QuickBooks with a
Merchant Account setup.
Sign Up For Worldwide Brands Now!
Understanding Merchant Accounts (For Beginners) Colette Marshall and Paul Levine
discuss the basics of processing payments online and answer key questions asked
by webinar attendees. The session covers:
Understanding the payment process
Questions to ask when talking with a potential Merchant Account providers
Understanding of the application process when seeking a Merchant Account
Avoiding Merchant Account mistakes
Avoiding Charge Backs
As a Worldwide Brands Member, you have access to one of the best and most cost
effective payment services available.
Sign Up For Worldwide Brands Now!
Payment Processing (For Experienced Sellers & Wholesalers Suppliers) Tisha
Rogers and Paul Levine discuss how online retailers and wholesale suppliers with
existing Merchant Accounts can reduce their costs of processing. The session
covers:
Fair prices to pay for processing
Negotiating better rates
How to explore and examine your options
Going through a Gateway or going direct
Differences between payment processers?
Avoiding charge backs As a Worldwide Brands Member, you have access to one of
the best and most cost effective payment services available.
Sign Up For Worldwide Brands Now!
NOTE:
For all the Month of April eBusiness Workshops being held at Worldwide Brands
by Chris Malta.
You can still attend, Just Register at the link below:
eBiz Workshops
Worldwide Brands Wholesale Product Sourcing
Private eBusiness Forum Surviving Ecommerce
Providing The Tools You Need to Help People Succeed,
and improve there lives. while along the way
Earning Income for your Business & yourself,
there is no better way to make a living.
Innovative Merchant Solutions, an Intuit company & Worldwide Brands
present: Free QuickBooks Offer Chris Malta and Robin Cowie of
Worldwide Brands have spent years researching better and better ways
to provide merchant accounts to online retailers just like you who
want to make money selling online. Innovative Merchant Solutions, an
Intuit Company, and Worldwide Brands have teamed up to bring you one
of the best and most cost effective payment services available.
Here’s a great video that helps explain the necessity of having a
merchant or Wholesaler account.
Watch the Video to learn more about How to Get a Free Copy of
QuickBooks with a Merchant Account setup.
Sign Up For Worldwide Brands Now!
Worldwide Brands, Inc.
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