Canada’s well on its way to a cashless society, and if your business doesn’t have an online payment processing solution, you’re missing out on huge potential for growth. While it took a while for e-commerce to take off in a substantial way in Canada, Forrester Research Inc. predicts based off of current trends that online retail is predicted to reach a whopping $39 billion by 2019!
But if you’ve done without an online payment processing solution up to this point, it’s easier said than done to choose the best one for your business. For one, you must vet the many merchant services providers on the market to find the right one to partner with. And let’s not forget the overwhelming prospect of surveying all the available e-commerce solutions to find the right one for your business’ unique needs.
Whether you’re a high-risk merchant, a high-volume merchant, or simply a merchant that’s long overdue for a cashless option, we have you covered. Here are the three things merchants should look for in an online payment processing solution.
1. Security
The right merchant services providers will offer you an online payment processing solution that takes the security of your business and its customers’ transactions into account. Hackers and fraudsters are always a risk in online transactions, with over $8 million lost in 2016 because of identity theft. Which is why you need a merchant services provider that can assist you in the secure set up of your e-commerce site.
The most secure transactions via a business website have payment gateways that operate on an encrypted browser. You’ll know if your e-commerce site is using a properly encrypted payment gate if the URL for the transaction page shows a lock image and begins with “HTTPS.” This icon and URL acronym signal that your site is secured with a Secures Socket Layer, a.k.a. SSL certificate.
2. Responsive Customer Support and Service
Especially considering that your merchant services provider is introducing you to e-commerce, you’ll need an ongoing troubleshooting function for your solution. There are a lot of ins and outs to becoming knowledgeable about e-commerce, and you’ll feel more than a bit unmoored at the start. You need expert help to guide you through both the setup process and integrating your solution seamlessly into your daily operations.
Ensure that your merchant services provider is willing to offer responsive support to help you implement your e-commerce solution. What’s the point in having such a solution after all, if you don’t know enough about how it works to optimize your business?
3. Customized Packages
The best e-commerce solutions are the ones that account for your business’ unique situation. Are you a high-risk car dealership that needs an e-commerce solution that focuses on partial credit card payments? Are you a retailer that wants to broaden their scope and deal with an international customer base? Even if you’re just looking to increase the safety and security of your transactions while increasing your revenue through an online site— in addition to having card present terminals in your store, you need a custom solution.
One-size-fits-all packages don’t take care of your business’ individual wants and needs. Not to mention they sometimes include services that are extraneous to your daily operations. Some merchant service providers are focused on their profit only, wanting to rope you into a contract that has you paying expensive monthly charges that include extra fees for services your business will never need.
Make sure that your merchant services provider is dedicated to finding an e-commerce solution that’s flexible, secure, and includes functions for troubleshooting any learning curves. Online payments are meant to simplify the transaction process for everyone involved.
