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Taking credit cards online

Taking credit cards online

24 January 2020

Accepting credit cards online or offline is a critical part of your business.

All-in-One Solutions - operates like an online credit card machine which allows your customers to submit their credit card details on the Internet so you can accept credit card payments.

Set up is easy and just involves providing your business information, identification and linking it to your bank account. To accept payments, you can:

  • create "buy now" buttons
  • create shopping cart buttons
  • create accept payment plans (eg. 3 easy payments of $295)
  • send invoices or requests for payment
  • set up recurring payments

Merchant fees are applicable. Most don’t charge monthly or setup fees for basic accounts, although you do have to pay a monthly fee for certain added features.

Payment Gateways:

Merchant Account + Payment Gateway - an actual bank account which allows you to accept credit and debit cards. A combination of a merchant account and a payment gateway. Users submit their credit card number, expiry date and CCV, and the money is debited from their credit card.

Merchant fees are applicable, but less than what a payment gateway charges.

You are supplied with a credit card machine that also accepts EFTPOS.

Due to the risk of credit card fraud a merchant account can be difficult to get.

Mobile Credit-Card-Reader - turns your mobile phone into a credit card machine by using a device that plugs into your mobile phone. A contactless chip reader is also available to accept tap and go payments like PayPass.

Current popular readers:

Simplified Payment Processors - integrates seamlessly with your store’s checkout and the shopper never leaves your site. The customer’s credit card is entered, and the payment processed.

Doesn’t require a merchant service account or payment gateway, which translates to fewer fees. Most don’t charge setup or monthly fees.

Because of their ease-of-use, you don’t quite get the same level of support as you do other gateways.

Important questions to ask payment processing providers before you decide to use their services:

  • What are your monthly fees?
  • Is there a limit on how much can be processed?
  • Are there different rates or fees associated with different types of cards?
  • Do you charge different rates or fees to swipe credit cards, enter them manually or accept them online?
  • Does your gateway charge any additional fees?
  • When I refund a transaction, do I get back any of the initial fees?
  • What are the contract terms?
  • Are there early termination fees?
  • Is there a monthly minimum processing requirement?
  • Are they PCI compliant and what the owners responsibility is for the compliance?

PCI Compliance

The Payment Card Industry Security Standards Council (PCI SSC) is a forum of global brands including Visa, MasterCard and American Express. PCI SSC has developed a set of best practices to safeguard consumer data and to ensure that online sellers have the systems and processes in place to prevent a data breach.

All businesses that transact via credit card must abide by PCI standards. Being PCI compliant is not an option for online retailers, it is strictly enforced.

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