Electronic Payment Services for your Online Business

Electronic payment services are a necessary part of any online business. Having a way to authorize the different forms of electronic payments and process each payment is how you complete a sale and, ultimately, get paid. Find out what payment services you’ll need for your online business, whether you own an internet-only business or use the internet as a part of your business.

The Internet-Only Business
Payment processing services for an internet-only business are fairly straight forward. Your customers use your business to both shop for your products and to purchase those products. When a customer is ready to buy, an internet business will usually only take an electronic payment in the form of a credit card number. To accept credit card information, the business needs to have a secure payment gateway, which is simply a means for the customer to enter their credit card information online. Once that electronic payment is made, computer software that functions as a virtual terminal transmits the credit card number to a merchant account provider for approval and processing.  In a nutshell, the three services an internet business needs to process electronic payments are: a merchant account provider, a payment gateway, and a virtual terminal. Last but not least, any business taking payments over the internet needs to have the proper security measures in place to prevent fraud and theft.

More than Just the Internet
Electronic payment services are for more than just e-commerce businesses. Many traditional stores now have websites as well to take advantage of the growing internet marketplace. These stores can use the same services for electronic payments as the internet-only businesses. However, some stores may have customers that are used to a variety of payment options, whether it be by credit card, check, or even gift cards. For stores that want to extend those options to their website, there are additional electronic payment processing options. Checks and gift cards can be accepted electronically with the appropriate virtual terminal software and the customer’s checking account number and bank routing number. To add these services for your store, make sure you confirm with your merchant account provider that it can process these types of payments.

Almost every business today needs electronic payment solutions to sell products and services online. Choose the services you need based on the type of payments you want to accept.