Online business payment solutions can make or break your business. The right payment solution can help you gain more customers, cut costs, and simplify the accounting processes. Online businesses must process credit card transactions and offer multiple payment options to their customers to stay competitive. These businesses are unique because all of their transactions are online, so it is important to consider security and other features when selecting a payment processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.....
Here’s what you’ll want to consider before committing to an online payment solution.
1) Pricing Structure
When selecting an online business payment solution, you want to consider pricing. Make sure you understand the rates and fees that the processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... charges — besides the bank and cardholder fees. Remember that payment processors often advertise low rates but don’t advertise higher fees that may reduce your profitability.
Read the fine print before you commit so that you won’t be surprised by hidden charges. The fees often include set-up fees, cancellation fees, interchangeThe exchange of debit and credit transaction data between merchant banks and cardholder banks based on an agreement (governed by BASE II [VISA] or INET [MasterCard]) between the participants. The fees charged by the Issuer to the Acquirer. fees, and assessment fees.
2) Processing Features
When selecting an online business payment solution, it is important to find out what benefits the processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... provides. The key features to look for in online payment solutions include electronic invoicing, secure mobile processing, the ability to switch from other gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor. providers, and recurring billing. There may also be additional benefits from the payment processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... that you may be unaware of including fraud protection, concierge accounting services, and PCI compliance.
Electronic Invoicing
An electronic invoicing system generates invoices with detailed information, automatically converting those files into PDFs and send as an email attachment to customers. A simple link in the email enables customers to pay their open invoices, stored in a payment gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor. and easily retrieved.
Electronic invoices do not require merchants to store sensitive payment data. Merchants can therefore avoid most of the rigorous PCI compliance rules. They also streamline the billing process and reduce the time spent managing paperwork. Electronic invoices allow for full or partial payments and support multiple currencies. This encourages faster payments and allows you to maintain more complete accounting records.
Secure Processing
Mobile and online merchants need to process transactions securely to maintain the trust of their customers. National Merchants Association has developed a payment application for Android and Apple devices that will process credit cards securely anywhere in the world allowing for encrypted keyed and swiped transactions to be completed without innocent.
Recurring Billing
Repeat business is the lifeblood of a small business. The customer already trusts you and has enjoyed your product in the past. Offering subscription services and encouraging repeat purchases is an excellent move for most online businesses. When selecting an online business payment solution, look for one that enables recurring billing. This will allow you to charge customers via multiple payment methods at regular intervals, supporting your subscription-based services.
National Merchants Association allows for two recurring billing types — a subscription-based model where the merchantA business that accepts credit cards for goods or services. establishes a billing cycle each month and a plan-based model with established pre-defined billing plans that link the customer to the specific plan.
3) Payment and Accounting Flexibility
Customers often want to use different methods to pay online, including bank transfers, debit cards, and credit cards. Offering multiple methods of payment will ensure that you don’t lose customers because of a payment preference. When selecting an online business payment solution, make sure that they allow you to accept multiple payment methods.
Batch ProcessingA type of data processing where related transactions are transmitted as a group for processing.
When selecting an online business payment solution, batch processingA type of data processing where related transactions are transmitted as a group for processing. is another thing to look for, especially if you store orders in spreadsheet formats such as Excel. It is a way to process large volumes of transactions efficiently while giving the merchants the flexibility to create a custom format that works best for their business.
NMA offers batch processing with high-performance multi-threaded processing. It quickly processes large and small batchA collection of credit card transactions saved for submitting at one time, usually each day. Merchants who do not have real-time verification systems must submit their transactions manually through a POS terminal. Batch fees are charged to encourage a merchant to submit his or her transactions at one time, rather than throughout the day.... files containing hundreds to thousands of transactions.
4) Data Security and Fraud Prevention
Credit card fraud has led to billions in losses for companies. According to Julie Conroy, research director for Aite Group, it’s estimated that by the end of 2020, the U.S. incurred about $11 billion of losses due to credit card fraud. As online fraud becomes more prevalent, Credit card fraud has led to billions in losses for companies. According to Julie Conroy, research director for Aite Group, it’s estimated that by the end of 2020, the U.S. incurred about $11 billion of losses due to credit card fraud. As online fraud becomes more prevalent, merchants and service providers must maintain the highest security standards and it is increasingly important to use those security solutions to protect customer data at all costs.
Secure Sockets Layer (SSLSecure Socket Layer. A method of encryptions to secure information traveling over the Internet. SSL is now the predominant security protocol for online transactions. Messages between the merchant’s server and the consumer’s browser are automatically encrypted (scrambled) when sent and then decrypted (unscrambled) when received....) Connection
The online payment solution should have a Customer Vault that allows merchants to transfer their payment through a Secure Sockets Layer (SSLSecure Socket Layer. A method of encryptions to secure information traveling over the Internet. SSL is now the predominant security protocol for online transactions. Messages between the merchant’s server and the consumer’s browser are automatically encrypted (scrambled) when sent and then decrypted (unscrambled) when received....) connection for storage through a payment security specialist. Merchants can then start transactions remotely without having to access cardholder information directly. This is all done without storing the customer data on their local database or payment application.
Fraud Prevention
Fraud is rampant in online business and partnering with a payment solution that alerts you to that activity can be very helpful. Many offer fraud protection services that configure extensive filters to detect and alert you to fraud. They offer easy transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... reviews to block suspicious activity and zero in on malicious users.
National Merchants Association offers software that analyzes transactions before and after processing. It can decline transactions before and after authorizationThe request to charge a cardholder for goods or services. Authorization must be settled in order to post the authorization to the cardholder’s account. If not processed within a certain time frame authorizations will be cancelled. The time period is usually from 3-7 days..... It also enables the user to select the limit amount charged within a single transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... over a day, month, or week.
5) Integration and Functionality
Payment solutions that integrate with your accounting tools and mobile applications are easier to access and more convenient to use. That’s because the information doesn’t have to be transferred from one program to another. Make sure that your payment solution provides you with the integration that will support your business.
Quickbooks Integration
Most businesses use the popular Quickbooks accounting software. It is one of the most comprehensive accounting software available, so when selecting a payment processing solution, it is ideal to choose one that will integrate with Quickbooks.
National Merchants Association provides your business with direct credit card processing with seamless Quickbooks integration. You can check credit card transactions inside Quickbooks Pro, Quickbooks Premier, and Quickbooks Enterprise Solutions, then apply the payments to invoices.
Advanced TransactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... Routing Interface
Merchants must specify the type of transactions they are processing when applying for a merchantA business that accepts credit cards for goods or services. account. When you want to process other types of transactions, you must apply for additional accounts. They force merchants with multiple accounts to maintain multiple gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor. accounts.
National Merchants developed the Advanced Transaction Routing Interface to allow merchants with multiple MerchantA business that accepts credit cards for goods or services. IDs to process their transactions through one gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor. account. It automatically routes the transactions to the appropriate processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... based on the criteria configured in the gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor., saving time and money.
Mobile API
Customers are accessing stores through their phones more and more. In 2020, 92.3 million U.S. consumers used mobile payments at least once. Offering the ability to make purchases through mobile devices is essential to business. An online payment solution should have an API to enable mobile payment processing.
6) PCI Compliance
The Payment Card Industry Data Security Standard (PCI DSS)A set of twelve high level requirements and more than 230 sub-requirements that detail the way in which each objective should be met. This is the guide to avoid security breaches and cardholder compromise. protects customer’s information by ensuring that all companies that process payment information maintain a secure environment. Ensuring that your business is meeting the PCI standards is a time-consuming task. Selecting an online business payment solution that meets compliance requirements can save you a lot of time.
National Merchants Association offers CertifyPCI to ensure that merchants quickly obtain compliance with a turn-key solution, including receiving a validation certification.
Online Business Payment Solution That Understands Your Business
NMA is an expert in the online business and offers solutions for many e-commerce businesses like yours. Every one of our team members is highly experienced in their area and can assess the needs of your business. We offer you the best online business payment solution to meet your needs.
If you’re looking for a better payment processing solution for your online business, we can help save you money and get your funds moving faster than other processors. Your money will be in the bank before you know it! Contact NMA today to learn more about our expert solutions.