Among the best tips for processing e-commerce transactions are those that recommend offering secure payment processing, accepting several types of payment, and giving customers the option of paying through a third-party payment processor. Often, good e-commerce payment processing tips also focus on such things as preventing credit card fraud. Additionally, merchants may benefit from tips involving the timing of credit card charges.
One of the best tips for processing e-commerce transactions is to set up a reliable system for credit card security and update it as needed. Potential customers are far more likely to purchase from a merchant if they know their credit card information is secure. As such, providing a high level of security may help a merchant increase profits. Additionally, a merchant can avoid losing money in his business by putting a stop to credit card fraud before it happens.
Another good tip for processing e-commerce transactions is to offer plenty of options. For example, instead of accepting one or two types of credit cards, a business may benefit most by accepting at least a few of the credit cards its customers are most likely to use. Accepting debit cards and checks by phone might boost a merchant's chances of making sales as well. Additionally, a merchant may do well to offer online customers the option of making their payments through a well-known, trusted third-party payment processor. Some customers will feel more comfortable doing business with a new merchant if they only have to reveal their private information to a third-party processor they trust.
Some of the best tips for processing e-commerce transactions are those that involve setting and implementing policies for preventing credit card fraud. For example, a merchant may do well to make sure the billing information provided by the buyer matches the information the cardholder’s bank has on file. He might also require a card verification value (CVV) before processing a credit card. A CVV is a special code that is usually found on the back of a credit card. While obtaining this code is not a foolproof way of preventing credit card fraud, it means the person placing the order is most likely in possession of the card at the time of the sale.
Often, tips for processing e-commerce transactions focus on the timing of credit card charges. In most cases, merchants are advised to wait until they have provided a service or shipped the product before charging accounts. A merchant can still authorize payments in advance, however.
