There are many ingredients that go into the success of an online retail business, but among the most important is a good online payment processing system. There are several elements to keep in mind when determining the selection of such a system. The following are three of them.
You need to have an SSL certificate
One of the biggest reasons for a customer abandoning their shopping cart is that your payment processing in not deemed secure. Therefore, you need to have an SSL certificate. Also called a digital certificate, this is a small file that certifies that your site is secure for payment transactions. When a customer is ready to pay for the items in their shopping cart, their browser will display a locked icon. In addition, the website in the URL box will change from http to https. The letter s stands for secure. Without a digital certificate, most browsers will alert the user that the site is not secure, and there is a good chance that you will lose the sale.
Multiple methods of payment
A good payment processing system also means offering a range of payment methods. Customers get into the habit of using a certain way to pay, and if this method is not offered, they may abandon their shopping cart, so you lose a sale. You should be offering the widest possible methods of payment for your products. This includes both payment aggregators and taking credit cards with a merchant account. Many businesses start selling in the auction format and get used to using a payment aggregator, but it is important to get a merchant account and set up a payment system, so you can process credit cards directly without using a third-party. Of course, once you do this, you should not drop using payment aggregators because many people are fond of paying this way. The more payment methods a customer has to choose from, the greater your sales will be.
Integration with shipping methods and tax
A customer should know exactly how much the total will be before they click on their payment method of choice. Obviously, the total of all items should be displayed, but any applicable sales tax for the state they reside in should be calculated for them, so they can see at a glance how much this adds to the total. In addition, the shipping cost should be included as well. If you are offering more than one type of shipping, you should allow them to see the amount before they decide to add a particular shipping method. A customer needs to be able to make changes to a shipping method if they want to as well.
The best way to accomplish everything listed above and more is to use good online shopping cart software. This type of program will allow you to integrate a wide range of payment-processing elements into your website. It will also allow you to set up a gateway to your merchant account, so you can accept all of the most popular credit cards as well as all debit cards. The entire checkout process is smooth and hassle free with a good shopping cart program.