How to Choose the Best eCommerce Merchant Accounts?

Only a few decades ago, the internet allowed you to sell and buy online. The eCommerce industry has grown dramatically over the past few decades, disrupting traditional retail businesses and creating new opportunities for consumers and merchants. The options available to consumers are not limited to what is readily available in their own locality. Merchant Account for eCommerce can, however, expand their customer base beyond the local area to include the whole globe.

Whether you are looking to start an eCommerce-only company Add an online presence to existing retail operations Before you can make your first sale, there are a few things you will need. The most important thing You’ll need is a way for customers to pay you for your products right away. Unlike retail merchants, Who can accept cash and paper checks? You will likely need to be able to accept credit and debit cards, or failing that, ACH payments. These types of payments were traditionally accepted only through merchant accounts. This account is used to process the payments of your customers and transfer the funds to you, as the merchant.

This article will briefly discuss the services that you need to start an eCommerce business. These include online shopping carts and payment gateways as well as shipping services (for sellers selling physical goods). Next, we will discuss merchant accounts in detail, including what features you should look for and how much to expect to pay. A few of our top-rated providers will be recommended to you that are perfect for your web-based business.

What is an eCommerce-merchant account?

An eCommerce merchant account refers to a merchant account that is specifically designed for online sellers. eCommerce merchant services providers should provide tools and integrations that make online transactions simple and secure for customers and merchants. This includes security measures, payment gateways, and web dashboards.

But what is an eCommerce merchant to begin with?

It is a common term to describe any business that sells goods and services online. It could include any one of the following:

• Online retailers that focus on traditional retailers (clothing, shoes, accessories, etc. )
• Artists, artisans, or crafters who make limited-run, handmade goods
• Businesses that subscribe to subscription boxes
• Digital creators (musicians and actors, as well as other content creators)
• Software-as-a-Services (SaaS) providers

These businesses sell most, if not exclusively via the internet. As such, they have more specific requirements for payment processing.

In general, “eCommerce merchant services” refers to any payment processor that allows online payments.

Most eCommerce merchants will benefit from services that provide more toolsets and services optimized for online sales. “Merchandise services” can be defined as a broad term that includes payment processing, reporting, software for businesses, and sometimes merchant cash advances. Not all payment processors or merchant services providers offer true merchant accounts Some fall instead under the ” payment services provider” category (PSP), or ” third-party payment processor.” This article will discuss both traditional merchant accounts as well as third-party processors that support eCommerce.

Why is an eCommerce-merchant account important?

Given that merchant accounts (or aggregated Merchant Accounts) accept eCommerce transactions, there is nothing to be proud of, why would you need eCommerce merchant services instead?

First, you don’t necessarily need the infrastructure and POS hardware and infrastructure offered by traditional merchant services. On the other hand, you will need the specialized tools and features that eCommerce merchant services offer online sellers. Most merchant services offer both, as having an online presence has become a requirement for most businesses. Each provider will focus on one or the other.

Usually, if an eCommerce merchant service provider offers services for in-person credit card processing, these are very limited. You’ll also have the basics to sell online or in person if you choose a general merchant account. However, you will likely lose out on advanced technical features that give you greater control and power over your eCommerce shop.

4 Best eCommerce merchant services for online brands

Online businesses need the best eCommerce merchant account services. These services include excellent shopping cart tools, payment gateways, and security features to make online transactions simple and easy. These are the top four eCommerce merchant account providers, including Square, Stripe, Payment Cloud, and Payment Depot.

1. Square

Square is a leading third-party processor in the industry. It started as a POS system for brick-and-mortar businesses. Square’s strengths are still there: small businesses will find Square has quality hardware and extensive support software. Square has developed a reputation for providing quality eCommerce support, including a free online shop and support for shopping carts. Square is a great option if your sales consist of both online and offline transactions.

Square employs a flat-rate pricing structure for all transactions. Square charges 2.9% + $0.30 for eCommerce transactions and invoices. This is the industry standard flat-rate fee to pay online payments. Square offers a lot of services for free, including a classic magstripe card reader, a payment gateway, and a virtual terminal. However, some software requires monthly fees.

Originally published on The Tech Trend