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Tips on Choosing an Online Credit Card Processing System Today, majority of small businesses depend on credit card transactions like never before. As more people opt to use reloadable prepaid cards and sign up for digital wallets, there is expected to be an increase in credit card payments in the years to come. This means that small businesses that are not accepting credit card payments are at a significant disadvantage. Most small businesses accept credit card payments on their websites. If you would also like to accept online credit card payments, you first need to find the right payment gateway. There are a number of ways in which credit card payment gateways are different from their traditional competitors. Both of the gateways allow you to access your merchant account online as well as transaction history. However, the major differences between the two gateways is that online payment processors allow you to sell both at your website and physical store while the traditional gateways only allow you to accept payments at the physical store. When looking for a credit card processing company, there are a number of things you should keep in mind, including: Fees Charged One of the things you should consider is how much you will end up paying for the transactions processed through the payment gateway. There are a number of fees you should know about before signing up with a payment processor. One of the costs you should find out is that of setting up a merchant account. There may also be some fees you will have to pay to set up the processing engine.
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The amount of fees you will pay will depend with the payment gateway you choose. For example, you may be charged a fixed monthly recurring fee, a variable rate depending on the number of transactions processed or a flat rate for any number of transactions. You may also pay different transaction processing fees depending with the payment processors you go with. Therefore, make sure you consider all the charges you will have to pay before signing up with a company.
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Security of the Gateways Look for a payment processor that has a number of security features that will ensure the safety of your customers’ credit card data. You may have to pay huge fines if you customers’ credit card data is hacked from your website when they are buying your goods or services.To keep your customers’ data safe, make sure your website has the necessary security features. This includes have secure socket layer (SSL) certificates. Choose a payment processing company that has various security protocols and features that will ensure your customers’ data does not fall into the wrong hands. The company should also be insured and have the necessary security certifications.