How to accept credit card payments online in 2022 – What are your best options?

Online Credit Card Processing

The eCommerce sector is booming nowadays. With entrepreneurs planning to shift their brick-and-mortar stores online, it is crucial to have a payment processor to accept credit card payments online, as it is the lifeblood of your eCommerce operations.

While choosing the right payment processor, in the beginning, can be overwhelming for many people, the option you choose can severely impact your business and reputation. You can’t afford to establish your business if you can’t provide your customers with a secure platform to process their payments. 

Although online shopping may be more convenient, many people hesitate to shop online due to security concerns. Do you know that 77% of consumers in the US said that they are wary about having their credit card information hacked? In addition, your brand’s ability to expand overseas can be squandered by your credit card processing choice. 

Choosing a credit card processor can hinder your ability to expand your business, especially if your customers don’t trust your online credit card processing choice. So, it is vital to choose your credit card processor carefully.

Beyond transaction fees, you have a myriad of factors to consider when it comes to choosing a credit card processor solution. Since it is a matter of your business, you need to find a payment processor that can help you grow your business and match the unique needs of your business. 

So, to help you find the best solution to accept debit and credit card payments, we have tailored this guide. This guide comprises all the information you need to make an informed decision.

Types of payment processors

Merchant Account + Payment Gateway

It is a traditional method of accepting online payments. In this method, the merchant has a special kind of business bank account that enables you to accept online credit card payments. An online payment gateway connects your eCommerce store to your merchant account to process the transactions between your bank and the card issuer’s bank. Service providers like SecureNet, Authorize.Net, and eWay fall into this category.

Whenever a transaction occurs, you have to pay a certain amount to process the payment. However, when you opt for a merchant account + payment gateway, you have to apply for both and provide some crucial information. The biggest disadvantage of this method is that processing your application can take a few days. So, you can’t start accepting payment immediately.

Once you get the approval from your bank and payment gateway, you need to connect your account to the payment gateway option and then your gateway to your store. And for this, you will have to configure your store with API keys, shared secrets, and tokens.

Payment gateways securely process your transactions and offer you complete control over security rules and customization. This method is ideal for large businesses that require a more customized solution.

All-in-one solution

As the name suggests, in this method, your merchant account and payment gateway are combined in one solution, making the setup process easier and faster. You can accept all types of credit and debit card payments with ease. Moreover, you need not pay any monthly or set up fee for basic accounts. However, if you want some additional functionality other than basic, you may have to pay a monthly fee. Service providers like PayPal fall into this category. They allow you to accept credit and debit card payments. However, the drawback of this method was that it didn’t offer a seamless checkout experience. 

Credit Card Payment Processing, Simplified

In this method, you need not set up a merchant service account or payment gateway. The biggest advantage of Simplified credit card processing is that it is relatively affordable and easy to set up. However, you don’t get the same level of technical support as you get in all-in-one solutions. So, if you face any issue with your credit card processing company, you have to solve the issue on your own via reading articles or emails.

Hire an online credit card payment processing company – Lower Card Rates 

At Lower Card Rates, we help businesses manage their payment processing program. We offer payment processing services and help you authorize credit and debit card transactions and ensure that your funds are successfully transferred to your bank account. You need not worry about applying for a payment gateway or setting up a merchant account. Your payment can be transferred to your existing account. So, if you don’t want to take the hassle of managing your payment processings, Lower Card Rates can help you.

Now that you know what the options are for accepting credit card payments, what are you waiting for? Set up your eCommerce business, choose your online credit card payment processing option, and start accepting online payments.

All the Best!