Eddie Tech Solutions assists companies in integrating credit card processing into their websites. We assist small businesses in locating the most appropriate credit card processing option for their website. We understand how important it is for every small business or e-commerce website to select the correct credit card processing provider. Contact us immediately if you need assistance with adding credit card processing to your business or website!

What is a Credit Card Processing Service?

Credit cards are still the most popular payment method in the United States, despite the rise of other payment methods like Google Wallet and Apple Pay. If you run a business, whether online or in a physical location, you almost certainly accept credit cards. (Who doesn’t these days?) If you accept credit card payments from customers, you must use a credit card processing service to process the payment.

Unfortunately, as the sector has grown, so has the number of unscrupulous tactics, hidden fees, and other restrictions. These heinous tactics frequently target small enterprises, startups, and e-commerce websites.

Eddie Tech Solutions can help you with that. We can assist you in selecting the best credit card processing service for your company so that you can accept payments easily and save money.

Startup Costs, Fees, and Equipment

As your company begins to use a credit card processing service, you’ll need to consider the initial expenses, fees, and equipment that your company will require. Eddie Tech Solutions can assist you in selecting the most appropriate credit card processing provider for your company. A service that is appropriate for a coffee shop that swipes credit cards hundreds of times per day may not be appropriate for a larger-ticket business that only handles a few major transactions per month, such as a car dealership or a piano store.

Equipment

If your company has a physical location, you’ll need point-of-sale terminals, tablet and other mobile credit card readers, and swipe and dip card readers (or a combination of these!) You might also consider a virtual terminal if you run an e-commerce business.

What to Know Before Choosing a Payment Provider: Payment Gateways 101

To make an informed decision when picking a payment provider, you must first learn everything there is to know about payment gateways. When it comes to completing a credit card transaction, there are three parties involved: you (the business owner), your consumer, and the payment gateway, which is the technology that connects the two of you.
 
To take credit card payments, you must work with a merchant bank, which will receive payments on your behalf and deposit them into your merchant account. Your customer will require a credit or debit card from a bank that issues them. Between you and the credit card processing network is the payment gateway, which is the software that connects your store to the network.
 
A payment processor is also required, as it is responsible for all of the heavy work in between: moving the transaction through the processing network, issuing you a billing statement, and coordinating with your bank.

How Payment Transactions are Processed

So, how are payment transactions carried out? You should understand how money goes between your customer and your organization as a business owner. In this section, we’ll answer all of your credit card processing questions.

When a Credit Card Payment Is Processed, What Does It Mean?

Payment processing is divided into two stages: authorization, which involves approving the sale, and settlement, which involves depositing the funds into your account. The following are the steps involved in processing a credit card payment:

  1. Your customer uses their credit or debit card to make a purchase on your website.
  2. A payment gateway receives their credit card details. Before transmitting the data to a payment processor, the gateway encrypts it and keeps it safe.
  3. The payment processor sends a request to the customer’s issuing bank, requesting funds to cover the cost of the goods.
  4. The charge will either be approved or denied by the issuing bank.
  5. If the charge is approved, the payment processor will notify you that the transaction has been approved and instruct your merchant bank to credit your account with the purchase amount.

How Long Do Credit Cards Take to Process?

The length of time it takes for a credit card payment to be processed is dependent on a number of factors, including the bank with which your merchant account is associated. A payment, on the other hand, can take anywhere from 24 hours to three days to process. The above-mentioned processes in credit card processing can be time-consuming!

What is the best way to process a credit card for free?

Perhaps you’re wondering if there’s a method to process credit cards for free, so saving your company money. There are several processing providers that don’t charge any fees. These services, however, are not actually “free.” Instead, you simply pass the fees on to your clients. This indicates that in order to conduct business with you, your consumer will be charged more. Zero-fee processing services are not the solution for your business if you want to keep your clients pleased and loyal.

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How to Prevent Payment Fraud in Your E-Commerce Store

We understand how vital it is for you to secure yourself and your business as a small e-commerce enterprise. Here are a few things you can do to protect yourself and your company from payment fraud.

  • Monitor Transactions Every Day
  • Set Limits
  • Use the Address Verification System
  • Require the Card Verification Value (CVV)

Monitor Transactions Every Day

Make it a practice to review your accounts and transactions on a daily basis. No one knows your industry as well as you do! Keep an eye out for anything that appears to be off or suspicious.

Set Limits

It may be a good idea to set limits for the number of purchases or total amount your business will accept from one account in a single day, depending on what you sell. While this may appear to decrease your earnings, it can also limit the amount of online fraud your company is exposed to.

Use the Address Verification System

To keep yourself safe, you might want to use an address verification method. An address verification system checks the numeric elements of a credit card’s billing address to the credit card company’s address on file.

Require the Card Verification Value (CVV)

The three- or four-digit security code on the backside of a credit card is familiar to everyone. However, you may not be aware that businesses are prohibited from storing CVVs alongside client names and credit card details. This is why these security codes work so well.

Chargebacks: How to Prevent, Dispute, and Reconcile for Online Businesses

Fortunately, most transactions go off without a hitch. But what should you do if you get a chargeback? A chargeback occurs when a customer files a dispute with their credit card provider and requests that the transaction be reversed. Here are some suggestions for preventing and avoiding chargebacks in your online store.

  • Provide Contact Information
  • Be Responsive
  • Suggest Dispute Resolution
  • Clearly State Your Return Policy

Provide Contact Information

Customers are less likely to file a dispute or a chargeback if they can contact you directly about a problem with their purchase. Make sure to include an email address and a phone number that can be reached from multiple locations on your website.

Be Responsive

If you receive a message from a client who is unhappy with their product or service, make sure to answer swiftly, politely, and professionally.

Suggest Dispute Resolution

If a client insists on filing a chargeback with their credit card provider, try to address the issue between the two of you first. Some processors, such as PayPal, include a dispute resolution facility where buyers can file a complaint. This enables you and the customer to collaborate on a solution.

Clearly State Your Return Policy

It’s critical that your return policy is easily accessible and understandable on your website. You don’t want your clients to complain about being unable to locate your policy.

International E-Commerce: 3 Steps to Global Expansion

Are you ready to expand your e-commerce business globally? Every business can take three steps to expand internationally:
  • Find Your Target Market
  • Consider Different International Payment Methods
  • Plan Your Market Entry

Find Your Target Market

The first step in figuring out who your international market clients are, where they reside, what products they like, and how they purchase is to figure out who they are.

Consider Different International Payment Methods

When you decide to expand your company internationally, you’ll need to figure out how you’ll collect payments from international clients. In general, consumers prefer to make purchases in their own currency. Some worldwide payment providers allow you to list the cost of your products in a range of currencies. It’s also crucial to pick a payment processor with a good track record for security.

Plan Your Market Entry

Finally, you must devise a strategy for entering the market. You can either start small on an existing marketplace or establish a local web presence in nations where your target market is located.
 
Eddie Tech Solutions will assist you with all of these processes to help you extend your business into new nations right now!

Which credit card processing option is the most cost-effective for a small business?

Unfortunately, there is no one-size-fits-all solution for determining which credit card processing provider is the most cost-effective for your small business. Stripe, PayPal, Authorize.Net, Flagship Merchant Services, and Intuit Quickbooks are some of the alternatives we recommend to our clients. However, for one firm, the cheapest and greatest service may not be the best for another.

The cost of credit card processing is determined by a number of factors, including:
 
  • The network of cards;
  • The amount of data you process;
  • Your transaction’s worth;
  • What kind of company you run;
  • if the card is swiped or keyed in; and whether the card is swiped or keyed in.
  • Your merchant services provider or credit card processor.
In general, credit card processing costs for swiped cards range from 1.5 percent to 2.9 percent, and 3.5 percent for keyed-in transactions.
 
Contact Eddie Tech Solutions today for assistance in determining which credit card processing solution is best for your company. Our professionals can assist you in determining which option is ideal for you and integrating the payment process into your website as smoothly as possible, as well as assisting you if and when problems arise.
 
For credit card processing, Eddie Tech Solutions is the company to call. We can identify the ideal payment solution for you, whether you have a small company or a global presence. We make certain that your processing platform is simple and safe. Please let us know how we can assist you in putting in place a credit card processing solution that benefits both you and your consumers.

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