Many entrepreneurs have found success in starting an ecommerce business. It not only provides a source of income and fulfills a personal desire, but also offers customers with a solution to a need or a want. But this success doesn’t happen by accident or a matter of luck. It requires careful consideration and planning. Below is a list of recommendations to help ensure your ecommerce store is successful.
1. Choose a secure platform
To protect your business and sensitive customer data, you should find a secure ecommerce platform. While you may want to build a site from the ground up, using an existing platform to base your website is less risky, faster, and easier.
2. Take the time to design your website
Don’t rush to launch your website. You want to ensure that every part of your website is complete and you won’t have to spend time redoing something. Your website should be user-friendly and easy to navigate. Include eye-catching pictures of your products with copy that sells. Make sure pages load quickly and all buttons work. Choose a shopping cart provider to integrate your backend server and payment gateway. Optimize your website so that online searchers can find you. Test your website multiple times before launching.
3. Find accounting software to manage your business’s income
Accounting software today can do much more than just balance your books. It can send invoices, track products once they’re sold, and sync with your shopping cart and online payment solutions provider. Calculations are done automatically and the process goes much faster. Accounting software is also cost-effective and easy to use.
4. Drive buyers to your website
One your website is up and operating, how will you get traffic to your website? One way is through search engine optimization, as mentioned in the second tip, so that when online users search for a product, your page ranks high in the search engine. However, pay-per-click advertising (PPC) is highly recommended. PPC allows your ads to appear on the search pages immediately and you can test different keywords.
Online Payment Solutions
Tuesday, April 18, 2017
Tuesday, November 15, 2016
Three Tips for Applying for an Online Merchant Account
In order to run an ecommerce business, you'll need an online merchant account to accept payments over the internet. To increase your chances of getting approved, consider these tips before you apply.
Get your credit in order
Just like when you apply for a loan, good credit matters when applying for an online merchant account. Before you apply, request copies of your credit report from all major reporting agencies, including Equifax, Experian and Trans Union, and banish late payments and liens from your report. Make on-time payments to increase your score and show that you are financially responsible.
Be honest
Never lie on your online merchant account application. Be honest about any prior financial challenges, including bankruptcies, liens and judgments, as well as any previous merchant accounts you may have had. Being open and transparent about your past will make you appear more credible; not to mention, this information is on public record.
Demonstrate good processing history
When applying for an online merchant account, you'll need to provide your current processing statements from at least three months prior. If you have a long history of positive processing, then provide more records to really show the merchant account provider that you will be a reliable customer.
Wednesday, October 19, 2016
Online Fraud Soars As We Move to EMV Technology
This October
marks the first anniversary of the official adoption of EMV chip-enabled credit
and debit cards. The move away from traditional magnetic swipe cards is
intended to minimize fraudulent transactions. Now 88% of MasterCard U.S. consumer
credit cards have
chips, a 105% increase since the October 1, 2015 adoption deadline. However,
only about one-third of retailers have chip-active terminals. After the
deadline had passed, liability for fraudulent credit card transactions has
shifted from credit card companies to merchants.
While not
many merchants have adopted EMV technology, the chip cards are already helping
cut down fraudulent in-store purchases where the technology is present.
MasterCard reported a 54% decrease in counterfeit fraud costs at U.S. retailers
that have adopted the technology, or are close to completing the implementation.
This decline in fraudulent activity represents why merchants should make the
switch to EMV. For U.S. merchants that haven't implemented the technology,
counterfeit fraud costs increased by 77% year-over-year.
Although the
adoption of EMV technology is keeping fraudulent activity down in stores with
chip-enabled payment terminals, it's leading to a soar in online fraud. According
to a report from Forter, online fraud attacks rose 137%
between the second quarter of 2015 and the first quarter of 2016. Criminals are
going digital to cash in on counterfeit swipe cards before they're obsolete.
Even then, chip cards only really boost security in-stores, where the card has
to be present.
To mitigate
the risk of online fraud during the move to EVM, these tips for e-tailers will help them defend their business
and customers against fraudsters.
Maintain PCI Compliance
To ensure
the security of customer data, all merchants are required to comply with the
Payment Card Industry Data Security Standard (PCI DSS). But, once you achieve
compliance, you have to work to maintain it. The PCI DSS standard continually
evolves to react to new threats, and your business must adapt with it. Stay
updated on the latest requirements to ensure you are employing the best fraud
prevention strategies and policies to safeguard your business.
Match the IP Address
and Credit Card Address
If your company operates globally, look out for international
IP addresses that don't match the address associated with the credit card being
used. Addresses that don't match up are a red flag. If the person is the real
owner of the card, then they will contact their credit card company to let them
know that are traveling or moving abroad. Prevent fraudulent transactions by
restricting purchases from IP addresses where you don't offer shipping.
Always Require a
Security Code
The security code is the number printed on the back of the
credit or debit card. Requiring your customers to submit the security code
ensures they have the card in their physical possession. In most cases,
fraudsters do not have the card in hand. Since the magnetic strip does not
store the security code, criminals do not have this number.
Monitor Card Entry
Attempts
It's not uncommon for customers to mess up their credit card
information one or two times when entering it on your site. But, when it
happens more than a few times, it's a red flag. Many fraudsters will enter
multiple credit card numbers in a row until they get a hit. Restrict the number
of times a customer can enter their credit card number incorrectly and prohibit
them from the site once they've reached that number. Your online credit card
processing service may automatically restrict the number of incorrect entries.
Use Credit Card Verification and Address Verification Services
These services may be included with your online credit card
processing service and also come as independent solutions. A Credit Card Verification system uses
reported trade line activity to confirm that the credit card number matches the
consumer's identity. The Address Verification Service (AVS) matches the numeric
address and zip code entered by the customer as the billing address with the
information on file at the bank.
By being proactive about cybersecurity, online retailers can
minimize the risk of fraud and keep their customer's information safe and
secure.
Tuesday, September 20, 2016
Choosing an Offshore Merchant Account Provider
The rapid expansion of the internet and mobile devices has helped fuel the
growth of global ecommerce. Global ecommerce
sales are expected to rise to over $3.578
trillion by 2019. By taking your online store global, you can expand your reach
and increase sales to ultimately grow your business. In order to sell products
internationally, you'll need an international merchant account. Here's what to
look for in an offshore
merchant account provider:
Multi-Currency
Processing
In order to expand into new markets, you need to be able to
accept the local currency. There are 180 currencies recognized as legal tender
by the United Nations. Even if you're just expanding your product offerings to
a few additional countries or territories, you should choose an offshore
merchant account that's capable of accepting most of these currencies. As your
business continues to grow, this will enable you to sell your products in emerging
markets.
Competitive Pricing
Are the merchant account provider's fees fair and
reasonable? Make sure you understand the provider's rate structure prior to
picking a service. While some online merchant account providers require a flat
monthly rate, others base their fees on volumes and transaction values. The latter
can be more beneficial, as the amount you pay will directly relate to revenue
and how much you sell. Therefore, you won't be losing money in slower months.
Customer Service
In case you have questions or experience issues with your
account, you need an international merchant account provider that offers reliable
24-hour support.
Friday, June 17, 2016
3 Online Payment Solutions That Make Your Business (and Your Customers) More Secure
These days there are lots of easy solutions for taking online payments.
But what if you want to ensure the highest level of security possible—both for
you, and for your customers? Here are three of the most impressively
security-focused online payment solutions we’ve seen.
1. To
Prevent Fraudulent Transactions
Any merchant knows that fraudulent transactions are a headache. In fact,
they’re more than that—they may be the single biggest downside of the otherwise
bullish world of online commerce. When a thief or scammer uses a card number to
make a fraudulent purchase from your company, it will result in a
chargeback/refund, the loss of shipping/fulfillment expenses, and potentially
the loss of the merchandise itself. In other words, the thieves who steal from
your customers are stealing from you too. Let’s look at how you can stop them.
One online payment
solution we really like is payer authentication using the “3-D Secure”
authentication process. This is a simple add-on service that can be used on its
own or as part of an online payment processing platform. The system “speaks” to
secure data verification protocols from the Card Association, Visa and
MasterCard, using additional data about the card account to verify that it is
the authorized payer before the
transaction is made. This means you can simply decline fraudulent
transactions—instantly and automatically—without losing a penny.
2. To
Securely Take Phone, Mail, Email and Fax Orders
There are lots of ways to potentially process credit card orders that
come in through mail, fax or over the phone. But most of them involve adding
extra software to your computer, and many of them have security holes. Not
anymore. One of our favorite payment solutions is to use a “virtual terminal.”
Instead of clunky software, your terminal is a simple, secure web page where
you process credit card orders. You can enter the card number as easily as if
you’re making a Paypal payment. Best of all, each of your staff members gets
their own secure login and password and all transactions/sales are logged for
you to see.
3. To Keep
Credit Card Information Secure Online
What if you want to save your customers’ credit card information for
them, but don’t want the risk of holding that data? That’s where a solution
called “tokenization” comes in. With tokenization, you never touch your
customers’ sensitive data. Instead, you’re given an encrypted “token” that
allows you to complete transactions for them, without carrying a database full
of credit card numbers. The token cannot be cracked mathematically and is
stored with your payment processor, not with you.
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