Making Credit Card Payments in the eCommerce Environment


eCommerceMaking Credit Card Payments in the eCommerce Environment

You may feel insecure and unsure of paying for goods that you purchase with your credit card. This is understandable in the sense that you might be thinking that your identity and banking information will not be safe and will be available for abuse in fraudulent dealings on the part of the retailer. Retailers, on the other hand, feel insecure in the sense that they would need to use credit card payment devices in the store and on the Internet, depending on whether they are a brick-and-mortar operation or not. Surveys have shown that the banking institutions and the eCommerce development experts have these concerns covered, and safety is practically insured. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage, according to Wikipedia. These electronic commerce transactions take place between businesses and between businesses and customers.

Retail Businesses and eCommerce

To accept credit cards as a form of payment, as a vendor you need to research and list the systems that are available in the market right now. You are certainly placed in a disadvantaged position if you don’t accept credit cards as a form of receiving payment. Through the years of development of credit card payments, it has been proven to be a secure method of receiving and making payment. Can you imagine how much you would lose in sales if you didn’t accept credit card payments? It would mean losing more than 50 percent of what your total sales could be.

Credit cards have been widely used by consumers and accepted by merchants as payments throughout the world. It is by far the most popular method of payment, especially in the retail marketplace. Some of the most important advantages to business and customers are privacy, integrity, transaction efficiency, convenience, mobility, and low financial risk. Anonymity is another important factor.

Online Trading and eCommerce Transactions

Since such a large portion of the population is using mobile devices and networks these days, it is no wonder that eCommerce needed to institute a means of payment for those who do Internet marketing and shopping online. Many, if not most, mobile devices are used for online shopping, and the only means of making and receiving online payment is by way of Internet banking, EFTs, and credit cards. Even debit card payments are possible via eCommerce these days. Processing credit card payments also introduces an inherent interactivity between the business, its customers, and the banks.

It is clear that those businesses that accept credit cards as a form of payment are flourishing, especially the Internet and mobile merchants, who previously had no way to accept payment except by way of cash or bank deposit.

Security Systems in Place

If you are concerned regarding the security of making or accepting eCommerce credit card payments, there’s something worth noting. The PCI DSS Standard was established by the Payment Card Industry Security Standards Council to increase security of customer data and to reduce, and to prevent fraud. As a business owner, you would need to set up a merchant account at your bank in order to receive credit card payments. This allows you to receive payment from a customer by way of credit or debit cards. To cap it, for security purposes, merchant providers are required to obey regulations established by card associations and bankers, enforceable by law.

It appears that this previously feared means of payment has become very popular, almost in the forefront of eCommerce, and you are almost ensured of integrity and safety of your personal details. Proceed with business as usual with the surety that eCommerce is not out to get you, whether you are a business owners or a customer.

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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How To Make The Most Of Your Credit Cards

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