How New Merchants Can Accept Credit and Debit Cards

As more and more transactions move online, you might be wondering what the most popular payment type is for consumers today? What all should your business know to ensure it makes the most of new trends and satisfies customer wishes?

The majority of payments for online retailers today come from debit and credit cards. Hands down, these options still provide the best combination of speed, convenience and safety for both retailers and customers. If merchants want to capture a significant amount of market share and achieve long-term success, offering these as options is a must.

However, for new merchants, payment acceptance and processing can be overwhelming. Especially for new ecommerce shop owners, they may have experience and confidence in their products, but be shaky when it comes to credit card processors, payment gateways and other key considerations.

It’s true. There are many different options available for ecommerce retailers. Finding the best fit boils down to several different factors: business type, industry, personal preference and other individual characteristics of the business itself.

If this sounds like the situation you find yourself in, the breakdown of the following terms will help you get started:

Merchant account 

A merchant account is a type of bank account brick-and-mortar and ecommerce businesses use to accept credit and debit card payments from customers. Traditionally, these accounts were secured through a bank in-person. Today, there are many alternative providers that can quickly set up an account for you that is tailored to meet your business type and industry.

Payment gateway

A payment gateway allows an ecommerce shop to pair up with a merchant account and successfully complete each transaction. Essentially, a gateway facilitates the purchase. Keep in mind going this route means your payment gateway will involve a fee.

All-in-one solution 

There are many providers today like Pinwheel Pay that work as a full service provider for merchants. This allows businesses to easily combine a merchant account and payment gateway into a single platform, along with many other features that make for seamless customer experience.

How to Choose a Merchant Account

The best merchant account and payment gateway for your business will be the one that offers the highest level of customer service to new merchants. They should provide leading technology, round-the-clock support, fraud protection and multiple payment gateway options. The most reputable and experienced will also make the setup process painless. With a few simple clicks, merchants can integrate with their online shops and other popular ecommerce platforms.

It’s also important to note that the all-in-one solutions is the preferred choice of online shoppers as well. As you do your research and decide which option is right for you, consider both the advantages and drawbacks. Then choose the option that makes the most sense for your business short- and long-term.

Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.