4 Ways An E-commerce Merchant Account Provider Can Help You Grow Your Business
November 20, 2019
More businesses than ever before will need an e-commerce merchant account as U.S. consumers continue to spend more online for desired products and services. Consumers’ online purchases will total a record $587 billion this year, which is about 10% of total retail spending, according to eMarketer.
A profitable online business requires secure, top-notch and easy-to-use e-commerce technology. That means partnering with the right e-commerce merchant services company. Your ideal processing partner should do more than provide the payment platform though. You want someone who has the industry expertise to work with you and support your brand-building efforts.
Successful e-commerce businesses create positive customer shopping experiences and seamless payment transactions. Here’s how you do it:
1. BUILD A GREAT, TRUSTED BRAND
Every world-class brand offers a unique selling proposition (USP) that resonates with customers. It’s what defines your brand in the eyes (and minds) of consumers, and it sets you apart from the competition. Successful e-commerce businesses have a clear understanding of the following:
- Who is your target market?
- What problem are you solving for customers?
- Which benefits are you providing customers that your competition is not?
- How will you fend off competitors?
When you solve a customer’s pain point, you build trust. That can then lead to pricing power. A 2018 Reader’s Digest Most Trusted Brands Study found that 71% of consumers said they are willing to pay more for products/services from brands they trust. That’s why your merchant services’ webpage must not only be secure, but also have the same graphic look and feel as the rest of your website. Even if the payment page has a different URL, it should reflect your brand and be a seamless transition for your customers. That will maintain their trust.
2. EXCEL AT CUSTOMER SERVICE
The best e-commerce merchants make sure customers have a great buying experience – and that includes the time spent in the online checkout area. The best online sellers have a friendly, understandable platform that offers a variety of payment options to make it easy for customers to pay.
A 2017 American Express Customer Service Barometer study found that 50% of consumers in the U.S. halted a purchase due to a poor customer service experience – and that includes the time spent making an online payment. Conversely, the survey also showed that 70% of consumers would spend more money with a business that provides great customer service. Make sure to partner with an e-commerce merchant account provider that delivers 24/7 customer support. They can help you sort out any transaction hiccups – and keep your customers happy.
3. MAKE E-COMMERCE MERCHANT ACCOUNT SECURITY A PRIORITY
Security breaches continue to make headlines. Not surprisingly, consumers are concerned about the safety of their credit card information. In its Global Identity and Fraud Report, 74% of consumers told Experian that security is the most crucial element of their online experience.
E-commerce businesses need to make sure their websites and payment gateways are safe. It’s an absolute must to partner with a credit card processor that provides bleeding-edge resources and superior security protocols. That way you know you – and your customers – are protected against breaches and data theft. Plus, your partner will help you alleviate regulatory and compliance burdens.
4. MINIMIZE CHARGEBACKS AND FRAUD
Most e-commerce companies are owned and operated by small business owners, many of whom are concerned about the financial impact of fraud on their profits. The WePay SMB & Money Survey highlighted that payment fraud and chargebacks are particularly painful for small business owners. The survey found that 25% of small businesses had chargebacks in the past year, and 16% experienced payment fraud.
Work with an e-commerce merchant account provider with gateway technology that authenticates payment data according to industry standards and card scheme payment protocols. They can help lower the financial impact of fraud and chargebacks.
E-commerce giants like Amazon, eBay and Shopify aren’t the only companies succeeding in the online world. Possibilities abound for all e-commerce companies if they super-serve their customers and deliver a positive shopping (and payment) environment. When you follow these steps you’ll find more customers ringing your online register.
Looking for lower merchant services fees? With our low-price guarantee, we’ll pay you $500 if we cannot meet or beat your current credit card processing rate. Click the graphic below to find out more.