To successfully embody fintech’s growth as an organization, the rebrand includes a new look, logo, and website across all platforms.
If you’re interested in expanding your brick-and-mortar business online, or you want to open an ecommerce shop, you’ll need to figure out how to accept payments online. It can seem overwhelming at first if you haven’t done a lot of research: you need a secure solution that minimizes fraud, provides a secure experience for customers, and has the flexibility to grow with your business. There are plenty of nitty-gritty details that can make the process seem hopelessly confusing — but it’s not as complex as you might fear!
Ecommerce has opened up a whole new market sector in a relatively short amount of time. In 2017, the US ecommerce market grew by 16 percent, reaching $453 billion. Merchants who are getting in on this rapid growth are seeing big benefits, but successfully running an online business requires some smart decision making about basic business practices.
Ecommerce has grown precipitously over the last couple of years, with entrepreneurs establishing different business models targeting varying markets. Regardless of your industry or business type and the corresponding business model, you will need a domestic merchant account to accept payment card payments online.
For those who are looking to integrate payment solutions into their e-commerce/online business, some of the jargon used in the payment processing industry can be somewhat confusing. The most common of these terminologies is the payment gateway and virtual terminal and individuals often find it difficult to differentiate between them. Nonetheless, you must understand the similarities and differences between the two, what they do, and how they interact before making a decision on which to use.
In the era of omni channel commerce, merchants need to streamline payments capabilities across every touchpoint: from brick-and-mortar to the web to apps and mobile pay. Today’s customer will not tolerate delays, and in a competitive marketplace, there are 100 retailers ready and waiting to scoop them up.
There are numerous steps to take when launching an online business. You’ll likely acquire inventory, plan your marketing strategy and choose from several ecommerce platforms and payment solutions. There are an estimated 2-3 million ecommerce businesses in the world, with over 500,000 companies on Shopify alone. With so much competition, you’ll need every advantage. Cash flow will keep your business afloat during slow periods while smart investments help you grow. Want to know which funding option to choose? Keep reading.
If you’re an online business, having a good merchant account is vital. This kind of bank account allows you to accept credit cards for payment, so it’s one of the first things you’ll want to get up and running when you’re launching your ecommerce business. Every day that you don’t have a fast and functional merchant account is a day with lost profits, so it’s important to select one that will let you hit the ground running.