Maybe you’re a brick and mortar store looking to expand your customer base to people who can’t reach your physical location, or maybe you’re a unique small business that only sells products online. Whatever your situation, having an online business presence is just good sense. Still, whether you’re just getting up and running as a business or are trying to expand your brick-and-mortar sales by offering products online, there are a lot of things to keep track of. There are strategic and operational things to consider when you’re launching a new ecommerce business, and one of the most important considerations is your payments operation.
Consumers can now purchase almost anything as part of a subscription: software, digital marketing tools, streaming content, beauty products, alcohol, and clothing. The sky’s the limit for subscription merchants. Many startups have opted to go the subscription route, aiming for the elusive and much-desired recurring revenue that comes from subscription purchases. Some sources claim that the demand for subscription boxes alone (think Stitch Fix or Trunk Club), has grown by 3,000 percent.
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.
Finding the perfect payment processor shouldn’t be the most challenging part of starting a business. For those in the health supplement industry, however, it can often be an obstacle that they aren’t prepared for. In fact, when it comes to choosing the right nutraceutical merchant account, the expert advice available is limited – or even conflicting.