Ecommerce
What is ecommerce?
Ecommerce refers to the buying and selling of goods or services online. This can utilize a variety of transaction types, such as online shopping, electronic payments, online auctions and more.
Ecommerce Payment Methods
Credit/Debit Cards
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Digital Wallets
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Buy Now, Pay Later
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Ecommerce Terms
The key components of ecommerce payment processing include:
Payment Gateway
A software application that connects an online store's website to the payment processor system.
Payment Processor
A third-party service provider that aids the authorization, processing, and settlement of online payments. This works with the customer's bank or credit card issuer to verify and authorize payments and then settles the payment with the merchant bank account.
Merchant Account
This type of bank account permits businesses to accept credit and debit card payments. This is required for businesses to process online payments.
Security and Fraud Prevention
All ecommerce payment processing involves sensitive payment data that requires protection from unauthorized access and fraud. As a result, payment processors have implemented security measures, including encryption and tokenization.
Compliance
Ecommerce payment processing has specific regulatory requirements, like Payment Card Industry Data Security Standard (PCI DSS).
How To Choose An Ecommerce Payments Provider
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Payment Needs
What payment methods do you currently and/or want to offer?
Geography
What markets do you currently operate in and where do you want to grow?
Security & Compliance
Are you PCI compliant?
Evaluate Integration
How easy will it be to integrate new solutions?
Customer Support
Does the provider have responsive customer support?