So, you're interested in opening a web based business? I thought it would be beneficial to you to give you a brief lesson that will help you to prepare for the task you're undertaking. Let's begin with some basic terms.
Shopping Cart: This is a form of software used to make a site's product catalog available for online ordering, whereby visitors may select, view, add/delete, and purchase merchandise.
Merchant Agreement: A written agreement between a merchant and a bank containing their respective rights, duties, and warranties with respect
to acceptance of the bankcard and matters related to the bankcard activity.
Merchant Services Provider (MSP): This is a bank or other firm that provides processing for credit card transactions. Most MSP's provide merchant
accounts.
Running an online store is not as difficult as you may think it is, but it is very important to make sure you're doing it safely as a customer's credit card information could become easily available to hackers if not properly protected.
When you build your web store, consider functionality first. One of the first things you should ensure that you have, whether its going to be a custom
built store or a store built through an e-commerce builder, is a shopping cart. The shopping cart is the heart of your site's online buying experience. There are numerous shopping cart software suites available either for free or at a cost. For those of you who may not be as web language savvy, consider pre-made store interfaces or our quick cart store development application. This is a cost efficient alternative for those who are not ready for a fully customized and maintained web store.
Once your shopping cart is in place, be sure to consider your web store's security. It is important that your site has an SSL (Secure Socket Layer) certificate. This is what encrypts the credit card data that your customer inputs at the time of purchase as it travels through the internet to the banks. Not having an SSL certificate or other form of adequate security makes your customers vulnerable to hackers and identity thieves. This puts you and your business at a huge risk. Save yourself the hassle and problems, ask us about about our SSL certificates.
The final important piece in selling items online is the merchant services provider, or MSP. This is the company that transacts the business between
your company and the customer. There are 101 merchant service providers out there, but make sure you research them carefully. MSPs charge you depending upon the amount of money you transact each month. Charges range from 0-$100 for setup, 0-$35 per month just to have the service, then anywhere from 1.5%-3.5% of the amount for "qualified" Visa and Mastercard transactions. When you have a "non-qualified" transaction, it can range anywhere from a 0-1.5% surcharge to the qualified charges. Use a company that will benefit you and the business that you are trying to conduct. Inquire about our merchant services to see if we work for you.
No matter what e-commerce solution you choose for your business, keep these fundamentals in the forefront of your mind. The security of your customers
should be the most important issue of all. With the proper due diligence, you can ensure that your business is properly equipped to accept payment while still ensuring the security of your customer's information. Compare multiple companies and see just which one serves your needs the best. If you have any other questions or concerns related to e-commerce, please contact one of our designers at 1-888-NEOTERIC or 1-888-636-8374.
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