The Best Online Resources for the Success of Your eCommerce Business
January 9, 2023 | High Risk Merchant Account | Dustin
When you’re setting up a new business (or revising and updating your already existing one), it’s helpful to know the latest technologies and services available to you and your eCommerce business. Online retail sales and services are a necessity in this day in age even to those businesses who have a brick and mortar. If you don’t have an online presence and the ability to also provide your products and services to your customers via the world wide web, you’re missing out on a huge slice of the revenue pie.
More People than Ever are Using Credit Cards
By 2025, the millennial generation (those born between 1981 and 2005) will make up over 75% of the workforce. Why does this matter? Well, they’re currently earning more money, which means that they’re spending more as well. How millennials invest their money and the ways they pay for products and services are hugely important.
It’s vital for the longevity of your business that companies like yours have the ability to process the kinds of payments that millennials prefer to utilize, which is typically not writing checks or carrying around large sums of cash, for the most part, the preferred payment method is by credit card. Eighty percent of millennials have a minimum of one credit card, and 27 percent of millennials have said that more than half of the disposable income is spent using a charge card. That is a great deal of credit card processing, as well as many missed sales and chances for your business to capitalize if you do not accept credit cards as a form of processing payments.
Everyone likes to have choices. Your business accepting credit cards provides customers with the ability to choose the way they want to pay. Being given the option to pick their method of processing their payment can boost customer loyalty. In this way you have not only given your customer the ability to choose, you have given them an easier way to pay – an option that is secure and cost-effective for them. All these factors conjure up brand loyalty.
A customer who can not pay with their preferred way of payment, whether that be by debit or credit card, Visa or American Express, a customer is more likely to stop buying with you if they don’t have the freedom to choose their preferred payment method – especially if your competitors are making it that much easier for them to shop elsewhere.
Credit card payment processing is a crucial part of succeeding in 2018 (and in the years moving forward) for any business, and the rise of the millennial generation has a heavy hand in that. Because millennials like to use credit cards to pay, particularly when they have cards that give them cash back, this propels the growth of credit cards payments and online shopping. The ease of online shopping has prompted many individuals to get at least a minimum of one credit card – which just having it ensures that they use it often.
If your business is considered high risk, your options for credit card processing become more limited and you’ll need to apply for a high risk merchant account. Applying is relatively easy to do, once you narrow down a reliable and knowledgeable payment processing company – that said, you can get started with a quick and free quote with PayKings by clicking here.
In this highly digital, online for everything, technologically advanced world we live in, it’s mind-boggling that there are still some companies that do not accept credit cards as a method of payment. Why is this? How are these businesses successful? The biggest complaint is the fees that merchants have to pay for credit card processing and many of them don’t want to cover those costs.
When it comes to payment processing, a new wave of technology is taking over the traditional ways of invoicing clients and waiting for your check. Is it because the online options are faster? More convenient? Whatever the reason, merchants nowadays are shifting gears and moving forward into the digital world of online payment processing, also known as e-Commerce.
With highly reputable, experienced, and skilled merchant processors who are active in the B2B segment, companies like PayKings, who are properly set up to streamline the ways you accept payments into an easy to add Level 2 and Level 3 data system. Saving in big ways on fees acquired from Visa and Mastercard is not only possible with this technology but can be accomplished with very little effort from the merchant.
eCommerce Business Platform:
Magento, an Adobe company, boosts your online sales while maximizing gross margins, all while facilitating businesses to sell more at a lower TCO than merchants on competitive commerce platforms.
Proven to be the most popular eCommerce business platform in the world, grosses over $155 billion in merchandise volume transacted on the platform annually. And this company doesn’t just turn out a one-size-fits-all template, they give you the flexibility to customize and extend your platform to create unique and differentiated branded experiences.
What’s more is that Magento give their customers more than 150,000 innovators at their disposal, which is essentially an entire ecosystem of developers working hard to keep you and your business ahead of the game and your competition. The do this by being the world’s largest and most versatile Marketplace that offers an array of customized and tested extensions.
If you’re eCommerce website is on Magento’s platform, the best option for your cloud service is with the Chicago based company, JetRails. At the end of the day, ensuring customer success is the core of their business, and it’s what they do best, with a philosophy that is simple: no matter what time of the day or night you need them, you will be directly connected to a JetRails team member within 10 seconds.
The JetRails formula for customer success is that they function as your in-house operations group from the main headquarters in Chicago, Illinois. They have a dedicated team devoted to your infrastructure and will interface directly with your developers and project managers.
Working with JetRails is like annually reinvesting millions of dollars in infrastructure operations, hardware, and facilities. And you can rest assure that their primary focus is on the speed, security, uptime, and stability of your website.
Be prepared and well equipped with all the latest options available to you for the most streamlined set up and long-term success of your eCommerce business.
January 9, 2023 | High Risk Merchant Account | Dustin