How Might Online Credit Card Merchant Services Evolve?

Online credit card merchant services has already evolved and come a long way. Today an online retailer can take orders from their website without the need for merchant credit card machines. The consumer simply enters their payment information and the payments are taken in the virtual world, eliminating the need for costly equipment. So what can we expect for ecommerce merchant services in the future? Let's take a look at some of the advancements that are already popping up.

Auction Payments

One of the easiest ecommerce businesses to start is an auction seller. Whether you have extra items around the house you want to get rid of, or want to get in to the world of drop shipping, you will need a way to accept payments. Websites like PayPal offer instant credit card processing for anyone, and is accepted at most auction sites. But you can take this a step farther by integrating a separate payment gateway just for auctions. Companies like Authorize.net credit card processing already offer this integration. Your credit card processing remains the same as it would for all your online payment captures, but your integration allows you to easily accept payments from any payment source directly from your auction page. This integration can also send out invoices automatically one an item is won.

Alternative Payment Methods

In the not that distant past an online retailer could only accept the credit card payments that their merchant account allowed them to. Today however, many credit card processing companies will now integrate alternative payment methods in to the payment gateway. Customers who want to pay with a PayPal or Money Revolution account can now do so with many credit card processing companies. Many internet based payment gateways will also allow you to integrate options like check processing and layaway programs directly in your customers online shopping experience.

Subscription Services

With more and more services becoming available online, the ability to set up recurring payments with your credit card processing is important. Whether you offer a gift club service that automatically sends out products each month, or offer an online service that requires a subscription, having the ability to charge your customers at a specified time each month can be important. Having this set up in your payment options at checkout will save you time and money. You no longer have to rely on the customers to make a new payment each month. Many ecommerce retailers rely on this option, and the virtual credit card processors are seeing this and more of them are offering recurring payment solutions.

As the ecommerce worlds grows and expands, the virtual credit card processors have to grow as well. There will be many innovations in the way an internet retailer handles payments, so keep your eyes open for the innovations that can provide your business the ability to expand as well.

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