Merchant account providers allow businesses to accept payment via debit or credit cards. With so many decisions to make starting a new business, you may be tempted to choose the first merchant account provider you see. Don’t! All merchant account providers are not created equal, and secure payment processing is crucial.
1. Ecommerce is the future.
There’s no denying that technology has changed the way we shop. Nearly three quarters of Internet users in the US made at least one purchase online in 2013.
Even traditional retail outlets are affected by technology. According to a survey by the Intelligence Group, 72% of Millennials research their options online before heading to the store. Digital interactions influence thirty-six cents of every dollar spent in the retail store. That’s about $1.1 trillion! And all of those purchases were made using credit or debit cards.
2. Identity theft is more common than you may think.
Unfortunately, the ecommerce boom has its downsides. Six out of ten consumers say they worry about credit and debit card fraud when purchasing things online. That’s a valid concern. Credit card fraud losses incurred by card issuers, merchants, and acquirers reached $16.31 billion last year, outpacing growth in total card volume.
Credit card fraud is a very real danger. A reliable payment gateway service is your best defense against it.
3. Customers expect the best.
One survey found that over half of Millennials expect a consistent experience from brands whether they interact online, in store, or via phone. Your business can’t meet that expectation if your merchant account provider is inconsistent.
With so much at stake, it’s crucial for businesses and consumers to find secure payment solutions.