You’re Losing Money If You’re Not Using Online Payment Processing Services

Written by Channel 8 Cleveland on June 18th, 2013. Posted in Credit card merchant account, Merchant processing, Payment processing services

Merchant accounts

Everyday, more and more people are using their phones, tablets, laptops, and other internet enabled devices to make their purchases. This sort of activity is no longer the sole domain of the connected youth, with nearly half of the people making purchases on their mobile devices being between the ages of 25 and 44. The more this trend grows, the more important online credit card processing and online payment systems in general become. Payment processing services help to facilitate this process for businesses.

Payment processing companies work with businesses to help with processing credit cards. Payment processing companies offer different payment processing services to a wide variety of businesses. They assist business to business (b2b) transactions by processing b2b payments. And since the b2b financial supply chain is involved with ERP vendors, commercial banks, billing and collections solution providers and business process outsourcing firms, it is important to have payment processing services that can reduce costs by making use of things like level 3 processing. Payment processing companies also provide services for internet and eCommerce businesses.

Companies offering payment processing services have followed suit with the rest of the internet and made their services cloud enabled. Cloud based payment processing is advantageous, because it allows for the flexibility of a business’s transactions to occur through the payment processor’s integrated receivables management platform regardless of from where they originate. This has several advantages, including cost reductions, accelerated time to market, and improved transaction processing quality.

The advantages provided by this cloud based offering have become even more pertinent given the immense number of people who shop online. While the number of online shoppers in the U.S. was 137 million in 2010, by 2016 it is expected to grow to 175 million. Additionally, the Cyber Monday sales in November have spurred online shoppers to spend nearly $1.25 billion in just one day. That accounts for nearly 12 percent of all online sales in November! With the average consumer spending this much money online, having a payment processing company that offers top notch payment processing services is vital.