Technology has made everyday actions like shopping, supplying and advertising easier than ever before. Getting a shirt you like that isn’t readily available in a nearby store or browsing for products that can bolster your business without leaving the comfort of your home is now a reality for the majority of people across the world — however, with every positive there must be a negative. A common issue facing many online businesses and distributors involve payment processing, with gateway services and high risk merchant accounts becoming absolutely crucial for stores that want to maintain a confident and loyal customer base. When orders can be lost and payments stuck in translation, a high risk merchant account can mediate that damage and ensure your business inspires confidence, not caution.
Credit And Debit Cards Around The World
Although cash and check are still widely in use, credit and debit cards have risen into favor due to their convenience and accessibility across a variety of outlets. Recent surveys have found U.S. consumers alone spending over $4 trillion using credit and debit cards, with an estimated 278 million Visa cards used Stateside and over 500 million used around the world. Global e-commerce sales are generating at least $1.2 million every 30 seconds, while creating over $900,000 through desktop sales and $230,000 from mobile devices. Any business that wants to stay relevant in a crowded market has a significant investment in establishing a high risk merchant account or payment gateway service to better cultivate a strong online presence.
Influence On Modern Purchasing Decisions
The ease and convenience of being able to use a credit or debit card wherever has significantly changed consumer expectations toward their favorite brands. At least 60% of Millennials surveyed expect a consistent and satisfying experience from their ideal brands, be they online or in-person, while nearly half of all Millennials admit to routinely browsing for items they don’t necessarily plan on buying. As of 2014 two-thirds of all Americans over the age of 50 buy from e-retailers and, combined with younger demographics, the market is making a clear shift toward the readily available and diverse. Just like consumers benefit, suppliers and retailers stand to gain much by changing their approach.
Shipping And Distribution
One of the most widely contested issues involving online retailers are shipping and distribution. Although ordering online is incredibly convenient for a wide variety of people from different backgrounds, it also has the added factor of paying for shipping options. A recent survey found half of all consumers admitting they would abandon a purchase decision entirely if the shipping options weren’t fast enough, while over 60% said they wouldn’t buy an item at all if the merchant didn’t offer free shipping. To stay successful your online or physical business needs to accommodate a decision that only gets more and more important to consumers as technology advances and expectations rise.
Installing A Payment Gateway Service
When shipments can get lost in the shuffle and customer’s expectations for security continue to evolve, installing a high risk merchant account should be number one on your list of priorities. It’s been found that at least six out of 10 consumers are worried about credit card fraud, which greatly impacts both their decisions and confidence when browsing. A payment gateway, for example, will offer customers multiple options — they can track their order, maintain receipts in case of a loss and be assured that their information cannot be easily accessed by viruses or malicious intent. Even something as simple as letting a customer confirm their payment independently will give them a sense of power over their purchasing decision. Next time you want to improve the flow of your business, consider installing a high risk merchant account or chargeback protection — your customers and your brand will thank you for it.
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