eCommerce

eCommerce has exploded in recent years. It includes not just massive, multinational giants like Amazon and Walmart.com, but also platforms like eBay and Etsy, as well as a thriving international community of smaller and specialty digital stores selling everything from natural hair care products to gardening supplies.

What do all those stores have in common, from titans of the industry to fledgling mom-and-pop digital storefronts? The need to process customer payments. That means working with an eCommerce payment processor.

In need of an eCommerce merchant account? Get in touch with National Processing today to learn more about our eCommerce payments platform and how we can help you grow.

The World of eCommerce Payments Today

Buying online has never been more popular. And make no mistake, eCommerce is only becoming more and more entrenched as time goes on. What was once a novelty back in the Dot Com days has today become not just normal, but expected. More and more consumers expect many of the companies they do business with to have some sort of eCommerce presence.

To put things in perspective, consider the fact that global eCommerce sales totaled $3.354 trillion in 2019, $4.280 trillion in 2020, $4.891 trillion in 2021, and are expected to reach $6.38 trillion by 2024.

A few other statistics from Shopify shed yet more light on this situation:

  • In 2021, 19.5% of all sales are made online, a jump of almost 46% over two years prior.
  • By 2024, 21.5% of all sales will be made online.
  • Mobile shopping is the fastest-growing eCommerce segment, with an expected $3.56 billion in sales for 2021.

Every single one of those transactions requires an eCommerce merchant account and a relationship with an eCommerce payment processor. Why is there so much complexity in this industry? It’s a very different world from physical retail, restaurants, or even mail/phone order businesses. Learn more about how National Processing supports our eCommerce clients and accelerates their growth.

How eCommerce Payments Differ

eCommerce operations face many unique challenges due to the very nature of the businesses. For a significant percentage of companies, the website is their only storefront – there is no brick-and-mortar counterpart. They operate online only. That ushers in several complications, such as:

  • It is impossible to accept cash payments
  • Accepting checks is challenging at best
  • Fraud and identity theft crimes are easier to commit
  • Bots, hackers, and malware can compromise customer and company financial data

Of course, eCommerce also differs in other ways. For instance, because there is no physical location, these companies usually do not require much in the way of payment processing hardware. They may not need a cash register and supporting POS system, multiple credit card terminals, and the like. Payments are accepted online through a web portal instead of being processed through physical hardware.

At National Processing, we work with clients with varying eCommerce needs, ranging from brick-and-mortar stores that want to sell some items online, all the way up to completely digital companies with no physical presence at all.

Our experience allows us to create the right eCommerce payment system for your unique needs, whether you’re augmenting your physical storefront with web sales or creating the next rival to Amazon. Contact us today to learn more about our eCommerce merchant account options.

How Does eCommerce Payment Processing Different?

Websites selling goods and/or services require an eCommerce merchant account, but there are numerous other considerations here. For instance, which your online business might not be able to accept cash payments, you must be able to accept a wide range of other payment methods, including:

  • Credit and debit cards
  • Digital currency, such as Bitcoin
  • Gift cards
  • PayPal, Amazon Pay, Apple Pay, and Google Pay
  • ACH
  • Invoicing
  • Buy-now-pay-later options, such as Klarna and Afterpay

How an eCommerce Merchant Account Works to Process Payments

Processing eCommerce payments requires more than just a website, a product/service, and a customer. Three other elements also play critical roles – a payment gateway, an eCommerce payment processor, and an eCommerce merchant account. Here’s a brief overview of how these three components work during a transaction.

1. The customer provides their credit/debit card information on your website. The payment gateway transports the customer’s information to the payment processor.

2. The eCommerce payment processor verifies that the customer does have the funds for the purchase and then transfers those funds to you.

3. The funds are deposited within your eCommerce merchant account and made available to your business.

The actual operation is more complex than this and requires multiple other steps, but this overview provides a good idea of why each of the three components is necessary.

With the right eCommerce payment processor, you don’t need to worry about that complexity, though. Contact us to learn more about how National Processing handles all the details.

Choosing Your eCommerce Payment Processor

Your eCommerce payment processor will be responsible for handling payments, transferring funds, and more. They also assess fees – interchange fees and other costs – but costs can vary from processor to processor. Finally, the eCommerce payment processor must integrate with your technology – QuickBooks, WooCommerce, Shopify, BigCommerce, etc.

At National Processing, we offer some of the most competitive rates in the industry to help you save money while better serving your customers, and we’re committed to ensuring our technology integrates with the systems you already know and rely on to conduct business.

However, we do more than just process payments – we want to be your partner in growth and success! At National Processing, we provide you with the means to manage your eCommerce business’s needs, from integration with your existing technology stack to the robust security you need to provide customers with peace of mind. We help you increase productivity, focus on what you do best, and build a thriving business while we work behind the scenes to empower your growth.

Ready to learn more? Get in touch today – apply today for a free merchant account, or contact us to answer your questions.

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