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Reasons to Use a Third Party Payment Processor

Processing credit cards for your merchant account can have a significant
customers' purchases can easily comprise effect on your profit margin. Most
the bulk of your online store's sales merchant accounts require a minimum sales
volume. Without having the means to volume. If that minimum is not met, a
charge credit cards, the majority of your monthly charge may be incurred. If your
customers will simply leave your website. sales volume is low, you may find that
Fortunately, there are several options the merchant account is actually a drain
for processing payments. Business owners on your profits. Using a third party
can choose between using their own credit card processor can be a
merchant account or using a third party less-costly alternative.
payment processor. There are reasons that Less Maintenance
support both cases. In this article, Processing credit cards through a
we'll discuss some of the reasons you may merchant account requires that you use a
want to use a third party to process your payment gateway, a shopping cart and an
credit card transactions. API. While many business owners hire
Not Eligible For A Merchant Account programmers to handle these details,
Even though merchant accounts are easier doing so can become expensive. Small
to secure than they were years ago, many business owners may not have that option.
business owners are still ineligible. If you don't have the budget to hire
There may be a number of reasons why this capable programmers, you may have to do
is the case. For example, the major the job yourself. If your own programming
credit card companies (Visa, Mastercard, skills aren't sufficient, getting started
etc.) only extend merchant accounts to with a merchant account may be difficult.
registered businesses. If your business You can effectively outsource many of the
is not legally registered, you'll find it programming chores by using a third party
difficult to get a merchant account. to process credit card transactions.
Other potential issues include being They'll take care of any coding issues
considered a high credit risk (due to and problems when they occur.
credit history or the type of products Potential Drawbacks
offered) or being blacklisted as a There are, of course, drawbacks to using
"terminated merchant." In each of these a third party payment processor. First,
cases, using a third party payment you'll pay higher transaction fees (often
processor may be necessary. up to 15% of the transaction amount).
Small Number Of Products Second, you'll have to comply with the
If the number of different products that third party's rules (which can often seem
your business sells online is limited, a inflexible). Third, using a merchant
merchant account may be more trouble than account looks more professional than
it's worth. The extra fees for each using a third party payment processor.
transaction along with the myriad of And lastly, you won't be able to build a
other expenses attached to a merchant credit history while using a third party.
account might make using a third party In the end, there isn't a clear cut
payment processor appealing. Plus, the solution for every business.
effort of finding a payment gateway, Circumstances will dictate which solution
setting up a shopping cart and resolving is most appropriate. When you're
any programming issues may require too searching for a way to process credit
much effort for your limited catalog of card transactions, keep the above factors
products. in mind while you weigh your options.
Low Sales Volume That's the best way to find the solution
If your business processes a low monthly that meets your needs.
sales volume, the costs of maintaining a




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