The number of Americans who purchased items online in 2010 was 137 million. By the year 2016, this figure is expected by some to reach 175 million. As early as 2007, people had decided that it was preferable to pay their bills online rather than use physical checks. With these trends in mind, it makes more sense than ever for small businesses to consider partnering with payment processing companies that can help facilitate merchant services online.
Whether your company is primarily concerned with B2B transactions or online credit card processing for individual customers, it is absolutely imperative that you are able to handle electronic money transfers in a timely and safe manner. Any efficient merchant services online will include digital invoices, sufficient storage of payment card data, repeat billing and more, all in a way that conforms to PCI DSS standards.
Among the firms that provide these services, those that host their payment processing software via the cloud boast a particular advantage. This is because transactions can be completed more quickly and less expensively, and the product can be delivered to the customer sooner through what is called a receivables management platform, no matter where the order had been originally placed. These benefits will likely have a direct impact on consumers who shop online via smartphones and tablets, 42 percent of whom fall between the ages of 25 and 44.
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