Best Credit Card Payment Online
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As per the results of a study conducted by Javelin Strategy and Research in January 2009, credit card purchases will grow from $81 billion in 2008 to $107 billion by 2013. The study also projected that credit card purchases will have the largest market share among all payment types.
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Best Credit Card Payment Online: Benefits to Users
Here are some benefits of credit card payments online:
As per the results of a study conducted by Javelin Strategy and Research in January 2009, credit card purchases will grow from $81 billion in 2008 to $107 billion by 2013. The study also projected that credit card purchases will have the largest market share among all payment types.
Best Credit Card Payment Online: Benefits to Users
Here are some benefits of credit card payments online:
- Some online stores, in collaboration with banks, offer money back facility or discount to encourage shoppers to make purchases at their virtual store.
- Most online shops now-a-days also accept debit card payments.
- Credit card users can preset their payment schedule while shopping online.
- One can shop while sitting on the home couch, without worry about bad weather, skyrocketing gas prices and traffic jams.
- You will receive the goods ordered at your doorstep in excellent condition.
Best Credit Card Payment Online: Frauds and Precautions
Online shopping has some drawbacks in the form of online fraud. For instance, the e-shopping website could be fraudulent and may not deliver you the goods ordered even after taking the payment. Moreover, many fraudsters use illegal practices in the form of special software (spyware) to access the credit card information of online shoppers.
Shoppers should ensure that the virtual store is using a fraud identification device like MerchantRMS with its credit card processing system. Also, one should avoid shopping online at internet cafes as this increases the chances of credit card information being stolen. Online shoppers should make use of anti-spyware software to keep spies at bay.
Best Credit Card Payment Online: Online Transaction Process
An online transaction takes place as mentioned below:
- Shopper places an order on the merchant website after adding selected items to his/her shopping cart.
- When the shopper chooses to pay via a credit card, s/he is directed to a transaction processing bank through the website payment gateway.
- Shopper enters required credit card information which is transmitted for approval to the corresponding bank.
- After receiving the conformation the shopper gets redirected to the website.
Best Credit Card Payment Online: Benefits to Merchants
Here are some benefits that merchants can reap by offering a credit card payment facility:
- It eliminates the inconvenience involved in receiving payment through invoices and checks.
- It enables you to be more competitive, as most of your competitors may be offering this facility to customers.
- Transactions take place immediately.
