Getting Paid No Matter What, For Your Online Business
1. Choose the Right Payment Processor.It is important, when you are first starting out (or if you work in an industry universally considered “high risk”) that you set up payment processing with a company that specializes in the high risk merchant account. These companies are set up to handle higher chargeback rates and the added layers of security that people want to see from a brand new ecommerce company.
2. Make Your Site as Secure as Possible.Getting paid isn’t all about your online payment processing company. It also has a lot to do with how you set up your site. When you are a brand new company—regardless of your industry—it is important to make your site as safe as possible. According to the post “How High Risk Merchants Can Improve Credit Card Transaction Security” on the High Risk Pay blog, “Customers who shop at merchants that employ high-security measures may have an increased level of confidence and return to that business.”
3. Remember: This is a Business.It’s true that there are some industries that are more likely to make money than others. Even if you’ve chosen a guaranteed money maker, you still need to put time and effort into building your business. You can’t just toss a website up and expect it to do well. Ecommerce especially takes work because you typically don’t have a local customer base on which to build (or who can help you market via word of mouth recommendations).
4. Delivery Matters.If you are selling physical goods, how are they going to get from you to your customers? In the beginning, especially if your customer base is small, you might be able to process all of these orders yourself. Huge companies, believe it or not, have started out this way. Eventually, though, you’ll need to outsource your shipping to someone else and who you choose matters a lot. You need to make sure you partner with a company that is as careful as you are about your customers’ security. These are just four things that you need to keep in mind when you’re starting up your own ecommerce site. Have you recently started a business that someone told you was “high risk?” What do you wish someone had told you when you were first starting out?
Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.