subject: Verified By Visa In Payment Processing And Its Effects On Online Merchants [print this page] Credit card payment processing for one's website is the ultimate commerce solution, and what ultimately sets your business apart as a major player in the industry you have picked to do business. While merchant accounts cost a monthly fee to maintain, they more than pay back in revenue what they cost. The Internet makes verified by Visa payment processing more accessible and convenient for all consumers, and you ignore it at your own risk. Without this highly invaluable commodity, one would notice the following effects on their business:
1) More buyer apprehension
The World Wide Web has a lot of room to go bad in a hurry. Credit card companies such as Visa have built in protections for consumers (and merchants as well) that aid in a smooth and safe transaction. If you fail to give your users this option, they will not feel good about sending you a check with an account number and routing number posted on the bottom. With technologies that can steal passwords in seconds, there is just too much room for error with the old ways of buying. With credit cards, it is fairly easy to contest transactions as long as you are in the right, and that peace of mind is important to a consumer.
2) Drop in revenue
While it may seem a little self defeating to agree to a monthly fee for payment processing when you are in the upstart stages of your business and failing to produce revenue, the reality is much different. You will actually have less revenue if you fail to attain a merchant account or accept some form of credit card processing. Visa, as one of the most utilized credit cards in the world, opens up a floodgate of probable consumers, who will have much less apprehension paying with the convenience of a credit card than they would if forced to send a check or money order. Without revenue your business cannot survive, and if you are an online business, then you cannot have revenue of any significance without first taking the most commonly used form of payment.
3) Harder to attract outside investment and advertising
If you are eyeing for a investment capitalist investor, then you are first going to have to prove your site as something that will be worth his or her time. If you are not taking Visa, then you are not positioning yourself very well in obtaining the necessary funds to do business. Furthermore, advertisers often prefer to pay by using credit card processing for the convenience of it all. Making life more difficult on the people, who can give you more money upfront is not a very smart way of managing the future of your business.
