The internet has changed a lot about business ownership. In the past, if you wanted to own a business, you had to rent a storefront and spend hours in the store, in case a customer came in. You could easily lose money spending so many hours there. If a customer missed you, they may not return later. However, today the internet has provided a level of convenience for business owners that allow them to easily own their own businesses. Owning a business today requires a lot less startup costs and less time. Business owners can save money by not having to pay store front fees. They can even work other jobs while running their online business.
Many businesses exist solely on the internet. They work out of their home. Sometimes they have other responsibilities as well, including additional jobs. The use of the internet reduces the amount of physical presence that is needed in business ownership. However, some preparation and planning is required when opening an online business.
Considering that online businesses are easier to open with lower startup costs and less requirements of time, more and more people are doing it. This means that competition is higher. To become a successful online business, you will have to market yourself a lot. You will have to provide your customers with exceptional customer service and good products and services to ensure that customers not only continue to return, but that they also recommend your business.
Nearly half of all digital buyers already know where to look for a product before buying it, 48% of consumers already know which online store they will buy from. You need to market your business enough to become that preferred store for your customers. This means providing them with great products and a safe and easy transaction process. The biggest mistake that smaller online retailers make is not putting much thought into their card not present transaction method.
When buyers are shopping online, they must provide their credit card information to your merchant account providers. This is whoever you chose to accept your credit card payments and then transfer the money to your business. If a customer does not feel comfortable with the card not present transaction, they will not go through with it and they will not return to do more business later on.
Your merchant account providers should also provide customers with a variety of payment options. Some customers feel comfortable paying with different methods. If you do not have their preferred method, you may lose the sale. 82% of American Express card members and 79% of Visa and MasterCard card holders agree that regardless of the nature of the business, merchants should offer customers as wide an array of payment vehicles as possible.
Finding merchant account providers that your customers are comfortable with is very important. This provides many benefits to all those involved. The customer is less likely to experience data breaches. 54% of data breaches in 2014 related to identify theft, 17% aimed at financial access and 11% sought account access. Poor merchant account providers can also harm your business. If a chargeback credit card occurs, you may never receive the money for the item. Chargeback protection can protect the customer and you from stolen credit card information. Most bigger named merchant providers and credit card companies provide card not present fraud prevention to its customers.
The internet has made starting an online business easier than ever. However, that also means greater competition. Online business owners need to focus on marketing efforts, making their online business their customer?s preferred store. They also need to provide exceptional customer service and great services and products. Also, the company should provide its customers with a secure and safe payment method that all customers feel comfortable with. This can prevent data breaches and can protect both the customer and the online business.