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| Internet Commerce  EMarketer predicts worldwide e-commerce revenues are expected to reach over $1 trillion by 2003
Currently, 85% of all payments are cash. It is expected by 2002, one of every four payments over $3.00 will be electronic; by 2005, 40%, and by 2010, over 50% (Tower Group).
The Boston Consulting Group estimates that B2B e-commerce in four leading countries (U.S., U.K., France and Germany) will represent a total payments market of approximately $16 billion by 2005.
With these numbers, it's no wonder everyone is trying to get set up on the Internet to process credit cards. It seems easy enough, however, there are several stumbling blocks we can help you avoid. Recently, Visa/MasterCard unveiled a list of requirements for merchants transacting business on the Internet through a Website. You must conform to the following standards to remain compliant with Visa/MasterCard rules and regulations:
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Your DBA name must be clearly identified -
You must have a customer service phone number listed on the site -
You must have a privacy statement -
You must clearly state your return policy -
You must describe your delivery methods and timing -
The order page must be secure You also need software that can access a secure payment gateway to your processor. Several off-the-shelf products are on the market as well as secure virtual terminals. Products such as Verisign's PayFlow Pro and PayFlow Link as well as Plug & Pay, are just a few. Once you select a product you must make sure it interfaces with your processor. Some products only work with certain processors. Usually these have a higher per item or monthly fee than those that work with many different services.
By having your credit card processing provider involved with your Web site developer or Web master by providing input on the software you are going to use, you can generally avoid many of the stumbling blocks you will encounter. We have been working with site developers for the last couple of years and know how to provide the necessary data on the merchant account to get your site up and running as quickly as possible.
Are my transactions qualifying for the lowest possible rates? If not, why are they downgrading? Am I paying any surcharges on my non-qualified transactions and if so how much? Does my system allow me to benefit from lower rates for doing AVS, CVV? When was the last time my credit card processor spoke with me regarding my rates and how I might get them to qualify at lower rates?
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