The world is in the internet age, where e-commerce has boomed in the last few years. It is estimated that one in three people are concerned to shop online due to security risks while business loses 5% of revenue due to credit card frauds. While half of the small businesses are victims of the frauds, it takes around $100,000 spent on resolving these frauds. The loss of revenue and cash flow isn’t the only concern for companies, but the brand liability.

Traditionally, the business needed a merchant account and a payment gateway was required for payment using credit cards, with companies specializing in payment gateways that are highly secure in payments. There are charges with merchant accounts with the bank and payment gateways. It must be noted that a business requires both merchant accounts and payment gateways.

In recent developments, companies offer complete solutions offering merchant accounts and payment gateways. They offer quicker and easier setups along with acceptance of all credit cards with favorable transaction fees. The payments can be paid/received in most of the countries which gives these companies an edge over the traditional payment gateways.

However, using any of the above services, businesses need to ask the merchant if the low rates are for all cards. Along with the merchant, it is also important to know the gateway charges, in addition to the transaction fees. In case of a refund by the business to a customer, many merchants offer store credits rather than the refund of the transaction fees.

In terms of an agreement, traditional companies tend to have a one or two-year contracts with an early termination whereas all in one solution companies, usually don’t have contracts. Also, it is important for businesses to have live customer support 24×7 rather than an automated system.