eCommerce has changed everything about small business credit card processing, and how we make money in the modern age. More businesses are retailing products online, usually selling alongside one another in highly competitive marketplaces. Companies have recognized the growing need on the part of potential clients to buy from multiple vendors at once.
Buying one item at a time is highly inefficient. And credit card terminals need to be able to handle multiple items at once online, just like they do offline.
For eCommerce giants like amazon, this is a massive leap forward. Let’s look at Renaissance gear as an example. In a real life setting, you might visit multiple vendors to buy everything you need to dress as the King of England. No single vendor will sell every piece you need, and you want to get it right. You will swipe at multiple credit card machines, which is a lot to keep track of for you and the merchant. Online, you might visit one website that has everything you need with different vendors under the same roof. These new split payment systems allow you, the customer, to do this seamlessly while distributing the revenue to the proper vendor behind the scenes.
The customer places the items, sold by different vendors, into his cart. He submits his credit card information to the server, which uses a randomly generated token to protect that information, and the system handles the payments. Once the money is received, the payments are split according to merchant, then the money is transferred digitally.
The disbursement also happens instantly, so the merchants who sell through your site do so with the knowledge that you’ll take care of all their payments in a reasonable amount of time.
With no setup or cancellation fees, Charge.com is a simple and efficient way to get a merchant account online.