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Buyers' Guide to
Online Payment Acceptance
Chapter 3: Credit Cards
Credit
cards are almost universal. Whether you're
selling memberships to your website, widgets or
office supplies you should be accepting credit
cards. In addition to enlarging your customer
base due to the convenience of credit cards
versus wire transfers or checks, accepting credit
cards lends credibility to your online business,
something that is of utmost importance if you
want to close a sale. People feel comfortable
that you are a legitimate company if you accept
credit cards. They also feel safer because credit
card companies only hold consumers liable for the
first $50 if fraud occurs.
Because of the nature of Internet transactions,
there is no physical credit card present for you
to swipe, nor is there a customer to sign for the
purchase. This means that e-commerce businesses
fall into a higher risk category known as Mail
Order/Telephone Order (MOTO) transactions,
otherwise known as "Card Not Present"
transactions. Due to the higher risk of these
transactions, fees are higher than what they
would be if a card were physically present.
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