Ways to Increase Conversions on Your E-Commerce Site

E-commerce industry continues to grow every year as more and more businesses are adopting the online medium for sale of their products or services. However, the rate of conversion on e-commerce sites is still much lower than what online businesses desire.

According to the most recent survey, the abandonment rate of shopping cart is about 77 percent; meaning that more than three quarters of online shoppers cancel their purchase before making a payment. These statistics present a challenge to e-commerce sites and majority of online retailers now must find ways to decrease the abandonment rates of their shopping cards to improve their rate of conversion.

In this post, we’ll show a few ways in which you can increase your e-commerce site’s conversation rate.

Ensure a Seamless Payment Process

About 39 percent shopping carts in the U.S. are abandoned because of complicated or lengthy checkout process. Therefore, if you wish to increase conversions on your e-commerce site, you must implement a simple process for payments. The easier it is for customers to make the payment, the higher your conversion rate will be. To implement a simple process of payment, we recommend:

One-Click Payment

One-click payments have become popular and industry giants like Amazon have implemented it to ensure simple payment process. With these systems, customers are only required to enter their details once. Sensitive data of the customer is stored with the payment service provider who is PCI compliant. The customer can thus enjoy secure and simple one-click payments.

Optimize Security

Security is extremely important in the payment system. However, if security is too tight, even legitimate payments can be declined, which in turn will affect the conversion rate. To ensure a secure system that doesn’t decline valid transactions, we recommend:

Using a PCI Compliant Service Provider

Payment service providers that implement PCI DSS standards provide online retailers optimum security and stops fraudulent transactions while ensuring that valid transactions are not declined. For instance, PCI compliant payment providers implement advanced technologies for authentication that decrease fraudulent activities.

PCI compliant payment service providers like Empire NAB also integrate sophisticated security systems, which are based on big data transaction analysis to deny fraudulent transactions. In these systems, trends and historical data are analyzed to increase the predictive capabilities and optimize identification of fraudulent activity.

Pay with Multiple Credit Cards

In order to increase conversion rate of your e-commerce site, you must also enable payment with more than one credit card. Users will then be able to split their order amongst different credit cards and complete the purchase more easily.

In a nutshell, online retailers can decrease the abandonment of shopping cards and increase their conversation rates by offering a seamless and secure payment process. Payment service providers like Empire NAB offer these capabilities as well as the option to accept multiple credit cards.

It’s time you implement a safe and seamless payment process to improve your conversion rate and increase your profits. To get started with setting up a secure and seamless payment process, contact Empire NAB or visit our website www.merchantaccountsaver.com.

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PCI Compliance: What You Need to Know

If you sell things online or even follow news governing credit card frauds, you are probably aware that there are certain standards that govern credit card payments. If those standards are violated, opportunities of frauds in the industry increase.

If you’re a merchant and process credit card payments, you must know the rules established to protect card data of the customers. These rules are called the Payment Card Industry Data Security Standard (PCI DSS) and more commonly known as PCI Compliance.

PCI Compliance

PCI Security Standards Council states that PCI DSS is a set of standards drafted to protect the customer data. PCI DSS sets the technical and operational requirements for organizations that accept or process payment transactions as well as for manufacturers and developers of devices and applications that are used to carry out those transactions. In simple words, any business that accepts, processes and stores card information must comply with PCI DSS.

There are currently 12 requirements for organization to meet with PCI compliance, ranging from a secured configuration of firewall to utilizing a robust integrity system for monitoring files. These requirement ensures that organizations comply for certain time period and also makes sure that they continuously track and monitor critical changes.

Levels of PCI Compliance

There are four levels of PCI Compliance.

PCI Compliance Level 1- Mastercard transactions or Visa transactions greater than 6 million per year.

PCI Compliance Level 2- Between 1 million or 6 million Mastercard transactions or Visa transactions per year.

PCI Compliance Level 3- between 20,000 and 1 million e-commerce Mastercard transactions or Visa transactions per year

PCI Compliance Level 4- Less than 20,000 e-commerce Mastercard transactions or Visa transactions annually or up to 1 million Mastercard transactions or Visa transactions per year.

In levels 2, 3 and 4, the validation requirements are the same — self-assessment on a yearly basis through the self-assessment questionnaire of PCI SSC, an attestation of a compliance form and a quarterly network scan carried out by an approved vendor.

Since the transactions with PCI level 1 are higher than other levels, the requirements of validation are more stringent. Therefore, the merchants who process transactions (Mastercard or Visa) of more than 6 million annually must go through a yearly assessment of compliance.

Consequences of Non-Compliance

In case of noncompliance with PCI DSS, a fine of anywhere between $5,000 and $500,000 will be charged to the acquiring bank. The bank will then pass the fine to the merchant who has offended. Those merchants, who are PCI compliant and suffer a data breach, will be charged other fines and their acceptance of credit card may be suspended for a certain period of time.

Some merchants think that meeting the requirements of PCI DSS is a headache. That’s not true and if you take assistance from right service providers like Empire NAB, they can help you comply with the requirements without any issue. Another misconception that most small business owners have is that since they just carry out few credit card transactions annually, they don’t have to be PCI compliant. This false thinking can lead to hefty fines, and it should be remembered that no one is exempted from PCI compliance.

For more information and guidance about PCI compliance, contact Empire NAB or visit our http://www.merchantaccountsaver.com.

Mobile Payments in Travel and Hospitality Industry

Mobile payments are now commonly used to accept payments from customers in festivals, stores and retail services, but do you know that travelers have now embraced them too? In a survey from SITA, nearly 50 percent of travelers said that they would love to use mobile payments for paying for their expenses during their travels.

Customers now expect the travel and hospitality industry to embrace mobile payment technology. Why is that so? Because, customers have themselves become ‘mobile’.

Mobile Customers, Mobile Expectations

According to the Pew Research Center, about two-thirds of Americans have a smartphone. They use this device to explore the world and follow breaking news, stay in touch with their family and friends, find directions and routes and travel. Another study reveals that normally travelers bring two technological devices with them when they go on trips and they expect these devices to be accommodated by the hotel where they stay.

To meet these expectations of the mobile guests, few hotels now offer the ability to their guests to sync their room’s entertainment with movies, shows and music via their mobile phone. Some hotels have made the check-ins and check-outs easy by providing these options on the smartphone and guests no longer have to wait at the reception desk to settle their check-ins and check-outs.

Perks of Mobile Payments

Mobile payments allow hoteliers to get their staff members out from behind the reception desk and greet guests to give them a warm welcome. When there is a mobile payment device, guests don’t have to wait in long lines at the reception, they can easily check in with no delays.

Mobile payments are very helpful in restaurants as well, and many restaurants have begun to use a tableside point of sale (POS) system. Tableside POS provides allows customers to pay their bills more easily. Customers can pay for the food and drinks they’ve ordered right at the table rather than the waiter taking the payment card of the customer to the register. The only drawback of a tableside POS was that the waiter’s tip was included in the total of the bill and this often led to chargebacks. However, now with the help of technology, the tip can be given as a separate item and will not be included in the customer’s bill.

In a nutshell, mobile payments are working perfectly for the travel and hospitality industry and are allowing restaurants and hotels to provide a better experience to their customers and guests. As the mobile payments technology get better in the future, more and more hotels and restaurants will begin to adapt it to provide a better experience to their customers.

If you wish to employ a mobile payment system for your hotel, restaurant or any other purpose, contact Empire NAB or visit our website http://www.MerchantAccountSaver.com. We can help you set up a mobile payment system and tableside POS system to increase satisfaction of customers with your business.

Mobile Payments and Loyalty Programs Attract Millennials

Millennials, whom we define as those between the ages of 18 and 35, numbered 71 million in 2016, which makes their generation the second largest ever seen in the U.S. Many refer to millennials as ‘digital natives’ since they play an important role in driving innovation and leading adoption of new technology. That is the reason the people whose job is to understand social and consumer behavior are now looking at millennials to seek answers.

One technology that millennials are adopting now is mobile payments. In a survey by Business Insider Intelligence, 90% of millennials reported to have purchased something via their smartphone and nearly 50% said that an in-store purchase was made by them within last one week. The high rate of adoption shows that we’ll witness significant growth in mobile payments within the next few years.

Loyalty Programs

Millennials are being studied by businesses to determine what attracts them and how businesses can use mobile payments to establish loyalty. Loyalty programs that provide convenience to customers are liked by millennials and they are more incline towards those businesses that offer these kinds of programs, however, they don’t like to carry a lot of cards.

If you’re familiar with loyalty programs, you must know that most of them require consumers to carry a card or tag that needs to be scanned every time something is purchased to acquire points or credits for rewards.

Mobile Payments and Loyalty Programs

Mobile-based loyalty programs are integrated into an application, which allows consumers to use them easily without worrying about the burden of carrying extra cards or key tags. These kinds of loyalty programs act as a repository for credits or points that are accumulated by consumers when they make a purchase. For example, when a customer buys a cup of coffee, the shop can add coupons into a smartphone app that can potentially increase its sale as people are more likely to come back to the coffee shop to redeem their coupon.

However, digital loyalty programs that are poorly designed and not managed properly can affect a business in a negative way. If the mobile-based loyalty program is not up to the expectations of consumers, it could affect the reputation of not just the program, but the business as well through app reviews or word of mouth. Businesses that implement loyalty programs must know what is going on in their program at all times; they must monitor the status of the program and the process to ensure that if anything goes wrong, the problem can be resolved before it leads to inconvenience of customers.

As the mobile payments become more popular, business will need to figure out better ways to integrate their loyalty programs into smartphone apps, if they wish to attract Millennials and grow the usage of mobile payments.

At Empire NAB, we can help businesses with establishing mobile payments and integrating loyalty programs into their mobile payment platform. If you need to integrate loyalty and reward programs into a mobile payment platform, contact Empire NAB or visit our website http://www.MerchantAccountSaver.com

Budgeting for Small Businesses

Business experts and professionals encourage small business owners to structure their businesses around a budget. A basic principle that Investopedia provides about budgeting is that it is important to estimate and match expenses to revenue because it allows small businesses to determine whether or not they possess the money to fund their operations, expand their business and also generate income. If there’s no budget, a business will always be at risk of spending too much money than it is acquiring in profits or not spending the right amount of money to grow and expand the business to compete.

But, for most small business owners, budgeting proves to be extremely difficult. Sometimes they set a budget and feel suffocated due to lack of cash flow while in some cases, they exceed their financial goals with smart decisions and fail to slow down when they see their dollars going up. Both scenarios are troublesome and can create problems for small businesses. Therefore, in this post we bring some useful tips to help small businesses understand how they can manage their budget to achieve the results they desire.

Manage Cash Flow

It is extremely important to manage incoming and outgoing cash through proper planning to ensure solvency and profitability. Start with the balance of your current account and project your operating expenses and any owners’ draw over the period of next one year. If you find that your cash inflows will be exceeded by your cash outflows, then line up financing from a bank or obtain a low interest or interest free financing. A new credit card in which this benefit is offered can help you accomplish this. To set up your new credit card, contact Empire NAB or visit http://www.MerchantAccountSaver.com.

Quoting Process

When you quote a job, don’t just focus on the big items. Make sure that you properly understand how all the materials will get delivered, where they’ll be delivered and how you will be paying for them. Create a spreadsheet and record the cost of materials, the time spent in quoting, the work hours required and indirect costs (if any).

Make sure to consider equipment’s wear and tear, gas for machines, cost of travel and any cost of setup. If you were not able to make the money you wanted from the purchase or job, document lessons that you learned from it. This will help you compare your actual costs to original projection and determine how much money was made on each project/job. You will also be able to understand where changes need to made on the quoting process.

Performance Management

With a budget, you can track your progress and measure it against your goals. It allows you to recognize the shortcomings and make changes to improve performance. In the competitive market, it is important for small business owners to continuously improve and find ways to increase revenue. Budgeting can help measure the performance.

These are all the tips you need to follow to budget like a boss! So, start working on managing your budget by following these tips and take your small business to greater heights.

Merchant Account Saver Helps Businesses Accept Credit Cards at the Lowest Rates

Credit card payments are growing in popularity and many customers now prefer to use plastic money for paying for products or services instead of traditional cash. This means that it is essential for your business to adapt to the changing times and start accepting credit card payments.

We know what you’re thinking right now, “I am short on budget, can I afford credit card payments?” Contrary to popular belief, accepting credit card payment won’t disrupt your budget; rather it will bring additional profit to your business as customers will be more interested in buying from you when they get the convenience of paying through cash.

At Merchant Account Saver, we have solutions for businesses of all sizes and all budgets. Partnering with a well-established payment processing company and choosing the most convenient payment processing systems is critical for the success of your business. They will optimize your expense of interchange, provide you statistics about your clients and give you valuable information that can help you better market your business.

Mark Bandoh and Marc Gardner from Merchant Account Saver have dedicated their lives to help businesses establish a strong presence in the market by accepting credit card payments. At Merchant Account Saver, we will help you get through the maze of credit card processing options and provide you with a solution that meets the need of your business. We offer solutions for:

1. Retail Storefront Business Owners

Merchant Account Saver can help you set up a merchant account so that you may start accepting credit card payments at your retail store. For retail storefronts, we offer payment solutions for all major credit cards. Included in our products are superior options such as networking, one-key authorization and no-show flag, integrated support to manage information, stand alone system or integrated and networked systems and customized features for reporting.

2. Wireless Processing

We allow you to accept credit cards anytime, anywhere with our wireless merchant account. Whether you provide services to customers at their location or you take your business on the road, our wireless processing solutions will provide you with an easy way to accept credit card payments wherever you are.

3. Restaurants, Hotels, Bars and Clubs

We have an array of terminal solutions for restaurants, hotels, bars and clubs. The features that come with our payment systems are:

  • Combined tabs for restaurant and bars to allow a single transaction
  • Transaction activity can be tracked via tacking name or number
  • Compiled reports for tracking business activity

In addition, Merchant Account Saver also provides credit card processing for healthcare professionals, automotive industry, education sector, home and commercial services, hospitality, entertainment and beauty salons. We offer the lowest rates for credit card processing, which will allow you to accept credit cards without worrying about being short on budget.

So, are you ready to begin accepting credit card at your business? Contact EmpireNAB today or visit www.merchantaccountsaver.com to discuss specific needs of your business.

Get Payment Processing for Firearms

Currently in the United States, the sale of firearms for home defense and hunting has sharply increased. The firearms business is thriving and individuals are looking to get a slice of the pie.

However, like all other businesses operating in the competitive market, the success of the firearm business depends largely on its ability to accept plastic money from customers.

If you are currently in the firearms industry, you must know how hard it is to get approved for a firearm and ammo merchant account by a credit card processing company. Payment processing companies often times give one reason for rejection i.e. you’re a high-risk merchant.

Nevertheless, just because you’ve been denied a merchant account from several payment processing companies doesn’t mean all would do the same. There are still several options to explore. However, to get a deal that suits your firearm business, you must first understand why payment processing companies mostly don’t work with firearm enterprises.

1. The Nature of the Business

Federal government imposes strict regulations on the firearm industry because of which the industry is considered high-risk. The uncertainties associated with the firearm industry make payment processing companies hesitant to provide their services to gun merchants.

Another issue is the ownership of gun, which attracts polarizing views due to which payment processors hesitate to support firearm businesses as this would endanger their reputation.

2. Online Business

Imagine you found a payment processing company that services firearms dealerships, you apply for a merchant account, but they still reject your application. The reason in this case could be the setup of your business.

If you run an online store for firearms sale, payment processing companies will be more reluctant to facilitate you. Payment processors prefer brick-and-mortar stores over online ones because they experience fewer chargebacks and frauds.

A payment processor normally regards business to be high-risk, if all its operations are based on the internet. So, if you’re running an online gun store, you will find it extremely difficult to acquire a merchant account from a payment service provider.

3. Poor Credit

A few payment processing companies will only accept firearm enterprises if their financial condition is strong and they’ve been in the firearm industry for a long time. So, in order to get facilitated by a credit card processing company, you must have an established history of timely payments that can show to the payment processors that you have a strong client base and can maintain a steady flow of cash.

If you have been denied merchant account for firearm business by banks and other payment processors, contact Empire NAB or visit www.MerchantAccountSaver.com. At Empire NAB, we understand that firearms stores operate under strict regulations with good oversight. Therefore, we offer competitive rates and credit card processing services to firearms businesses.

Merchant account provided by us will allow you to process online transactions or conduct sales in the store with a machine. There are no hidden costs and we can set up your merchant account in no time at all. Contact us today to discuss your needs.