Starting an Online Store in 2024: Setting Up Payments

A lot goes into setting up an online store, from finding the right ecommerce platform to optimizing product listings, and of course, collecting payments for your products.

Selecting a payment gateway is a crucial part of your online store. Not only do you need to get the payments into your account, but you also need to protect your customers’ data.

Create a merchant account

To collect payments from customers, you need a business account that accepts multiple forms of payments, including credit cards. All payments end up in this merchant account, and you can then transfer the funds into your business banking account. The safest and most secure way to establish this account is to use the payment gateway built into your ecommerce platform. Using this option ensures the maintenance and updates for your integration will be handled by the vendor. It also gives you one company to contact when you need support.

Accept multiple forms of payments

When setting up payment options on your online store, your customers need options. While it’s standard to accept credit cards and debit cards, you should also consider offering flexible payment options like digital wallet payments, mobile payment apps, and pay-later options. Utilizing an all-in-one payment solution can help reduce the number of payment integrations you need – making it easier and safer.

Digital wallets are becoming increasingly popular amongst customers. With more people using PayPal, Google Pay, Apple Pay, and Venmo, it can be beneficial to offer these as payment options. These allow you to offer a greater variety of payments, help your customers earn rewards, offer tighter security, make it easier to check out on mobile devices, and appeal to younger customers.

Customer Account Options

When completing a purchase, you need to decide if your customers need to create an account, or if they can make a purchase as a guest. Checking out as a guest can let them get through the process faster. Consider giving them the option to create an account later. Another option is to let them log in with their social media or Google accounts. This lets you authenticate the customer while still making it easy for them to check out.

You should include verification layers for your account holders. This includes asking them security questions if they forget their login information or sending an email to verify their information.

Establish PCI Compliance

There are numerous Data Security Standards (DSS) that the Payment Card Industry Security Standards Council (PCI SSC) defines that merchants need to follow to keep global payments secure. These standards protect cardholder data and monitor access to your systems.

PCI compliance is typically a built-in component of your ecommerce platform.

Get an SSL Certificate

You need an SSL certificate to protect your customers’ information – both their data and their credit card information. SSL – the "https://" in your store’s URL -- keeps information private – giving your customers confidence when buying from your online store. Most ecommerce platforms provide SSL certificates as part of their offerings.

Create Noticeable Checkout Buttons

It might seem like an obvious addition to your site, but it’s essential to create checkout buttons that stand out and are easy for customers to access. Using a bright color that draws the user’s attention can make these buttons more noticeable.

Prevent Fraud

Let customers shop confidently at your online store by using fraud prevention tools. Some common tools are Address Verification Services (AVS) to compare the billing address to the address on file with the customer’s bank, reCAPTCHA to ensure customers are actual humans and not bots, and Fraud Score tools to detect suspicious activity.

In Conclusion

Securing a payment gateway is an essential part of creating an online store. It’s crucial to find a solution that lets you quickly and easily process payments, while also keeping your customers’ data safe. Volusion’s signature payments platform, Volusion Payments Powered by Stripe, offers these and more. Check it out here.