Why Online Stores Are So Important for Small Businesses

Written by Business magazine. Posted in Chargeback. chargebacks, High risk merchant account, Pay

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Secure payment processing systems are very important for businesses today, and most businesses are aware that payment processing security needs to be a top concern. However, small businesses in particular may view payment processing systems as something that is convenient and helpful, but not necessarily essential.

The jump into online sales, then, is often a fairly big one. Small businesses are more likely to operate only in-store and to avoid investing in expensive payment processing systems that would allow them to open online stores and sell items to customers through the web.

Here’s the problem, though: more consumers are shopping online than ever before. If a small business is actively avoiding an online store, or if a business has an online store but doesn’t have a secure payment processing service in place, that business could be risking a lot. Not only are customers being put at risk, but the business itself could be at risk if sensitive information is stolen.

E-commerce has been growing in popularity over the past decade and it’s not about to slow down any time soon! Statistics from 2013 show that 191.1 million U.S. consumers shopped online or browsed products online in the past year, and experts estimate that these numbers went over 200 million in 2015.

Globally, e-commerce sales generate $931,490 every 30 seconds via desktop computers and $269,683 via mobile devices like smartphones and tablets. This totals approximately $1.2 million every 30 seconds, and around 1.2 billion people around the world are shopping online every second of the day.

For small businesses, the rapid growth of online shopping might not seem like a big deal. In reality, online sales and customer interaction can influence many sales in-store — not to mention that it provides convenience to customers which encourages them to come back. Small businesses need to make sure that they’re not ignoring the benefits of online stores — and they also need to make sure that they’re using secure payment systems to keep everyone safe.

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