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A virtual merchant is a website that sells goods and services and accepts online payments through credit and debit cards. To function, the owner needs a merchant account and pays a percentage of each transaction. The checkout process is made simple and secure to attract customers.
A virtual merchant is any type of website that offers goods and services for sale to the general public and also provides the means to pay for those products through online credit and debit card processing at the time of ordering. Most online stores today provide this form of e-commerce support to their customers, a feature that helps speed up payment receipt and allows the merchant to proceed with shipping the order to the address provided by the customer. A virtual merchant can function as an online business only or simply be the online presence for a traditional retail store or chain store.
To function as a virtual merchant, the online store owner needs to secure the so-called merchant account. This is simply a contract with a merchant that gives the merchant the ability to accept debit and credit cards for payments on goods ordered by customers. As part of the merchant card services agreement, the virtual merchant pays the supplier partner a small percentage of the total purchase price on each transaction. Depending on the exact terms of the agreement, the merchant may also pay a monthly fee for the Internet merchant’s services. There are also some merchant accounts that are structured to allow the merchant to pay a flat fee for each transaction processed, regardless of the purchase amount.
To attract customers to the online shop, a virtual merchant will make the ordering process as simple as possible. This includes using software to create a virtual shopping cart that the customer can periodically access and review before continuing to shop. The option to finish shopping and pay for selected items is available on every page of the site. At the virtual checkout, the fields for entering relevant information are clearly marked, including selecting the type of debit or credit card used for the purchase. Many merchants structure the checkout process to provide the customer with a confirmation number immediately after the payment is processed.
Due to the incidence of Internet fraud, most virtual merchant payment processes today include provisions designed to protect each customer’s payment information. Most merchant sites will find that the payment process is secure, thus allowing customers to place orders without fear of their financial and other details being stolen. Assuming the virtual merchant offers quality products at competitive prices, provides an easy-to-navigate store format, and has a simple and secure checkout process, there’s a good chance consumers will come back for more orders in the future.
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