At first glance, a new entrepreneur would be forgiven for believing that ecommerce only involves a merchant, their website, and a consumer interested in purchasing products and services. Dig a bit deeper, however, and it soon becomes apparent that online retail is a good deal more complex and includes two very important additional players: The merchant account and the payment gateway. Understanding what both are, as well as how they relate to each other and to your workflow, is essential if you intend to sell items via the internet.

As your parents used to say every time you begged for the newest and shiniest toy or article of clothing, “money doesn’t grow on trees.” Now that you own a business, this old adage undoubtedly remains just as true. Incorporating a payment gateway into your business is a necessity in this era of ecommerce because it is an essential means to bring additional customer dollars into your hands.

Hopefully, the point of sale (POS) system that you have incorporated into your business does infinitely more than just communicate with your payment processor. If it comes with robust analytics functions, your POS device can soon become a source of invaluable information, including customer profiles, and target market data. Armed with this intelligence, you can catapult your company to the next sales tier.

Make no mistake: We are operating in a global marketplace. If you want your business to reach customers from countries beyond your own nation’s borders, there are several factors to consider. Incorporating some of the suggestions from this international payment processing guide into your company’s model can make this sometimes complex process a great deal easier.

Most merchants don’t have a hard time understanding the need for commercial insurance coverage when they own a brick-and-mortar retail shop. However, protecting yourself with this type of coverage is just as important if the only storefront you have is a computer screen, you accept virtual payments, and you never have physical contact with your customers beyond tracking what is in their shopping carts. It is vital to take the time to understand whether you have the right insurance that will help protect your ecommerce operation.

Infomercials would have you believe that running a flourishing online business is easy. According to them, all you need to do is set up a website, pick a product, and then watch the money roll in from your mansion in Hollywood Hills. Although the reality is quite different from this profit-driven fantasy, there are definite steps you can take to increase your chances of ecommerce success.

When it comes to launching an ecommerce business, there are no shortcuts. You need to pay your dues, make a plan, find your customers, come up with the ideal products and services, and obtain the startup capital that will be your lifeblood. However, once you do all of those things, there are additional steps you can take to enhance and grow your company that don’t involve constant work on your part, a concept called scaling.

While there are numerous compelling reasons for launching your business locally, many entrepreneurs are eventually drawn to the idea of making their operations global. Once a business owner takes this leap of faith, they can serve more customers and spread the word about their brand far and wide. If you are feeling the itch to expand your footprint overseas, know that careful forethought and planning are a must.

​There has never been a year like the one we are currently living in. As we continue to experience the fallout from a global pandemic, our lives and habits are undergoing a dizzying transformation — and so are our businesses. If you are an entrepreneur who wants to do all you can to protect your company until the day when the world returns to normal, you’ll want to seriously consider making ecommerce a very important part of your plans.

When times get tough, it is natural human instinct to hunker down and protect what is yours. However, as a business owner, you cannot afford to hide in the basement while the coronavirus pandemic continues to rage. Perhaps counter to your every instinct, it may be necessary that you put everything you care about on the line by continuing to take risks for the business you have worked so hard to create and grow.