5 Tools You Need for Your Online Business
From a huge e-commerce retailer to a simple online shop just starting out, all retail websites share the same fundamental building blocks no matter how large or small they are. Before you officially open your retail site for business, here are the tools you need first to get your website ready for sales.
1. Similar to picking a name for a brick-and-mortar store, you need to select a domain name. Also called a URL, a domain name refers to how customers will identify your website (e.g. www.HancockToys.com). Domain names must be registered with a domain name registrar, such as GoDaddy.com.
2. In conjunction with a domain name, you’ll need web hosting for your site. Web hosting effectively provides a home for your website and stores it on a server where any user typing your domain name will find it. If you’re an internet novice or have very little technical expertise, you may want to consider purchasing a web hosting package including more customer service and implementation help. Most web hosting services charge a monthly rate and some may charge fees based on a percentage of your sales or a flat percentage per transaction.
3. Hire a website designer or a site design company that can create and maintain your website according to your standards. This option tends to be more costly than opting for a complete site package, however, your website will be completely unique and you’ll have more flexibility to make changes in the future.
4. In order to process online payments through credit cards, you will need to obtain a merchant account. Most small business owners (with documentation that they are a registered business, such as a business license) can obtain a merchant account from their local bank. You may also be able to get a merchant account through a web hosting package.
5. Once you have obtained a merchant account, you will also need a payment gateway. This refers to the system that automates transactions between you and the customer. Through secure encryption, the payment gateway will automatically process, verify and accept or decline each credit card payments on your behalf.
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